SteelMint’s benchmark sponge iron (P-DRI) price dropped further by INR 300/t to INR 25,400/t ($350) exw Raipur (Central India) following a drop in billet price by INR 650/t (d-o-d), trade sources mentioned. SteelMint confirmed around 2,500 t P-DRI deals today which are slightly lower than yesterday, at a trade price of INR 25,400-500/t exw. However, the major sponge producers continued to hold offers amidst the expectation of a rebound in prices along with sufficient orders.
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