Weak buying sentiments and falling billet prices sat heavy on sponge iron (P-DRI) prices on 25 May’21, as SteelMint’s benchmark Raipur (Central India) prices fell further by INR 400/t to INR 28,700/t ($394), exw.
- Raipur plants floated P-DRI (FeM 80%) offers at INR 28,800-29,000/t, exw. Around 2,500 t deals were confirmed by SteelMint at around INR 28,700/t, exw and on FoR basis.
- Bids for DR-CLO grade sponge iron were assessed at around INR 31,000/t against offers of INR 31,100-31,300/t, exw.
- Sources told SteelMint that prices could remain under pressure due to enhanced availability, slow lifting and falling raw material (pellet) prices.
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