SteelMint’s benchmark sponge iron prices rise marginally by INR 100/t

SteelMint’s benchmark sponge iron (P-DRI) prices increased by INR 100/t to INR 27,500/t ($379), exw Raipur, Central India. According to market sources, despite moderate demand, the prices rose on account of limited suppliers of P-DRI in Raipur as a result, no major deals were reported from local plants today. However, trades from outside plants have been confirmed at INR 27,300-500/t on FoR Raipur basis. Meanwhile, DR CLO grade sponge offers were floated at INR 29,500-700/t, while few bids have been reported at INR 29,300-400/t exw. Industry participants are expecting sponge iron prices to fluctuate on modest supply-demand.