Central India: Sponge iron prices surge, however buyers resist on higher offers

SteelMint’s benchmark sponge iron (P-DRI) prices rose further by INR 200/t to INR 30,900/t ($415), exw Raipur, Central India. However, demand remained moderate as buyers resisted to purchase on higher offers and are expecting offers should not sustain. Today, the plants have offered P-DRI at INR 31,000/t exw, while deals have been reported at INR 30,800-30,900/t on exw & INR 31,000/t on FoR Raipur basis. In line, DR CLO grade sponge were offered at INR 33,000/t exw, but no major deals happened. Participants are expecting prices to cool amid subdued demand, however it depends more on billet price trend.