India: Sponge iron prices up by INR 500/t in Raipur on billet market rally

SteelMint’s benchmark sponge P-DRI (FeM 80%) prices moved up by INR 500/t to INR 29,500/t, exw Raipur (Central India), on 31 May’21. Prices increased following the rise in billet prices by INR 750/t on optimistic trends.

• Around 2,500 t of P-DRI trades were recorded at INR 29,400-29,500/t against offers of INR 29,500-700/t, exw & FoR Raipur. However, no major transactions were heard from plants based outside Raipur on offers of INR 29,700-800/t, FoR Raipur.
• Sponge C-DRI (0-20mm) trades were reported at INR 30,600-30,800/t, on exw and FoR Raipur basis.
• Bids for DR-CLO grade sponge iron improved to INR 31,800-31,900/t against offers of INR 32,000-32,400/t, exw.