Central India: Rising sponge prices turn off buyers in Raipur

SteelMint’s benchmark sponge P-DRI (FeM 80%) prices increased by INR 300/t to INR 31,000/t, exw Raipur, on 3 Jun’21. Demand dropped slightly due to higher prices. Prices are likely to stay strong on renewed pellet exports and higher iron ore lump prices. In addition, anticipated seasonal supply crunch seems to be supporting the price outlook.

• Around 2,500 t P-DRI trade were recorded at INR 30,900-31,000/t as against offers of INR 31,000-31,300/t, exw and FoR Raipur.
• Sponge C-DRI (0-20mm) transactions reported at INR 32,400-32,600/t, exw Raipur.
• Offers for DR-CLO grade sponge iron improved to INR 34,000-34,200/t, exw. However, no fresh deals reported.