SteelMint’s benchmark sponge iron price drops by INR 200/t ($3)

SteelMint’s benchmark sponge iron (P-DRI) price fell by INR 200/t to INR 25,700/t ($355) exw Raipur (Central India). The prices have come down due to a sharp fall in Raipur billet price by INR 400/t, d-o-d, on account of limited trades despite supply constraints for sponge iron in the spot market. SteelMint confirmed around 3,000 t P-DRI deals today in which Raipur based plants sold at INR 25,700/t exw, while deals from outside were concluded at INR 25,800-900/t on FoR Raipur basis.