India: Sponge iron supply resumes from Odisha to Raipur

Sponge iron supply movement from Odisha for lumps grade material has resumed for the central region based Raipur market, with a sharp fall in the prices. In a fresh deal yesterday, around 1,000 t, FeM 80% sponge C-DRI were traded at INR 25,900-26,000/t FoR Raipur. In the last two weeks, sponge iron prices in Odisha have declined by INR 2,600-2,800/t & in Raipur by INR 1,600-1,800/t, as per SteelMint’s assessment. Sources believe that sponge prices in Raipur may remain under pressure due to improved availability of the material from outside along with healthy supply from local plants.