SteelMint’s benchmark sponge iron (P-DRI) price rose by INR 500/t to INR 25,900/t ($357) exw Raipur (central India). Supply shortage and backing off of major producers resulted in fewer trades in the spot market. SteelMint confirmed around 3,000 t deals today at the price range of INR 25,700-26,000/t exw Raipur. Also, a few suppliers reported offers at INR 26,100/t exw, however, no deals have been confirmed. Limited supply and urgent booking orders are likely to support sponge prices further, industry experts said.
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