India: Sponge iron offers see a downtick in Bellary, Karnataka

Sponge iron PDRI (FeM 80%) prices in Bellary were down slightly by INR 50/t exw while CDRI prices inched down by INR 100/t on 8 Sept’22.

• 4,800 t PDRI deals were confirmed at INR 32,600-32,700/t exw against offers at INR 32,700/t exw.
• CDRI offers stand at INR 33,650/t exw and around 1,300 t deals were concluded.
• Buyers had placed sufficient orders in last few days and are now expecting price correction.