India: Sponge iron trade slows down despite lower offers in Bellary, Karnataka

Sponge iron, PDRI (FeM 80%) as well as CDRI prices in Bellary declined by INR 300/t on 22 Apr’22.

• 950 t of PDRI deals were confirmed at INR 37,100-37,200/t exw against offers at INR 37,500/t exw.
• SteelMint’s assessment for CDRI is at INR 38,200/t exw, and 1,000 t of deals were reported.
• Prices continue to drift downwards owing to lower bids quoted by the furnace owners.