SteelMint’s benchmark sponge iron prices hit all-time high

SteelMint’s benchmark sponge iron (P-DRI) price surged by INR 700/t to INR 26,800/t ($363) exw Raipur (Central India), hitting an all-time high, following active demand amidst modest availability of the material in the spot market. Limited supplies due to lower production & sufficient orders in hand have supported price hike. Today, a good volume of sponge P-DRI was sold in the range of INR 26,300-26,900/t, while DR CLO grade material was sold at INR 28,300-28,800/t exw Raipur. Prices are expected to remain supported on demand-supply mismatch & positive trends globally.