India: Sponge iron buying interest weak in Bellary

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Sponge iron (FeM 80%) prices fell by INR 200/t and 1,000 t deals were concluded between INR 30,000-30,100/t exw against offers at INR 30,200/t exw on 11 Nov’22.
Iron ore lump-based DRI (CDRI) prices decreased by INR 200/t & around 700 t deals were confirmed at INR 31,600-31,700/t exw.
Falling steel prices amidst sluggish trends weighed on sponge iron prices. Hyderabad billets prices fell by INR 800/t on d-o-d.

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