India: Over 5,000 t of sponge iron deals reported in Raipur even as prices dip

Sponge P-DRI (FeM 80%) prices dropped by INR 800/t to INR 30,200/t exw-Raipur, although over 5,000 t of deals were tracked by SteelMint today. Prices fell sharply on account of a slump in pellet prices along with improvement in supply. Sources expect prices to fall further in view of subdued realisations in raw materials exports.

• About 5,500 t of P-DRI deals were confirmed at INR 30,100-30,200/t on exw and FoR Raipur basis. A few major buyers were heard placing bids below INR 30,000/t, although no deals were confirmed at these levels till publication of this daily assessment.
• DR CLO grade sponge iron offers stand at INR 34,300-34,500/t exw. The indicative trade price, sources highlighted, was around INR 33,500/t exw.