SteelMint’s benchmark sponge iron (P-DRI) price has increased today by INR 300/t to INR 27,400/t ($374), exw Raipur, Central India. Despite moderate trades, the prices rose following a surge in billet offers by INR 500/t, d-o-d. Trade sources confirmed around 2,500 t deals in the range of INR 27,300-27,400/t on FoR basis from outside suppliers, while no major trades have been reported on the floated offers by local plants i.e. at INR 27,400-500/t exw. Also, DR CLO grade sponge demand was limited on the floated offer of INR 29,400-29,500/t exw. Market sources believe price movement of sponge iron shall rely on the billet demand.
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