India: Sponge iron prices likely to remain volatile in Raipur

Pellet sponge (P-DRI, FeM 80%) prices in Raipur dropped slightly by INR 50/t to INR 31,800/t exw today following healthy bookings since the last couple of days. Thus buyers kept bookings on hold today. Also, the slight correction in billet prices has kept buyers away from taking positions.

• SteelMint confirmed about 2,500 t of P-DRI deals at INR 31,700-31,800/t as against offers at INR 31,900-32,000/t on exw and FoR Raipur basis.
• Offers for DR CLO grade sponge iron stand at INR 35,000-35,200/t, while no fresh bookings were reported due to disparity between bids and offers.