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

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary fell by INR 150/t, while iron ore-based DRI (CDRI) prices fell by INR 350/t on 26 May 2022.

• Around 2,100 t of PDRI deals were confirmed at INR 31,300-31,700/t exw against offers at INR 31,700/t exw.
• SteelMint’s assessment for CDRI stands at INR 31,950/t exw around 2,250 t of deals were reported.
• Offers continued to decline with respect to weak demand in the sponge market today.