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

Sponge iron (P-DRI) prices plunged by INR 700/t to INR 29,000/t ($388), exw Raipur, Central India, as per SteelMint daily assessment. Majority of Raipur based plants were seen holding offers due to unclear market trends, while a couple of plants quoted offers at INR 29,800-30,000/t exw. However, plants based in Raigarh sold a few lots at around INR 29,000/t on FoR Raipur basis. Similarly, DR CLO grade sponge offers were floated at INR 31,500-32,000/t, while few bids were reported at INR 31,200-31,400/t exw. Market sources are expecting further fall in sponge iron prices if billet price continues to fall.