India: Bid-offer disparity puts pressure on Raipur sponge iron prices

P-DRI (FeM 80%) prices in Raipur fell INR 500/t to INR 33,300/t exw today. Lower bids and competitive offers through resellers were the key factors behind the price correction.

• Deals were reported at INR 33,300-33,400/t on FOR basis versus offers at INR 33,400-33,500/t exw-Raipur. Although sources claimed to have purchased material at INR 33,000-33,100/t exw, SteelMint couldn’t verify these deals before publication.