Benchmark sponge iron (P-DRI) prices gained sharply by INR 500/t to INR 27,500/t ($379), exw Raipur, Central India. Demand was strong due to renewed buying and sharp surge in billet prices by INR 1,000/t, d-o-d. Around 5,000 t sponge P-DRI deals have been concluded today, with around 70% volume sold by outside plants at an average deal price of INR 27,300-500/t on exw & FoR Raipur basis. Inline, sponge DR CLO grade was traded at INR 29,200-500/t as against floated offers at INR 29,600-700/t exw. Market sources expect prices to remain strong due to healthy deals today amid positive trends in the global market.
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