India: Sponge iron prices fall by INR 1,000/t in Odisha

Sponge C-DRI (FeM 80%, mix material) prices in Odisha’s Rourkela fell sharply by INR 1,000/t to INR 32,000/t ($432/t) on 9 Nov’21.

• About 1,000 t of C-DRI deals were confirmed at INR 32,000-32,300/t exw-Rourkela.
• Due to weak demand, a correction of INR 1,000/t, d-o-d, was reported for steel billets. The fall in billet prices put sponge iron prices under pressure.