SteelMint’s benchmark sponge iron (P-DRI) price remained stable at INR 27,200/t ($373), exw Raipur, Central India. Despite a slump in billet prices by INR 250/t, d-o-d, prices were stable due to supply shortage for pellet based DRI in the spot market. The buyers said that the sellers are not willing to cut prices due to good orders along with limited suppliers, which resulted in limited deals in the spot market today. However, prices of DR CLO grade sponge dropped by INR 100/t to INR 29,000-29,200/t exw. Participants in Central India are expecting slight change in sponge iron prices due to healthy orders for pellets in hand with major sponge producers along with higher global prices.
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