India: Raipur sponge iron offers rise on higher billet prices

SteelMint’s benchmark sponge P-DRI (FeM 80%) prices moved up by INR 100/t to INR 29,400/t, exw Raipur, on 30 Jun’21. Prices rose following a rebound in billet prices by INR 200/t; however, trade volumes didn’t witness any noticeable recovery, with bids still at pretty low levels.

• About 2,500 t of deals for P-DRI were reported at around INR 29,300-29,400/t against offers at INR 29,400-29,800/t, exw and FoR Raipur.
• Offers for DR-CLO grade sponge iron increased by INR 200/t to INR 32,300-32,500/t, exw. However, bids remained stuck at INR 31,800-32,000/t, exw.