India: Sponge iron prices fall marginally in Raipur

Sponge iron, P-DRI (FeM 80%), prices fell by INR 100/t to INR 28,900/t exw-Raipur today.

• Deals were reported at INR 28,800-28,900/t versus offers at INR 29,000-29,200/t on exw and DAP Raipur basis.
• Offers for DR CLO grade sponge stood at INR 32,400-32,600/t exw.
• Sources are expecting prices to fall soon once supply improves as iron ore lump and pellet prices have declined, while demand stays subuded.