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

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary dropped by INR 300/t, whereas iron ore-based DRI (CDRI) prices fell by INR 600/t on 28 Mar’22.

• • 900 t of PDRI deals were confirmed at INR 37,500-37,700/t exw against offers at INR 38,000/t exw.
  • SteelMint’s assessment for CDRI stands at INR 38,400/t ($504/t) and around 500 t of deals were reported. Trade volumes remain limited.