SteelMint’s benchmark sponge iron price assessment moved down by INR 100/t (d-o-d) in Raipur (central India), following drop in spot trade volume by 40-45% as against yesterday. Total of around 2,000 t P-DRI trades have been reported today by local plants at INR 24,800-24,900/t exw and about 500-1,000 t trades from Raigarh at INR 24,900/t on FoR Raipur basis. The major buyers adopted the ‘wait & watch’ approach owing to recently placed orders amid assumption of softening prices in near-term. However, the sponge makers stated that there is less scope of fall in prices due to expected price hike by NMDC & increase in offers from primary mills.
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