SteelMint’s benchmark sponge iron (P-DRI) price rebounded today. The exw Raipur (central India) prices moved up by INR 200/t to INR 23,200/t ($318). The prices recovered after a continuous drop of approx INR 3,500/t in Jan’21. As per sponge makers, demand was better today which led to slight rise in offers. SteelMint confirmed about 4,000 t deals at INR 23,200-300/t exw & INR 23,300-400/t on FoR Raipur basis. Sources are expecting, sponge prices to remain volatile due to higher input cost & subdued demand.
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