India: Raipur sponge iron prices rebound after hitting low

SteelMint’s price assessment for sponge P-DRI (FeM 80%) rose by INR 300/t to INR 28,800/t exw. Adequate deals were reported by a few plants.

• 4,000 t of P-DRI deals were reported at INR 28,600-28,800/t against offers of INR 29,000-29,200/t on exw and FOR Raipur.
• 1,200 t of DR-CLO grade sponge deals were confirmed at INR 32,000-32,200/t against offers of INR 32,500-32,700/t exw.
• Sources are expecting prices to continue fluctuating amid volatility in billet prices and strong coal prices.