India: Limited demand weighs on sponge iron offers in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%) and CDRI, prices in Karnataka’s Bellary declined by INR 150/t on 20 Jun’22.

• PDRI deals of 700 t were confirmed at INR 32,300-32,400/t exw against offers at INR 32,500/t exw.
• SteelMint’s assessment for CDRI stands at INR 32,800/t exw and around 900 t of deals were reported.
• Sponge prices continued to decline on low trade volumes and weak buying interest.