India: Tight supplies, active demand support sponge prices in Raipur

Sponge iron prices remained supported in major markets, including Raipur, where they rose by INR 300/t d-o-d. The price assessment for pellet sponge (P-DRI, FeM 80%) stands at INR 31,100/t exw-Raipur on 4 Aug’21.

• About 2,500 t of P-DRI deals were reported at around INR 30,900-31,100/t exw and FoR Raipur basis.
• Offers for DR CLO grade sponge iron rose further to around INR 34,200/t, while bids were reported at around INR 34,000-34,100/t exw.
• Sources are expecting prices to remain strong amidst decent orders with suppliers.