India: Sponge iron offers in Bellary climb on rising coal prices

Sponge PDRI prices in Karnataka’s Bellary rose by INR 1,800/t, while CDRI prices moved up by INR 2,300/t on 3 Mar’22.

• Buyers are cautious to book sponge iron on higher coal offers. As a result, spot trades fell.
• 1,320 t of pellet-based DRI (PDRI) deals were confirmed at INR 39,000/t exw in Bellary, Karnataka.
• 1,300 t of iron ore-based DRI (CDRI) deals were recorded at INR 39,800-40,000/t ($523-526/t) exw.