India: Trading turns slow on rising sponge iron offers in Bellary

Sponge iron, P-DRI (FeM 80%), prices in Karnataka’s Bellary rose by INR 700/t on 9 Dec’21. Sponge C-DRI prices, too, rose by a similar amount. Buyers turned cautious on rising offers, hence spot trades were impacted.

• Around 2,500 t of P-DRI deals were confirmed at INR 27,500-27,800/t against offers at INR 28,000/t exw.
• SteelMint’s assessment for C-DRI stands at INR 29,200/t ($385) and around 1,450 t of deals were reported.