SteelMint’s benchmark sponge iron (P-DRI) prices fell slightly by INR 100/t to INR 29,400/t ($390), exw Raipur, Central India. Prices continued falling due to limited demand from the furnaces along with competitive offers from outside plants. The Raipur based plants floated P-DRI offers at INR 29,500-600/t exw, while deals from outside were reported at INR 29,300-400/t FoR Raipur. Also a few buyers claimed to have purchased the same at INR 29,100-29,200/t FoR, however it was unconfirmed. Similarly, lower buying inquiries were reported for sponge DR CLO on offers at INR 31,500-31,700/t exw. Prices are expected to remain under pressure on strong supply, while buyers are holding fresh bookings.
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