Benchmark sponge prices remain stable on competitive offers from outside plants

SteelMint’s benchmark sponge iron (P-DRI) prices remained unchanged today at INR 29,000/t ($394), exw Raipur, Central India. Competitive offers from outside plants and relatively stable supplies are the key factors behind stability in prices.

• Raipur based plants have floated sponge P-DRI offers at INR 29,000-29,200/t exw & about 2,500 t deals were recorded (including outside plants) at INR 28,900-29,000/t exw & FoR Raipur basis. Also, a West Bengal based plant have sold P-DRI (FeM 78-79%) at INR 28,600-700/t FoR Raipur.
• Sponge DR CLO grade prices remained strong due to limited suppliers. Prices surged by INR 300/t to INR 31,800-900/t exw.

Sources are expecting sponge iron prices to remain strong due to higher input cost (Iron ore & Pellet), however demand is expected to remain moderate.