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

Sponge iron, PDRI (FeM 80%) and CDRI prices declined by INR 350/t on 1 June 2022.

• 500 t of PDRI deals were confirmed at INR 31,500/t exw against offers at INR 31,700/t exw.
• SteelMint’s assessment for CDRI stands at INR 32,200/t exw with around 2,300 t deals reported.
• Low demand and fall in billet offers in Hyderabad (by INR 1,000/t d-o-d) continued to weigh on sponge prices.