India: Sponge iron trade improves in Bellary on lower offers

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary declined by INR 250/t and around 4,300 t deals were confirmed at INR 35,900-36,100/t against offers at INR 36,200/t exw.

• SteelMint’s assessment for CDRI stands at INR 37,000/t ($483/t) with 1,800 t of deals being reported.
• Buyers have started resuming purchases as they feel that the prevailing offers have hit the bottom, SteelMint notes.