A few Raipur based plants have confirmed purchasing sponge P-DRI from an integrated steel plant based in Kharagpur (West Bengal). The deal for FeM 78-79% has been reported at INR 23,500-600/t exw (equivalent to INR 25,000-25,100/t FoR Raipur). However, offers through Raipur based plants were reported at INR 25,400-500/t exw, FeM 79-80%. Sponge iron supply has improved since last few weeks which led to a significant price drop in the domestic market. Sources believe that the recent fall in raw materials price may keep sponge iron prices under pressure.
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