Lower bids pull down benchmark sponge iron prices

SteelMint’s benchmark sponge iron (P-DRI) prices fell today by INR 150/t to INR 29,250/t ($388), exw Raipur, Central India on lower bids. Also, with falling billet prices, the sponge makers are forced to deal at lower prices. A few deals for P-DRI were recorded at INR 29,100-300/t FoR Raipur as against offers by local plants at INR 29,400-500/t exw. Similarly, in sponge DR CLO grade, few bids were reported at around INR 31,000-31,200/t against floated offers at INR 31,500/t exw. Prices are expected to remain under pressure due to limited demand as well as poor outlook because of lockdown.