Renewed buying for sponge iron has resulted in a surge in prices by INR 500/t, d-o-d, in Raipur. According to SteelMint, about 5,000-6,000 t sponge P-DRI deals have been concluded today at INR 19,400-600/t as against INR 19,100-200/t exw, on 10 Oct’20. The majority of bigger Raipur based sponge plants have closed sales despite active inquiries, which may lead to further hike in price if billet demand remains supportive. On daily trades, Raipur billet price up by INR 550/t.
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