India: Sponge iron demand slows down in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary fell by INR 700/t, while iron ore-based DRI (CDRI) prices decreased by INR 550/t on 23 Mar’22.

• 1,200 t of PDRI deals were confirmed at INR 38,000-38,500/t against offers at INR 39,000/t exw.
• SteelMint’s assessment for CDRI stands at INR 39,300/t ($514/t) and around 1,150 t of deals were reported.
• Billet prices in Hyderabad decreased by INR 1,000/t d-o-d.