Sponge iron trades have remained supported despite price rally. SteelMint’s benchmark price increased for the second straight day by INR 600/t with over 5,000 t deals being reported. About five plants confirmed P-DRI deals at INR 23,400-600/t exw, with majority of trades being concluded by Raipur based plants. Billet makers added that they are willing to place more orders but they aren’t able to book due to limited offers. Thus, indications are high that prices will remain strong on tight raw material prices.
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