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

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary fell by INR 500/t and around 4,000 t of deals were confirmed at INR 34,300-34,700/t exw on 17 May’22.

• SteelMint’s assessment for sponge CDRI stands at INR 35,400/t exw and around 3,900 t of deals were reported.
• Trades improved as offers edged lower amid continuous fall in billet prices. Billet offers in Hyderabad dipped INR 1,000/t.