Benchmark sponge iron (P-DRI) prices slightly dropped by INR 100/t to INR 28,400/t ($381), exw Raipur, Central India. As per plants, improvement in bids led to a slight change in offers today. Sufficient deals were reported on floated offers at INR 28,300-500/t on exw & FoR Raipur basis.
Meanwhile, as per participants, sponge iron prices are less likely to increase sharply as production by standalone furnaces and hot rolling mills have reduced by nearly 50% due to oxygen shortage.
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