SteelMint’s benchmark sponge iron (P-DRI) prices moved down today by INR 300/t to INR 27,200/t ($375), exw Raipur, Central India. Disparity between bids & offers along with competitive offers from outside plants have resulted in limited spot trades in Raipur. The local plants in Raipur have floated P-DRI offers at INR 27,500/t exw, however the outside suppliers have sold about 1,500 t at INR 27,100-300/t on FoR Raipur. Similarly, DR CLO sponge grade offers were floated at INR 29,400-500/t, however few bids/trades have been assessed at INR 29,000-29,200/t exw. Competitive offers from outside suppliers & falling billet prices may further soften sponge iron offers.
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