India: Sponge iron supply to improve in Raipur, prices stable

Sponge iron supply is expected to improve slightly in Raipur – by around 1,000 t per day – as two-three kilns have resumed operations. Sponge prices stayed firm in Raipur today on account of sufficient orders with suppliers. However, sources expect that with slight easing in supplies, prices may not increase further.

• About 2,500 t of P-DRI deals were confirmed at INR 31,900-32,000/t as against offers at INR 32,000-32,200/t on exw and FoR Raipur basis.
• Offers for DR CLO grade sponge iron remained strong and were reported at INR 35,000-35,200/t exw.

With the softening in pellet and iron ore prices, the major plants in Raipur are more inclined now towards producing and selling sponge iron, SteelMint notes.