Sponge P-DRI (FeM 80%) prices were stable in Raipur today at INR 30,200/t exw. Prices stayed firm following a slight hike in billet prices by INR 100/t amidst limited buying-selling in the spot market as major suppliers were booked with orders for the last two-three days. Hence, sales were kept on hold today. However, there are indications that sponge iron prices will decline gradually due to softening pellet prices amid improved availability.
- Around 3,500 t of P-DRI deals were confirmed at INR 30,100-30,200/t versus offers of INR 30,200-30,400/t on exw-Raipur basis.
- DR CLO grade sponge iron offers dropped sharply to INR 33,500-33,800/t as against yesterday at INR 34,300-500/t exw. Meanwhile, a few deals were reported at INR 33,300-33,500/t exw.
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