India: Sponge iron trade improves on lower offers in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary declined by INR 300/t and around 1,100 t deals were confirmed at INR 37,300-37,500/t against offers at INR 37,600/t exw on 29 Mar’22.

• SteelMint’s assessment for CDRI stands at INR 38,000/t ($500/t) and 2,900 t of deals were reported today.
• Demand improved as offers edged lower and hence market participants started taking positions, SteelMint notes.