India: Sponge iron prices surge in Bellary, Karnataka

Pellet-based sponge iron prices in Bellary rose by INR 200/t, whereas iron-ore based DRI (CDRI) prices increased by INR 100/t on 23 Feb’22.

• 2,000 t of PDRI deals were confirmed at INR 33,600-33,800/t exw.
• 3,000 t of CDRI deals were reported at INR 33,800-34,000/t ($453-455/t) exw.
• Prices increased on active demand amid an optimistic outlook, SteelMint notes.