Raigarh based manufacturers are continuously curtailing their ingot/billet output due to less conversion spread which stands currently at INR 10,500/t against the required spread of INR 11,500/t. Out of 40 units, about 15 plants are operating below 50% capacity which has resulted in a decline in sponge prices by INR 200/t & rise in billet price by INR 400/t, w-o-w. Fresh offers of billet are hovering at INR 29,500/t & P-DRI at INR 19,100/t, exw.
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