India: Sponge iron offers inch down in Bellary due to slow demand

Sponge iron PDRI (FeM 80%) prices in Karnataka’s Bellary decreased by INR 250/t while iron ore-based DRI (CDRI) prices declined by up to INR 200/t on 19 Aug.

• PDRI deals of 900 t were confirmed at INR 34,200-34,500/t exw against offers at INR 34,800/t exw.
• About 1,700 t deals were reported for lump-based DRI (CDRI) at INR 35,600-35,700/t exw.
• Low enquiries and subdued demand due to holidays pulled down offers.