India: Raipur sponge iron offers remain firm despite limited bids

SteelMint’s benchmark sponge P-DRI (FeM 80%) prices have remained stable at INR 28,850/t exw Raipur, on 7 Jul’21. However, limited bids were heard today as buyers had placed sufficient number of bookings yesterday.

• A few deals of P-DRI were reported at INR 28,800-28,900/t exw and FoR Raipur. While, sponge C-DRI offers were assessed at INR 30,000/t & DR-CLO grade sponge iron was offered at INR 31,400-31,500/t exw.
• A slight price correction in sponge iron is expected tomorrow due to fall in billet prices of INR 200/t seen today along with healthy supply in the spot market, SteelMint notes.