India: Raipur sponge prices rise tracking gains in billet market

Sponge P-DRI (FeM 80%) prices in Raipur rose further by INR 200/t to INR 29,800/t exw today. Prices inched up following gains in billet offers by INR 350/t, d-o-d. Suppliers reported that demand was mostly for urgent deliveries, while bids were reported lower.

• SteelMint confirmed around 4,000 t of P-DRI deals at INR 29,700-30,000/t as against offers of INR 30,000-30,100/t on exw and FoR Raipur basis.
• Also, a few deals were confirmed for DR CLO grade sponge iron at around INR 32,800-32,900/t, while offers were floated at INR 33,000-33,200/t exw.