India: Lower bids drag down sponge iron prices in Raipur

P-DRI (FeM 80%) prices in Raipur dropped by INR 300/t to INR 33,800/t exw today. Prices fell on lower bids, low demand, and correction in billet prices by INR 500/t.

• Deals were reported at INR 33,500-33,800/t against offers at INR 33,800-34,000/t on exw and FOR Raipur basis.
• Some buyers claimed to have sourced at INR 33,300-33,400/t FOR, but SteelMint couldn’t these deals before publication.