India: Sponge iron prices edge down in Bellary, demand weakens

Sponge iron, PDRI (FeM 80%) and CDRI, prices in Karnataka’s Bellary declined by INR 200/t on 14 July.

• 1,400 t of pellet-based sponge iron (PDRI) deals were confirmed at INR 35,000-35,200/t exw.
• About 1,600 t of iron ore-based DRI (CDRI) deals were reported at INR 35,300-35,500/t exw today.
• Demand continued to slow down on low buying interest as buyers expect a further correction in sponge prices.