SteelMint’s benchmark sponge iron prices fall further on lower bids

Benchmark sponge iron (P-DRI) prices have declined further by INR 300/t to INR 24,900/t ($340) exw Raipur (central India) due to limited buying interest & lower bids. The Raipur based major plants have floated offers at INR 24,800-25,000/t, however only a few trades have been reported at INR 24,800-24,900/t exw, while from outside, a total of around 1,000 t deals have been confirmed at around INR 24,900/t on FoR Raipur basis. The majority of sponge makers reported lower bids at around INR 24,500-700/t exw, however the deals have not been concluded yet on expectation of price rebound.