SteelMint’s benchmark sponge iron price rises by INR 400/t

Benchmark sponge iron (P-DRI) prices gained by INR 400/t to INR 28,800/t ($389), exw Raipur, Central India. As per plants, sentiments turned optimistic on active demand from outside the state buyers i.e. from Maharashtra. The reason behind this is the supply shortage of scrap due to lockdown restrictions & hold bookings since a few days.

• Sponge P-DRI offers were floated at INR 28,800-900/t exw & about 2,500 t deals have been reported on exw & FoR Raipur basis from the local & outside plants.
• In addition, Sponge DR CLO demand was quite good from the outside plants & deals are settled at around INR 30,800/t exw.
• Sources said that sponge iron supply is likely to fall in the Raipur market as a few plants are planning to put kilen on maintenance, which may support prices.