SteelMint’s benchmark sponge iron prices drop by INR 100-200/t due to lack of trades

Benchmark sponge iron (P-DRI) prices dropped by INR 100-200/t to INR 29,250/t ($390), exw Raipur, Central India. Weak demand in the spot market resulted in fall in price range. Sources are expecting prices to remain under pressure due to improved supply, low demand & competitive offers from outside plants.

• The Raipur based plants floated P-DRI offers at INR 29,300-500/t exw. Few trades have been reported at INR 29,200-300/t on exw & FoR basis.
• Sponge DR CLO grade offers were floated at INR 31,500-700/t exw, stable against yesterday, however no major trades happened.