India: Sponge iron prices to remain volatile in Raipur

SteelMint’s assessment for sponge iron, P-DRI (FeM 80%), rose by INR 300/t to INR 29,000/t exw Raipur.

• 4,000 t of deals were reported at INR 28,800-29,000/t versus offers at INR 29,000-29,200/t on exw and FoR Raipur.
• 1,500 t DR CLO grade sponge deals were heard at INR 32,200-32,400/t exw.
• Expected production cuts by Raigarh-based furnaces and fluctuating raw materials prices may keep sponge iron prices volatile.