India: Over 7,000 t sponge iron deals reported from Bellary, Karnataka

Sponge iron demand improves in Karnataka after a significant price fall, SteelMints notes. Sponge PDRI (FeM 80%) prices in Karnataka’s Bellary dip by INR 50/t, while CDRI prices decline by INR 200/t on 12 May 2022.

• PDRI deals of 4,200 t were confirmed at INR 35,200-35,500/t exw against offers at INR 35,800/t exw.
• SteelMint’s assessment for CDRI stands at INR 36,300/t exw and 3,200 t of deals were reported.