Benchmark sponge iron (P-DRI) price declined further by INR 200-300/t to INR 25,500-600/t ($350) exw Raipur (central India) on poor buying inquiries from the furnaces. The Raipur based plants floated offers at INR 25,700-900/t exw and a total of around 1,000 t confirmed deals have been reported at INR 25,500-600/t on exw & FoR basis. The majority of billet makers are expecting sponge P-DRI offers to come down to INR 25,000-25,200/t exw, due to healthy supply along with expectations of softening steel prices in the coming days.
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