India: Sponge iron prices increase by INR 250/t in Odisha

SteelMint’s price assessment for sponge C-DRI (FeM 80%, mix material) stands at INR 31,900/t ($429) exw-Rourkela in Odisha, up by INR 250/t.

• A total of 2,820 t of sponge C-DRI (FeM 80%) deals were confirmed in the range of INR 31,800-32,500/t exw-Rourkela.
• According to sources, limited supply and active demand from local buyers as well as Nepal amid increasing steel billet prices contributed to the hike in sponge iron prices.