India: Sponge iron prices in Bellary drop on limited enquiries

Sponge iron PDRI (FeM 80%) and CDRI prices in Karnataka’s Bellary declined by INR 150/t each on 17 Aug.

• PDRI deals of 3,300 t were confirmed at INR 34,900-35,000/t exw against offers at INR 35,100/t exw.
• SteelMint’s assessment for CDRI stands at INR 36,050/t exw and around 1,500 t deals were reported.
• Poor enquiries and comparatively low buying activity in the market led to the drop in offers.