SteelMint’s benchmark sponge P-DRI (FeM 80%) prices moved up again by INR 500/t to INR 30,000/t, exw Raipur (Central India), on 1 Jun’21. Given the price rally in billet, bids for sponge iron too improved. Further, sponge makers believe prices are likely to move northwards in the coming days due to anticipated seasonal supply crunch & higher prices of raw materials.
- Trades for P-DRI were recorded at INR 29,900-30,000/t against offers of INR 30,200-300/t, exw and FoR Raipur. However, an integrated plant in Raipur claimed to have concluded a deal at INR 30,100/t, exw. However, sources are yet to confirm this.
- Sponge C-DRI (0-20mm) trades were reported at INR 31,200-31,400/t, on exw and FoR Raipur basis.
- Bids for DR-CLO grade sponge iron improved to INR 32,000-32,200/t against offers of INR 32,400-32,700/t, exw.
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