SteelMint’s benchmark sponge iron prices fall further by INR 500/t ($7) on limited bids

SteelMint’s benchmark sponge iron (P-DRI) prices fell further by INR 500/t to INR 30,000/t ($400), exw Raipur, Central India. Prices dropped due to lower bids and weak demand. The plants floated offers at INR 30,200-600/t exw, however a few bids/trades have been reported at INR 30,000/t on exw & FoR Raipur basis. Similarly, the sponge DR CLO offers were floated at INR 32,500-800/t exw, however no major deals were reported. The billet makers expect further fall in sponge prices by INR 500-1,000/t due to cheaper offers from outside & adequate availability, however higher raw material (Iron ore & Pellet) prices remain a major concern.