India: Sponge iron offers dip in Bellary on limited enquiries

Sponge iron PDRI (FeM 80%) prices in Bellary dropped by INR 150/t while iron ore-based DRI (CDRI) price decreased by INR 300/t on 16 Sept.

• 600 t PDRI deals were confirmed at INR 32,500/t exw against offers at INR 32,700/t exw.
• CDRI prices stood at INR 33,650/t exw and around 800 t deals were concluded.
• Buying enquiries remained low as participants expect a further price correction.