Eastern India-based plant sells sponge iron to Raipur at competitive rate

An eastern India-based plant has sold over 5,000 t of P-DRI (FeM 78-79%, 0-20mm) to Raipur at around INR 28,200-28,300/t FoR, whereas sponge manufacturers in Raipur floated offers at around INR 28,900-29,100/t exw for FeM 80% material. Competitive offers from plants based outside the state have put pressure on sponge iron prices in Raipur along with falling billet prices even though Raipur producers claim supply shortage of material due to low productivity. SteelMint’s assessment for sponge P-DRI in Raipur stands at INR 29,000/t exw, down by INR 400/t, d-o-d.