Central India: Lower bids weigh on sponge iron prices

SteelMint’s benchmark sponge iron (P-DRI) prices fell further by INR 400/t to INR 31,000/t ($423) exw Raipur, Central India. Lower bids as well as competitive offers from resellers & outside plants resulted in a fall in sponge iron prices.

• Raipur based plants floated P-DRI (FeM 80%) offers at INR 31,200-31,300/t exw, however the same from outside plants & resellers were traded at around INR 31,000/t FoR Raipur. Meanwhile, FeM 78-79% P-DRI from West Bengal was offered at INR 30,600-700/t FoR Raipur.
• Sponge C-DRI (70:30 mix) offers from Odisha were reported at INR 32,000-32,200/t FoR Raipur.
• Sponge DR CLO grade offers were floated at INR 33,700-33,800/t exw, however no deals were reported.