SteelMint's benchmark sponge iron price rallies on improved demand
SteelMint's benchmark sponge iron (P-DRI) price increased today by INR 500/t to INR 24,200/t ($333) exw Raipur (central India). The prices have gained momentum on account of improved demand, following a sharp hike in billet price by INR 950/t, d-o-d, in Raipur. SteelMint confirmed about 5,000 t P-DRI deals at INR 24,000-24,200/t exw through local plants, while outside plants concluded deals at INR 24,100-300/t on FoR Raipur basis. Meanwhile, a few plants have also resumed DR CLO grade sponge production due to better margins and deals for the same are reported at INR 25,900-26,100/t exw. With few plants raising offers, sources are expecting further support in P-DRI prices.