Benchmark sponge iron (P-DRI) price dropped further by INR 100/t in Raipur (central India) despite uptrend in billet prices. As per the billet manufacturers, sponge iron prices are likely to remain under pressure as the majority of sponge plants have sufficient stocks. Today, a total of around 4,500 t deals were reported at INR 25,800-26,000/t exw, while offers from Raipur based plants were floated at INR 26,000-26,200/t exw. Meanwhile, offers from Raigarh remained unchanged at INR 26,300/t FoR with no fresh deals.
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