SteelMint’s benchmark sponge iron price rises by INR 200/t on active demand

Active demand and price rally in billets has resulted in hike in sponge prices. SteelMint’s benchmark price assessment for sponge iron rose by INR 200/t (d-o-d) in Raipur (central India). Today, a total of around 6,000 t P-DRI confirmed deals were reported at INR 24,800-25,000/t exw, after which a few producers raised offers to INR 25,100/t exw. But no deals were reported. Offers from Raigarh suppliers were reported at INR 25,100/t FoR Raipur. There are indications that prices will remain strong on account of sufficient orders with sponge makers, rising substitute products and billet prices.