SteelMint’s benchmark sponge iron prices up by INR 100/t despite limited deals

Sponge iron (P-DRI) prices today moved up slightly by INR 100/t in Raipur (central India), despite limited trades of around 1,500 t as reported by producers at INR 26,000-26,100/t on exw & FoR basis from Raigarh. A few offers were also heard from traders at INR 25,800-900/t on advance payment. The billet makers in Raipur reported improved availability of sponge iron, hence they are holding major bookings on expectations of price correction. However, it is less likely to happen as the association of Raipur manufacturers are less likely to lower price in the coming few days, market sources reported to SteelMint.