SteelMint’s benchmark sponge iron price increases further by INR 600/t ($8)

SteelMint’s benchmark sponge iron (P-DRI) price rallied by INR 600/t to INR 25,000/t ($343) exw Raipur (central India). The trades remained moderate as majority of Raipur based sponge manufacturers are out of the market either due to lower production or increase in captive consumption amid healthy orders in hand. SteelMint confirmed about 3,000 t deals at INR 24,700-25,100/t on exw & FoR basis. As per suppliers, prices are likely to remain strong due to inadequate supply & active demand, following a constant rise in billet prices.