Sponge iron inquiries in Raipur improved following a slight demand pick-up for billet towards day end, as reported by few local sponge manufacturers. According to SteelMint’s daily assessment, sponge P-DRI prices dropped by INR 450/t to INR 24,300-400/t exw Raipur. As reported by sources, traders have sold decent quantities at INR 24,350-500/t on FoR Raipur basis, while a few Raipur based plants mentioned deals at INR 24,500-600/t exw. Assumptions are high that prices may rally tomorrow, following improved inquiries.
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