SteelMint's benchmark sponge iron (P-DRI) prices registered a sharp surge by INR 900/t to INR 30,000/t ($409), exw Raipur, Central India. The price rise is attributed to the increasing pellets and imported coal offers.Raipur based plants have floated sponge P-DRI offers at INR 29,700-30,000/t exw & about 4,000 t deals were recorded (including outside plants) at INR 29,700-30,000/t exw & FoR Raipur basis. Also, West Bengal based plant reported deals (FeM 78-79%) at INR 29,800-30,000/t FoR Raipur.In line, sponge C-DRI (70:30, mix) from Raigarh was traded at INR 30,700-900/t & lumps (100%) from Odisha at INR 31,500-600/t; FoR Raipur.Looking at higher raw material cost amidst supply shortage, sources believe sponge iron makers to keep prices strong in the coming days.
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