Sponge iron offers in eastern India hit over 1-year high

Sponge offers rallied on account of strong demand & rising pellet & iron ore prices. Sponge prices are on an uptrend and hit 18 months high in Durgapur & over seven months high in Raipur with fresh trades of P-DRI at around INR 20,000-20,100/t DAP-Durgapur & INR 20,300-500/t exw-Raipur. Sources informed SteelMint that prices may remain strong due to sufficient orders among suppliers & shortage of pellets in the spot market.