India: Sponge iron prices in Raipur rally on tight supplies, active demand

SteelMint’s assessment for pellet-based DRI (P-DRI) rose by INR 600/t to INR 29,400/t exw-Raipur for FeM 80% material. Tight supply, active demand and surge in pellet offers collectively supported prices.

• About 5,000 t of P-DRI deals were confirmed in the range of INR 28,800-29,400/t on exw and DAP basis for FeM 79-80% material. After sufficient deals, few major suppliers closed sales today and indicated a further surge in offers for tomorrow.