India: Raipur sponge iron prices rise despite declining billet prices

Sponge iron prices remained strong across markets, even though steel billet prices declined in today’s trade. SteelMint’s assessment for pellet sponge (P-DRI, FeM 80%) rose by INR 100/t to INR 30,800/t exw-Raipur. Manufacturers reported that sponge iron prices would depend on NMDC’s price revision, which is still awaited. Meanwhile, a majority of plants were not offering sponge today due to sufficient orders in hand amidst limited availability.

• A few P-DRI deals were reported at around INR 30,800/t as against offers at INR 30,900-31,000/t on exw and FoR Raipur basis.
• Offers for DR CLO grade sponge iron remained strong and were assessed at INR 33,800-34,000/t, while bids were reported at around INR 33,700-33,800/t exw.