India: Raipur buyers resist booking sponge iron at higher prices

Sponge P-DRI (FeM 80%) prices in Raipur rose marginally by INR 100/t to INR 29,600/t exw today. However, buyers resisted from booking material at current offers in the hope that prices would soften eventually on declining raw materials prices.

• SteelMint confirmed around 3,000 t of P-DRI deals at INR 29,300-29,600/t versus offers at INR 29,700-29,800/t on exw and FoR Raipur basis.
• Moreover, a few deals were confirmed for DR CLO grade sponge iron at around INR 32,600-32,700/t, while offers stand firm at INR 32,800-33,000/t exw.