Central India: Raipur sponge iron prices fall further on limited deals

SteelMint’s benchmark sponge P-DRI (FeM 80%) prices dropped by INR 200/t to INR 30,500/t, exw Raipur, on 22 Jun’21. Prices fell due to weak demand on a sustained decline in billet prices.

• About 1,500 t of P-DRI deals were reported at around INR 30,500/t against offers at INR 30,600-30,800/t, exw and FoR Raipur. A few buyers claimed that they bought material at INR 30,300-400/t due to healthy supply in the spot market; however, SteelMint could not confirm these deals.
• Bids for DR-CLO grade sponge iron were assessed at INR 33,000-33,100/t against offers of INR 33,500-33,700/t, exw.