India: Raipur sponge iron offers fall as furnaces slash output

SteelMint’s benchmark sponge P-DRI (FeM 80%) prices fell by INR 100/t to INR 28,900/t exw Raipur, on 5 Jul’21. Prices moved southwards as supply outstripped demand in the spot market due to furnaces curtailing operations.

• About 3,000 t of P-DRI deals were reported at INR 28,800-29,000/t as against offers at INR 29,000-29,200/t exw and FoR Raipur. Around 1,000 t of deals were reported for outside Raipur on advance payment terms.
• Deals for sponge C-DRI were confirmed at INR 30,200-300/t exw. Meanwhile, bids for DR-CLO grade sponge iron dropped to INR 31,300-31,500/t as against offers at INR 31,800-32,000/t exw.