India: Sponge iron offers fall by up to INR 500/t d-o-d in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), prices declined by 300/t d-o-d exw while CDRI prices fell by up to INR 500/t on 20 Sept’22.

• 1,900 t PDRI deals were concluded at INR 31,900-32,000/t exw against offer at INR 32,000/t exw.
• About 1,000 CDRI deals were confirmed in the range of INR 32,800-33,000/t exw.
• Spot buying remained weak as buyers opted for a wait-and-watch mode.