India: Sponge iron prices rise by INR 300/t in Odisha’s Rourkela

SteelMint’s price assessment for sponge C-DRI (FeM 80%, mix material) stands at INR 31,650/t ($425) exw-Rourkela in Odisha, up by INR 300/t. Around 3,280 t of sponge C-DRI (FeM 80%) deals were confirmed in which domestic trades were in the range of INR 31,300-31,700/t exw for FeM 80% material. On the other hand, an export deal for one rake was reported at nearly INR 32,100/t exw for FeM 80-82% material. Sources said that active demand and a surge in billet prices along with low seasonal productivity have resulted in sponge iron prices edging higher.