India: Sponge iron demand strong in Raipur, prices rise

Strong demand as well as supply shortage continue to support sponge iron prices. SteelMint’s benchmark pellet sponge (P-DRI, FeM 80%) prices in Raipur rose further by INR 100/t to INR 32,000/t exw. Participants are expecting a surge in prices in the coming days due to scarcity of prompt deliveries of sponge iron.

• About 4,500 t of P-DRI deals were confirmed at INR 31,800-32,000/t as against offers at INR 31,900-32,200/t on exw and FoR Raipur basis.
• Offers for DR CLO grade sponge iron remain unaltered at INR 35,000-35,200/t exw.