India: Sponge iron offers rise by up to INR 250/t in Bellary, Karnataka

Sponge iron, PDRI, prices in Karnataka’s Bellary rose by INR 150/t, while CDRI (FeM 80%) prices increased by INR 250/t on 1 Mar’22.

• Around 5,000 t of PDRI deals were confirmed at INR 36,500-36,700/t as against offers at INR 36,800/t exw.
• SteelMint’s assessment for CDRI stands at INR 37,000/t ($489/t) and around 4,020 t of deals were reported.
• Prices rose further on active demand amidst sufficient orders with manufacturers and surging coal prices.