Benchmark sponge iron (P-DRI) prices gained today by INR 1,000-1,100/t to INR 30,300/t ($403), exw Raipur, Central India. The prices rose sharply following a hike in NMDC’s iron ore prices by INR 500-1,280/t. SteelMint confirmed a few deals for P-DRI at INR 30,200-400/t as against floated offers at INR 30,500/t exw. Similarly, for sponge DR CLO grade, bids were reported at INR 32,000-32,200/t as against offer at INR 32,500/t exw. Market sources are expecting prices to remain strong on account of higher raw material prices, however demand seems to remain subdued as finished steel lifting has slowed down due to lockdown in several states.
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