India: Sponge iron offers fall by INR 300/t in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary declined by INR 300/t, while iron-ore based CDRI prices dipped INR 250/t on 18 May’22.

• 1,100 t of PDRI deals were confirmed at 34,300-36,400/t exw against offers at INR 34,700/t exw.
• About 2,200 t of CDRI deals were reported at INR 35,000-35,500/t exw today.
• Lower bids continue to weigh on prices. However, higher coal offers pushed suppliers to maintain price levels, SteelMint notes.