India: Odisha sponge iron prices fall by INR 300/t

Sponge C-DRI (FeM 80%, mixed material) prices in Odisha’s Rourkela slipped by INR 300/t on 7 Oct’21 due to weak demand.

• SteelMint’s assessment for sponge C-DRI stands at INR 34,850/t ($466/t).
• About 1,000 t of C-DRI deals were confirmed at INR 34,600-35,000/t exw-Rourkela.
• As per reports, declining billet prices, which decreased by INR 400/t, resulted in the fall in sponge iron prices.