SteelMint’s benchmark sponge iron price increases further on active demand

SteelMint’s benchmark sponge iron (P-DRI) price increased further by INR 200/t to INR 24,400/t ($336) exw Raipur (central India). The demand remained active following strong trades in billet on improved finished steel sales. Today, about 4,000 t P-DRI deals have been reported at INR 24,200-24,400/t. Raipur based plants sold at INR 24,200-300/t exw, while deals from outside Raipur were concluded at INR 24,400/t on FoR Raipur basis. Meanwhile, a few plants in Raipur offered sponge at INR 24,500/t exw, however no deals have been confirmed. Prices are expected to remain strong due to sufficient orders with suppliers.