Central India – Sponge iron prices drop by INR 100/t, no fresh deals

SteelMint’s assessment of sponge P-DRI fell by INR 100/t to INR 19,800/t exw, Raipur. This is due to no major fresh deals concluded along with drop in billet price by INR 200/t, d-o-d. The major plants haven’t quoted any fresh offers owing to dull trends & sufficient orders in hand. Although, a few of plants have floated offers at INR 19,900-20,000/t exw, Raipur. Sources expect sponge prices in Raipur to remain range-bound in the near term.