India: Raipur sponge iron prices stable on sustained buying interest

P-DRI (FeM 80%) prices remained stable at INR 30,800/t, exw Raipur, on 15 Jun’21. Demand continued to remain active following volatility in billet prices amid buyer expectations that prices were unlikely to fall due to the approaching monsoons, steep raw materials prices and with operations resuming at a few Raigarh-based furnaces.

• About 3,000 t of P-DRI transactions were reported at INR 30,800-30,900/t, exw, including at around INR 31,000/t, FoR Raipur. Offers through plants ranged at INR 31,000-31,100/t, exw and FoR Raipur.
• Bids for DR-CLO grade sponge iron were recorded at INR 33,200-33,300/t against offers at INR 33,500-33,700/t, exw.