Sponge iron prices drop by INR 600/t in Central India on low bids, falling billet prices

SteelMint’s benchmark sponge iron (P-DRI) prices plunged by INR 600/t to INR 30,400/t ($416) exw Raipur, Central India. Falling billet prices and lower bids fetched were key factors behind the price plunge.

• Plants in Raipur floated P-DRI (FeM 80%) offers at INR 30,500-30,700/t exw. However, deals were reported at INR 30,300-400/t exw and FoR Raipur. Meanwhile, FeM 78-79% (P-DRI) was offered at INR 30,200/t FoR Raipur from West Bengal.
• Sponge C-DRI (70:30 mix) offers from Odisha through traders were reported at INR 31,300-31,500/t FoR Raipur.
• Sponge DR CLO grade was offered at INR 33,000-33,200/t exw. Although a few bids were reported at INR 32,600-800/t exw.