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

Pellet-based DRI (PDRI) prices in Bellary dropped INR 150/t, and iron ore-based DRI (CDRI) by INR 100/t on 19 Sept’22 amid limited demand.

• PDRI deals of 1,200 t concluded at INR 32,200-32,400/t exw (INR 32,500/t exw yesterday).
• Exw-CDRI prices touched INR 33,450/t . Around 800-t deals were reported.
• Spot buying slowed amid decline in steel prices. Hyderabad billet prices declined INR 500/t d-o-d.