SteelMint’s benchmark sponge iron prices drop further by INR 200/t ($3)

Benchmark sponge iron (P-DRI) price declined further by INR 200/t to INR 25,200/t ($344) exw Raipur (central India) on poor buying inquiries. The Raipur based plants floated offers at INR 25,300-400/t, however only a few trades/bids have been reported at INR 25,000-25,200/t exw. Also, no major trades have been reported from outside on offers of INR 26,200/t on FoR Raipur basis. Industry experts are expecting that prices may fall further by INR 200-300/t looking at aggressive selling by sponge manufacturers along with continuous drop in billet prices. Today, SteelMint’s billet index recorded minimal trades & price dropped by INR 400/t.