Indian sponge iron prices drop on dull inquiries

A continuous drop in billet & rebar prices and slow trades in the sponge iron market resulted in a fall in SteelMint’s benchmark price by INR 100/t, d-o-d. Today, local producers floated P-DRI offers at INR 24,400/t, while bids were reported at INR 24,000-24,100/t. However, a few of deals of about 600-800 t have been reported at INR 24,200-300/t exw. Also, a few parcels have been sold at INR 24,300-400/t FoR Raipur from Raigarh. Lack of conversion as well as lower billet output kept sponge iron prices moderate.