Sponge iron prices dropped by INR 100/t d-o-d in Raipur (central India) due to limited spot trades. The majority of buyers have held their bids due to price volatility & expectations of a drop in prices. Today, the local plants have floated P-DRI offers at INR 25,300/t, while only about 1,000 t confirmed deals were reported at INR 25,200/t on exw & FoR Raipur basis from Raigarh. Also, it has been learned that the stockist had quoted P-DRI at price lower by INR 400-500/t compared to the manufacturers’ offer, however, this could not be confirmed by SteelMint. Looking at poor demand, sources are expecting prices to soften.
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