Benchmark sponge iron (P-DRI) prices fell further by INR 300/t in Raipur (central India) due to lower bids and thin trading. Today, a few deals were reported from Raipur based plants at around INR 25,700/t against floated offers at INR 25,800-900/t exw. Also, offers from Raigarh dropped by INR 200/t to INR 26,100/t FoR. As per participants, sponge iron prices are likely to remain under pressure due to less inquiries and improved inventories among suppliers.
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