SteelMint’s benchmark sponge iron prices drop further tracking billet price corrections

SteelMint’s benchmark sponge iron (P-DRI) prices fell further by INR 200/t to INR 27,000/t ($372), exw Raipur, Central India. The prices declined following a drop in billet prices along with competitive offers from outside plants. The Raipur based plants floated P-DRI offers at INR 27,200/t exw, whereas around 1,500 t deals have been reported from Raigarh-based plants at INR 27,000/t on FoR Raipur. Inline, sponge DR CLO grade offered at INR 29,100-200/t, however, only a few inquiries and trades were observed at INR 28,900-29,000/t exw. The near-term price movement of sponge iron may rely on the billet demand, industry sources mentioned.