India: Sponge iron trade improves on lower offers in Raipur

Although sponge iron offers fell in Raipur today, decreasing stocks with furnace operators and lower offers influenced buyers into taking positions.

• P-DRI (FeM 80%) prices fell by INR 300/t to INR 29,000/t exw.
• 5,000 t of deals reported at INR 28,600-29,000/t exw and FOR, versus offers at INR 29,000-29,500/t exw Raipur.
• Sponge DR CLO offers stand at INR 32,700-33,000/t exw. A few parcels were sold at INR 32,400-32,500/t exw.