India: Sponge iron trade improves in Bellary amidst slight uptick in offers

Sponge iron, PDRI (FeM 80%), and iron ore-based DRI (CDRI) prices in Karnataka’s Bellary inched up by INR 50/t on 1 August.

• PDRI deals of 7,300 t were confirmed at INR 34,000-34,300/t exw against offers at INR 34,300/t exw.
• CDRI assessment stands at INR 35,350/t exw and 5,000 t of deals were reported.
• Optimistic trends and a slight scrap shortage supported sponge iron demand in the region.