Intel Details

SteelMint's benchmark sponge iron prices fall tracking slump in billet offers

Sponge Iron
8 Mar 2021, 19:01 IST
Steel Mint Intel

SteelMint's benchmark sponge iron (P-DRI) price has fallen further by INR 200/t to INR 27,000/t ($369), exw Raipur, Central India. Trades remained moderate however falling billet prices have put pressure on sponge makers, resulting in slight corrections in sponge offers. SteelMint confirmed about 3,500 t P-DRI deals today at around INR 27,000/t on exw & FoR basis, while bids for DR CLO grade sponge were reported at INR 28,800-900/t as against floated offers at INR 29,000-29,200/t exw. Market sources believe the sponge market will rely on billet price movement which is expected to recover soon with poor margins among standalone furnaces.

8 Mar 2021, 19:01 IST
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