Benchmark sponge iron (P-DRI) prices remained stable at INR 26,000/t exw Raipur (central India), on limited trades. Local plants in Raipur have confirmed about 1,500 t trades at INR 26,000/t exw, while around 500 t trades have been reported from Raigarh at INR 25,900-26,000/t FoR Raipur. Industry participants stated that billet makers are holding fresh bookings of sponge iron due to uncertain market trends and may soon resume purchases once billet prices recover, which have dropped sharply since a couple of days.
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