Sponge manufacturers in Raipur have confirmed dull demand from the buyers despite a price reduction of INR 300-500/t, w-o-w. Hence, stock has piled up which may pressure prices in near-term if poor demand continues amid falling billet prices. Today, sponge P-DRI offer stood at INR 19,600-700/t, with very few deals reported at INR 19,500-600/t exw.
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