India: Sponge iron offers decrease d-o-d in Bellary on limited demand

Sponge iron, PDRI (FeM 80%), prices dropped by INR 150/t, while iron ore-based DRI (CDRI) prices declined by INR 200/t on 17 Oct’22.

• 750 t PDRI deals were confirmed at INR 31,700-31,900/t exw against offers at INR 32,000/t exw.
• 1,050 t CDRI deals were concluded at INR 33,000-33,400/t exw.
• Spot buying remained low amid the decline in steel prices. Hyderabad billet prices fell by INR 500/t, d-o-d today.