SteelMint’s benchmark sponge iron price falls further on dull demand

SteelMint’s benchmark sponge iron (P-DRI) price fell today by INR 200-300/t to INR 22,950/t ($318) exw Raipur (central India). The prices dropped due to lack of demand following a sharp fall in billet prices by INR 500/t, d-o-d, in Raipur. A few Raipur plants have floated P-DRI offers at INR 23,000-23,200/t exw, while small parcels from outside Raipur market are reported to be sold at INR 22,900-23,000/t on FoR Raipur basis. Meanwhile, the majority of Raipur based plants are not willing to deal below INR 23,000/t exw, due to higher input cost as sponge prices fell sharply, whereas pellet prices are mostly stable.