India: Dull buying weighs on Raipur sponge iron prices

P-DRI (FeM 80%) prices in Raipur fell by INR 100/t to INR 35,200/t, exw, today. Lower bids amidst dull buying continued to weigh on sponge iron prices.

• Bids were reported at around INR 35,000/t against offers at INR 35,300-35,500/t on exw and FOR Raipur basis. However, despite dull demand, a rebound in sponge iron offers is likely if coal prices increase further, SteelMint notes.