India: Raipur sponge iron offers stay fixed on renewed buying

SteelMint’s benchmark sponge P-DRI (FeM 80%) prices remained stable at INR 28,700/t exw Raipur on 9 Jul’21. Prices stayed firm on account of active demand at prevailing prices along with a slight gain in billet prices by around INR 150/t.

• About 3,500 t of P-DRI deals were reported at INR 28,700-28,800/t exw and FoR Raipur. Sponge C-DRI offers were assessed at INR 30,000-30,200/t and DR-CLO grade sponge iron was offered at INR 31,300-31,500/t exw.
• Sources expect sponge iron prices to fluctuate slightly; however, variations are likely to follow billet price movements.