SteelMint’s benchmark sponge iron prices drop further on limited inquiries

Benchmark sponge iron (P-DRI) price declined further by INR 100/t to INR 25,800/t exw Raipur (central India) on account of limited inquiries. The Raipur-based plants floated offers at INR 25,900/t exw and no major confirmed deals have been reported, however about 1,500 t deals have been reported from outside at INR 26,000/t on FoR Raipur basis. SteelMint sees a mixed outlook for sponge iron prices, as buyers are hopeful that offers may drop further due to improved availability, while sellers are optimistic about a rebound in the prices.