SteelMint’s benchmark sponge P-DRI (FeM 80%) prices moved up sharply by INR 700/t to INR 30,700/t, exw Raipur. Mills raised prices as input costs are likely to surge with a spike in bids at OMC’s iron ore auction held on 2 Jun’21.
- Trades for P-DRI were recorded at INR 30,600-700/t against offers of INR 30,800-900/t, exw and FoR Raipur. However, a plant based outside Raipur claimed to have concluded a deal at INR 30,900/t, FoR Raipur, which is yet to be confirmed by SteelMint.
- Prices for DR-CLO sponge iron went by INR 500/t to INR 32,600-32,800/t against offers of INR 32,800-32,900/t, exw.
- Industry sources believe price movements will depend on NMDC’s price revision expected this week.
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