India: Sponge iron prices fall by INR 200/t ($3) in Raipur

Sponge prices remained under pressure across different regions today including Raipur in Central India where SteelMint’s benchmark price assessment dropped by INR 200/t to INR 28,500/t, exw, on 26 May’21. Disparity in bids and offers as well as supply-demand mismatch resulted in falling prices.

• SteelMint recorded a few trades for P-DRI (FeM 80%) at INR 28,500-28,600/t as against offers of INR 28,800/t, exw-Raipur. However, a couple of plants claimed to have concluded deals at INR 28,700-800/t, exw, although other sources expressed doubts.
• Bids for DR-CLO grade sponge iron were at around INR 30,600-800/t against offers of INR 31,000-31,200/t, exw.