India: Sponge iron offers increase up to INR 1,200/t in Bellary, Karnataka

Pellet-based sponge iron (FeM 80%) prices in Bellary rose by INR 1,150/t, whereas iron ore-based CDRI prices inched up INR 1,200/t.

• Around 4,800 t PDRI deals were confirmed at INR 35,500-36,200/t exw.
• 700 t of CDRI deals were reported at INR 37,000/t exw.
• Prices rallied on lack of coal availability. However, trades were affected on higher offers as buyers are waiting for clearer price directions.