SteelMint’s benchmark sponge iron price rises on active trades

SteelMint’s benchmark sponge iron (P-DRI) price increased today by INR 300/t to INR 22,900/t ($314) exw Raipur (central India). The prices have recovered on active trades along with improved demand for billets. SteelMint confirmed about 5,000 t deals from the local & outside based plants at the range of INR 22,700-23,000/t on exw & FoR basis. It is also learned that the furnaces, that had earlier postponed purchase on assumptions of further price drop, have resumed purchasing in order to balance out their inventory.