Central India: High offers dampen sponge iron demand in Raipur

SteelMint’s benchmark sponge P-DRI (FeM 80%) prices increased by INR 200/t to INR 31,200/t, exw Raipur, on 4 Jun’21. However, demand remains weak on high offers, as spot billets trade has also slowed down due to rising prices. Thus, buyers are not in a hurry to book raw materials.

• Around 2,000 t of P-DRI trade was recorded at INR 31,100-31,200/t against offers of INR 31,300-31,400/t, exw and FoR Raipur.
• Offers for DR-CLO grade sponge iron were stable at INR 34,000-34,200/t, exw. However, no major fresh deals were reported.