SteelMint’s benchmark sponge iron (P-DRI) prices increased by INR 300/t to INR 27,400/t ($376), exw Raipur, Central India. Supply shortage in the spot market due to limited suppliers of P-DRI has resulted in a continuous surge in prices. Today, a couple of plants from Raipur have floated offers at INR 27,300-500/t exw, while the major deals (around 3,000 t) from outside were reported at INR 27,100-400/t FoR Raipur. Meanwhile, DR CLO grade sponge was traded in the range of INR 29,100-300/t exw as against floated offers at INR 29,300-29,500/t exw. Market sources are expecting prices to remain strong, however it shall rely on the supply of sponge iron & billet price movement.
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