India: Sponge iron trades improve on lower offers in Bellary, Karnataka

Sponge iron, PDRI, prices in Karnataka’s Bellary fell by INR 250/t, while CDRI prices declined by INR 200/t on 15 Feb’22.

• 5,600 t of PDRI deals were confirmed at INR 32,400-32,600/t against offers at INR 32,800/t exw.
• 1,700 t of CDRI deals were reported at INR 32,800-33,200/t ($436-441/t) exw.
• Producers lowered offers to reduce selling pressure and also to improve sales.