India: Sponge iron prices fall in Bellary, Karnataka, on lower bids

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Sponge iron (FeM 80%) prices in Bellary fell by INR 100/t on 22 Feb’22.
4,500 t of PDRI deals were confirmed between INR 33,300-33,400/t as against offers at INR 33,500/t exw.
1,200 t of CDRI deals were reported at INR 33,800-34,000/t ($452-455/t) exw.
Lower than usual demand and lower bids are the key factors leading to the correction in prices, SteelMint notes.

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