India: Sponge iron prices in Raipur fall on bid-offer disparity

SteelMint’s benchmark sponge P-DRI (FeM 80%) prices fell by INR 300/t to INR 30,500/t, exw Raipur, on 8 Jun’21. Low bids along with bid-offer disparities resulted in the decline in prices. Prices are likely to remain under pressure as power cuts in Raigarh may result in poor offtake from furnace operators.

• A few P-DRI deals were reported at INR 30,400-500/t against offers of INR 30,700-800/t, exw and FoR Raipur. Although a few buyers reported deals at INR 30,300/t, exw Raipur, SteelMint could not confirm these transactions.
• Offers for DR-CLO grade sponge iron dropped to INR 33,000-33,200/t, exw, with, no fresh deals being recorded.