Central India: Sponge prices slump by INR 500/t on competitive offers from outside plants

SteelMint’s benchmark sponge iron (P-DRI) prices dropped further by INR 500/t to INR 29,500/t ($393), exw Raipur, Central India. Prices are falling continuously due to poor demand and competitive offers from outside plants. A few deals have been reported at INR 29,300-29,500/t on exw & FoR basis, while no major bids have been reported on floated offers of sponge DR CLO at INR 31,800-32,000/t exw. Buyers expect sponge prices to drop further, however looking at high cost raw materials, the suppliers are optimistic about price outlook.