India: Sponge iron offers decline as demand slow down in Bellary

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Sponge iron PDRI (FeM 80%) offers fell by INR 350/t and 1,600 t of deals were concluded at INR 28,700-29,000/t exw on 21 Dec’22.
Iron ore lump-based DRI (CDRI) prices decreased by INR 250/t & around 1,900 t of deals were confirmed between INR 30,000-30,200/t exw.
Today’s weak demand for sponge iron has further reduced offerings due to slower market activity.

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