India: Weak demand weighs on sponge iron offers in Bellary

Pellet-based sponge iron (FeM 80%) prices in Karnataka’s Bellary declined by INR 350/t, while iron ore-based DRI (CDRI) prices fell by INR 550/t on 22 Nov’22.

• PDRI deals of 800 t were confirmed at INR 29,500-29,700/t exw.
• CDRI prices stand at INR 30,950/t exw, and around 1,150 t of deals concluded between INR 30,800-31,000/t exw.
• With declining billets prices d-o-d, trading in sponge iron remains low.