Sponge iron (P-DRI) price picked up further by INR 300/t to INR 26,100/t ($360) exw Raipur (Central India) on account of active demand and following an upswing in billet prices. SteelMint confirmed around 4,000 t P-DRI deals today at the range of INR 25,800-26,100/t exw. Trades settled at INR 25,800-26,000/t during the first half of the day, however later, prices picked up and were heard to be concluded at around INR 26,100/t exw. Also, good volumes of DR-CLO grade sponge have been traded at INR 27,800-28,100/t exw. Prices are expected to remain strong as a few plants have closed sales on expectation of further rise in prices amid sufficient orders in hand.
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