SteelMint’s benchmark sponge iron prices drop slightly

SteelMint’s benchmark sponge iron (P-DRI) prices dropped today by INR 100/t to INR 27,200/t ($375), exw Raipur, Central India amid moderate demand. Around 2,500 t confirmed deals for P-DRI have been recorded at INR 27,000-27,200/t on exw & FoR basis against the floated offers at INR 27,300/t exw. In line, bids for DR CLO grade sponge remained unchanged at INR 29,000-29,200/t against the offers at INR 29,300-500/t exw. Sources expect a slight change in prices due to upcoming festive holidays which may limit activities in the next few days.