SteelMint’s benchmark sponge iron (P-DRI) price dropped sharply by INR 500/t to INR 23,000/t ($315) exw Raipur (central India). The prices are continuously falling since the past few days due to limited spot trade activities of billet. This is leading to a strong supply of sponge iron, particularly in Raigarh, which is the price trend setter for Raipur market. Meanwhile, the local plants in Raipur have floated P-DRI offers at INR 23,200-400/t exw, while outside suppliers have traded it at around INR 23,000/t on FoR Raipur basis. As per sources, sponge prices are likely to remain under pressure due to healthy supply but moderate demand.
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