India: Sponge iron demand improves on falling prices in Odisha

Sponge iron prices in Odisha’s Rourkela fell by INR 350/t on 3 Sept’21. SteelMint’s assessment for sponge C-DRI (FeM 80%, mix material) stands at INR 30,700/t ($420) exw-Rourkela. Around 3,750 t of deals were reported at INR 30,500-30,800/t exw. According to sources, demand remained active today on lower prices compared to yesterday, although falling prices of raw materials (iron ore and pellets) might result in sponge iron prices coming under pressure.