Central India: Sponge iron prices fall for second consecutive day on limited buying

SteelMint’s benchmark sponge iron (P-DRI) prices dropped further by INR 600/t (d-o-d) to INR 31,400/t ($429) exw. The fall in price is attributed to lower bids and cheaper offers from outside plants.

• Raipur based plants floated P-DRI (FeM 80%) offers at INR 31,700-32,000/t exw, however the same from outside plants was offered at INR 31,400/t FoR Raipur. No major deals have been reported as bids were lower at around INR 31,000/t exw.
• Sponge C-DRI (70:30 mix) offers from Odisha were reported at INR 32,300-32,500/t FoR Raipur.
• Sponge DR CLO grade offers were floated at INR 34,000-34,300/t exw, however no deals were reported.