India: Lower bids weigh on Raipur sponge iron market

SteelMint’s assessment for pellet-based DRI (P-DRI) fell by INR 100/t to INR 30,700/t exw-Raipur, for FeM 80% material. Lower bids amidst decline in billet prices resulted in a marginal decrease in sponge prices.

• About 1,500 t of FeM 79% P-DRI deals were confirmed at around INR 30,400-30,500/t on DAP Raipur basis. Offers of FeM 80% remained stable through Raipur plants at INR 30,800-31,000/t exw, while bids were lower by INR 200-300/t, resulting limited trades today.