India: Sponge iron prices inch down in Bellary, Karnataka

Sponge iron PDRI (FeM 80%) prices in Karnataka’s Bellary remained stable (-INR 50/t) d-o-d while iron ore-based DRI (CDRI) prices declined by INR 100/t today.

• 2,700 t of PDRI deals were confirmed at INR 34,000-34,100/t exw.
• SteelMint’s assessment for CDRI stands at INR 34,550/t exw and around 1,300 t deals were reported.
• Trade activities remain moderate due to a fall in Hyderabad billet prices by INR 500/t d-o-d.