India: Odisha sponge iron prices fall with decline in trade activity

Sponge iron prices (70:30, mix material) fell by INR 300/t in Rourkela, Odisha. About 1,550 t of deals were confirmed at INR 31,400-31,600/t exw-Rourkela today. SteelMint’s price assessment for sponge C-DRI (70:30, mix material) stands at INR 31,350/t ($425/t) on 24 Sep’21. According to sources, demand remained limited today which kept sponge iron prices under pressure. However, billet prices rose by INR 400/t, d-o-d, SteelMint notes.