India: Raipur sponge iron prices stable despite limited bids

Sponge iron prices remained stable in Raipur despite limited buying interest and fall in billet prices by INR 150/t. Measured supply by the plants along with higher offers continued to support sponge prices.

• A few P-DRI deals were reported at around INR 31,000-31,100/t as against floated offers of INR 31,200-31,300/t, exw and FoR Raipur basis.
• Offers for DR CLO grade sponge iron remained strong at INR 34,200-34,300/t, while a few bids were reported at around INR 34,100/t exw.