Intel Details

India: Sponge iron offers down in Raipur on limited buying inquiries

Sponge Iron
7 Jun 2021, 19:21 IST
Steel Mint Intel

SteelMint's benchmark sponge P-DRI (FeM 80%) prices plunged by INR 300/t to INR 30,800/t, exw Raipur, on 7 Jun'21. The prices fell due to low bids on falling billet prices. In addition, roll-over in NMDC's Jun'21 iron ore prices has affected trade as buyers are expecting further drop in sponge prices.

  • Around 1,500 t of P-DRI trade was recorded at around INR 30,800/t against offers of INR 31,000/t, exw and FoR Raipur. Meanwhile, a few buyers claimed to have booked material at INR 30,600-700/t, exw and FoR Raipur. However, SteelMint could not confirm these transactions.
  • Offers for DR-CLO grade sponge iron dropped to INR 33,500-33,600/t, exw, although no major fresh deal was reported.

7 Jun 2021, 19:21 IST
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