SteelMint’s benchmark sponge iron price up by INR 100/t despite limited trades

SteelMint’s benchmark price assessment for sponge iron (P-DRI) rose by INR 100/t (d-o-d) in Raipur (central India), however limited trades reported on account of healthy orders on saturday and disparity between bids & offers. Today, the local plants in Raipur had floated offers at INR 25,200-300/t, however few trades were reported at INR 25,000/t exw. Meanwhile a total of around 1,500 t P-DRI confirmed deals were reported at INR 25,000-25,100/t FoR Raipur from Raigarh & Odisha. Sources expect prices to remain supported in the near term.