Sponge iron (P-DRI) price recovered by INR 400/t to INR 25,800/t ($357) exw Raipur (Central India) following gain in billet price by INR 600/t, d-o-d. SteelMint confirmed around 3,000 t P-DRI deals today at INR 25,700-800/t exw, while a few plants claimed bids at around INR 25,900/t as against floated offer of INR 26,000-26,100/t exw. Inline, sponge DR CLO grade was traded at INR 27,500-800/t exw, against offers of INR 28,000-28,100/t exw. With improved availability of iron ore at lower prices, the majority of Central India based plants are making sponge C-DRI & DR CLO grade amidst better margins.
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