Central India: Sponge iron prices drop tracking falling billet prices

SteelMint’s benchmark sponge P-DRI (FeM 80%) prices dropped further by INR 100/t to INR 30,600/t, exw Raipur, on 17 Jun’21. Prices fell due to dull demand as well as a drop in billet prices by INR 250/t d-o-d.

• About 2,500 t of P-DRI deals were reported at around INR 30,600-700/t against offers of INR 30,700-30,800/t, exw and FoR Raipur.
• Offers for DR-CLO grade sponge iron dropped to INR 33,200-400/t, while firm bids were reported at around INR 33,000-33,100/t, exw.