India: Odisha sponge iron prices fall on declining billet prices

SteelMint’s assessment for sponge iron C-DRI (FeM 80%, mix material) in Rourkela fell by INR 200/t to INR 36,500/t exw.

• In all, 1,000 t of deals were confirmed at INR 36,500-36,600/t exw.
• As per reports from sources, a drop in steel billet prices by around INR 750/t on a daily basis, along with weak demand, resulted in the decline in sponge iron prices.