India: Raipur sponge iron trades improve on falling prices

SteelMint’s benchmark sponge P-DRI (FeM 80%) prices fell slightly by INR 50/t to INR 28,850/t exw Raipur, on 6 Jul’21. While prices dropped slightly, trade volumes improved, thanks to renewed buying.

• About 3,500 t of P-DRI deals were reported at INR 28,800-28,900/t as against offers at INR 29,000/t exw and FoR Raipur.
• Bids for DR-CLO grade sponge iron dropped to INR 31,100-31,200/t as against offers at INR 31,500-31,600/t exw.

Sources expect sponge prices to remain under pressure as consumption falls on account of curtailed ingot, billet production by a few plants.