India: Sponge iron offers fall up to INR 1,100/t in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary dropped by INR 750/t, while iron ore-based DRI (CDRI) prices decreased by INR 1,100/t on 14 Mar’22.

• About 800 t of PDRI deals were confirmed at INR 39,000-39,300/t exw.
• 1,100 t of CDRI deals were reported at INR 39,800-40,000/t ($520-522/t) exw.
• The future trend of sponge iron prices will largely depend on raw materials (iron ore and coal) price movements.