India: Sponge iron trade improves d-o-d in Bellary as offers fall sharply

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Sponge iron, PDRI (FeM 80%), prices plunged by INR 650/ in Bellary, Karnataka while iron ore-based DRI (CDRI) prices fell by up to INR 900/t on 14 Nov’22.
4,500 t of PDRI deals were concluded at INR 28,900-29,500/t exw against offers at INR 29,500/t exw.
4,000 t of CDRI deals were confirmed between INR 30,300-30,800/t exw.
Spot buying picked up with the sharp fall in offers.

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