India: Over 9,000 t sponge iron deals recorded in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%) and CDRI, prices in Bellary rose marginally by INR 200/t on 20 May.

• About 5,450 t of PDRI deals were confirmed at INR 34,500-34,700/t exw.
• SteelMint’s assessment for CDRI stands at INR 35,300/t exw. About 4,200 t of deals were recorded.
• The sponge iron price trend in the near-term will more depend on the coal price movement. Coal prices have risen by around INR 500/t d-o-d at Gangavaram Port, CoalMint assessed.