India: Sponge iron demand slows down in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary slipped by INR 400/t and around 1,400 t deals were confirmed at INR 37,000-37,200/t exw on 5 Apr’22.

• • SteelMint’s assessment for CDRI stands at INR 38,000/t (-400/t) exw and 1,150 t of deals were reported today.
  • The prices continue to drift downwards owing to lower bids and falling coal prices, which fell by INR 500/t d-o-d at Gangavaram Port.