India: Sponge iron prices in Raipur fall sharply by INR 1,000/t ($14) on low bids

SteelMint’s benchmark sponge iron (P-DRI) prices dropped sharply by INR 1,000/t to INR 29,000/t ($398), exw Raipur, Central India. Prices dropped sharply due to low bids, improved availability and a steep fall in billet prices by INR 1,000/t, d-o-d.

• Raipur plants have reduced P-DRI (FeM 80%) offers to INR 29,300-29,500/t, exw. However, SteelMint heard deals around INR 29,000/t, exw & FoR basis. Even a few buyers claimed they made purchases at lower prices.
• Bids for DR-CLO grade sponge were assessed at INR 31,500-700/t against offers of INR 32,000/t, exw.