SteelMint’s benchmark sponge iron price drops by INR 200/t ($3)

SteelMint’s benchmark sponge iron (P-DRI) price dropped slightly by INR 200/t to INR 27,200/t ($371) exw Raipur, Central India. The prices corrected owing to a drop in billet prices and competitive offers from outside players. The local plants in Raipur floated offers at INR 27,400-500/t exw, however, only a few deals have been concluded from outside at around INR 27,200/t FoR Raipur. Also, a fewer inquiries have been reported for DR CLO grade sponge offered at INR 29,300-500/t exw. Market sources are expecting that prices are less likely to fall on the back of good orders & higher global prices.