India: Sponge iron offers fall further in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), prices in Bellary fell by INR 300/t, while iron ore-based DRI (CDRI) prices declined by INR 350/t on 10 May 2022.

• PDRI deals of 2,400 t were confirmed at INR 35,800-36,200/t exw against offers at INR 36,300/t exw.
• SteelMint’s assessment for CDRI is at INR 37,000/t exw, and deals of 1,200 t were reported.
• Prices and trades continued to drift downwards amid lower buying tendencies.