India: About 5,000 t sponge iron deals take place in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary fell by INR 250/t and CDRI prices declined by INR 100/t on 27 May’22.

• • PDRI deals of around 2,800 t were confirmed at INR 31,000-31,400/t exw against offers at INR 31,500/t exw.
  • About 2,200 t of CDRI deals were reported at INR 31,800-32,000/t exw.
  • Sponge iron demand is slow as buyers are expecting further price correction.