Active demand and rising steel billet prices amidst slight supply crunch continue to support sponge iron prices in Raipur, central India. Further hikes, however, look unlikely in the short-term, as buyers retreat from the market in the face of high prices compared with softer prices in Punjab, north India.
SteelMint’s assessment for pellet sponge (P-DRI, FeM 80%) in Raipur rose by INR 300/t to INR 30,400/t exw on 29 Jul’21. About 5,000 t of deals were reported at INR 30,200-30,400/t. A majority of deals were concluded at INR 30,200-30,300/t on exw and FoR Raipur basis.
Supply of DR CLO grade sponge iron remained limited and up to 1,000 t of deals were confirmed today at around INR 33,300/t, although offers were in the range of INR 33,400-33,500/t exw.
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