SteelMint’s benchmark sponge iron prices remain stable, demand weakens

Benchmark sponge iron (P-DRI) prices today remained stable at INR 29,400/t ($392), exw Raipur, Central India. The sponge iron demand continued to be weak despite a sharp rise in billet prices by INR 600/t, d-o-d. Sources reported that there is slight selling pressure on sponge makers while the furnaces are holding fresh bookings on expectations of lower production due to oxygen as well as labor shortage.

• The Raipur based plants floated P-DRI offers at INR 29,500-600/t exw, however a few deals have been reported at INR 29,300-400/t on exw & FoR basis.
• Sponge DR CLO grade offers were floated at INR 31,500-700/t exw, however limited trades have been reported.