India: Sponge iron demand remains weak in Bellary despite lower offers

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Sponge iron (PDRI, FeM 80%) offers edged lower by INR 150/t in Bellary on 16 Nov. 2,450 t of deals were concluded at INR 28,300-28,500/t exw against offers at INR 28,700/t.
CDRI prices fell by INR 400/t and 2,100 t of deals were confirmed at INR 29,800-30,000/t exw.
Demand turned slow as buyers adopted a wait-and-watch mode with a constant fall in offers.

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