SteelMint’s benchmark sponge iron (P-DRI) prices rebounded today, increasing by INR 200/t to INR 27,200/t ($375), exw Raipur, Central India. Slight improvement in demand following hike in billet offers have resulted in rise in sponge iron prices. About 3,000 t confirmed deals for P-DRI have been reported at INR 27,100-200/t on exw & FoR basis, as against floated offers at INR 27,200-400/t exw. Also, sponge DR CLO grade offers were raised to INR 29,300-400/t exw, however only a few trades have been reported at around INR 29,000-29,200/t exw. Market sources reported improvement in availability of sponge iron in the spot market, hence anticipations are high that prices may slightly fluctuate.
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