Benchmark sponge iron (P-DRI) price fell by INR 100/t in Raipur (central India) despite uptrend in billet prices. Improved supply and limited buying on higher offers remained as the key factors behind this slight fall in sponge prices today. The major inquiries were reported at INR 26,000/t against floated offers at INR 26,200-400/t exw. Meanwhile, about 3,500 t confirmed deals have been reported at INR 26,100/t exw by a few plants in Raipur. In line with this, offers from Raigarh were floated at INR 26,200-300/t FoR and no major deals have been learned till the time of reporting.
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