Benchmark sponge iron (P-DRI) prices further gained by INR 400/t to INR 30,700/t ($409), exw Raipur, Central India – touching the highest level since the data maintained with SteelMint from Aug 2012. The prices continued to rise on account of higher raw material (Iron ore & pellet) price & hike in billet offers. About 3,000 t P-DRI deals were confirmed today at INR 30,500-30,700/t on exw & FoR basis as against offer of INR 30,800-31,000/t exw Raipur. In line with this, bids for DR CLO grade sponge were reported at INR 32,500-32,700/t as against offer at INR 32,800-33,000/t exw. According to sources, sponge iron prices are less likely to rise further as the demand is slightly low on higher prices amid competitive offers from outside plants.
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