Sponge iron demand in Bellary slows down on rising offers

Sponge iron, PDRI (FeM 80%), prices in Karnataka’s Bellary rose by INR 100/t exw, and iron ore-based CDRI prices increased by INR 150/t on 28 July.

• PDRI deals of 1,000 t were confirmed at INR 34,000-34,300/t exw against offers at INR 34,300/t exw.
• SteelMint’s assessment for CDRI stands at INR 35,000/t exw. Around 2,300 t deals were concluded.
• Buying activity slowed down due to sufficient bookings with sellers and a constant rise in offers.