SteelMint’s benchmark sponge P-DRI (FeM 80%) prices fell by INR 300/t to INR 30,000/t, exw Raipur, on 25 Jun’21. Prices keep trending down on weak demand following a decline in billet prices. Sources expect prices to remain under pressure as major hot rolling mills are holding purchases on expectation of prices softening in the coming days. SteelMint has earlier reported that mills also have plans to curtail production in Jul’21.
- A few deals for P-DRI were reported at around INR 29,900-30,000/t against offers at INR 30,100-30,200/t, exw and FoR Raipur.
- Offers for DR-CLO grade sponge iron dropped by INR 300/t to INR 32,700-32,800/t, exw; however, only a limited number of bids were reported.
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