Central India: Sponge P-DRI prices hit new highs, buyers turn cautious

SteelMint’s benchmark sponge iron (P-DRI) prices have registered a sharp surge by INR 3,500/t in the last 3 days with fresh offers at INR 32,400-500/t exw. However, on consecutive spikes in offers, the buyers have turned cautious resulting in limited bids/offers today. The majority of buyers have procured sponge C-DRI from Odisha which are produced using lumps ore.

• Raipur plants have floated P-DRI offers at INR 32,500-600/t exw, however a few deals were learned from outside plants at INR 32,000-32,400/t FoR Raipur.
• A good volume of sponge C-DRI (70:30 mix) was traded from Odisha at INR 32,700-33,000/t FoR Raipur.
• Sponge DR CLO grade offers were at INR 35,000/t, while few bids were reported at INR 34,500-700/t exw.