India: Sponge iron market slows down in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%) prices dropped by INR 150/t, while iron ore-based DRI (CDRI) prices declined by INR 300/t on 2 Nov’22.

• 1,400 t PDRI deals were confirmed at INR 31,400-31,500/t exw against offers at INR 31,600/t exw.
• 1,050 t CDRI deals were concluded at INR 33,000-33,200/t exw.
• Spot buying remained low amid the decline in steel prices.