India: Raipur sponge iron prices drop slightly on lower bids

With expected easing of sponge iron supplies, buyers have lowered their bids. SteelMint’s price assessment for sponge P-DRI (FeM 80%) dropped by INR 100/t to INR 31,900/t exw-Raipur on 18 Aug’21.

• About 2,000 t of P-DRI deals were confirmed at INR 31,800-31,900/t exw as against offers at INR 31,900-32,200/t on exw and FoR Raipur basis.
• Offers for DR CLO grade sponge iron remained unchanged at INR 35,000-35,200/t exw. However, buying interest remained weak.

With further decline in pellet prices in Raipur, as reported by a major producer, buyers expect sponge iron prices to drop too, as and when earlier orders with plants get cleared out.