SteelMint’s benchmark sponge iron price increases further on limited offers

SteelMint’s benchmark sponge iron (P-DRI) price gained further by INR 500/t to INR 27,400/t ($374) exw Raipur (Central India). Prices have been rising since last few weeks due to mismatch in demand-supply. Today, a few trades of P-DRI have been learned at INR 27,200-400/t on exw & FoR basis, while DR CLO grade sponge was traded at INR 29,300-400/t exw. According to market sources, suppliers have sufficient orders in hand and they are further expecting rise in sponge prices on active demand.