India: Sponge iron offers rise slightly in Bellary, demand remains weak

Sponge iron, PDRI (FeM 80%) and iron ore-based DRI (CDRI), prices in Karnataka’s Bellary inched up by INR 50/t on 10 Jun’22.

• About 1,200 t of PDRI deals were confirmed at INR 32,100-32,200/t exw against offers at INR 32,200/t exw.
• SteelMint’s assessment for CDRI stands at INR 32,700/t exw and around 800 t of deals were reported.
• Low buying continued to weigh on sponge trade volumes amidst volatility in offers.