Benchmark sponge iron (P-DRI) prices fell today by INR 100/t to INR 25,900/t exw Raipur (central India), following limited spot trades & slump in billet offers. The Raipur based plants floated offers at INR 26,000/t and a few deals were reported at INR 25,800-900/t exw. Also, about 1,000 t deals were confirmed from Raigarh at INR 26,000-26,100/t on FoR Raipur basis. Trade sources are expecting a minor change in sponge iron offers as demand remains subdued due to unclear market trends.
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