India: Sponge iron prices in Raipur drop by INR 400/t on low bids

SteelMint’s benchmark sponge iron (P-DRI) prices dropped by INR 400/t to INR 29,100/t ($399), exw Raipur, Central India. Prices fell on account of low bids, fall in billet prices amidst healthy supply of sponge iron, SteelMint notes.

• Raipur plants floated P-DRI (FeM 80%) offers today at INR 29,400-29,600/t, exw. However, SteelMint confirmed around 2,000 t deals at around INR 29,000-29,200/t, exw and on FoR basis.
• Bids for DR-CLO grade sponge were assessed at INR 31,500-600/t against offers of INR 31,800-32,000/t, exw.