Benchmark sponge iron (P-DRI) prices dropped slightly by INR 100/t to INR 26,000/t exw Raipur (central India). The plants have floated offers at INR 26,200-300/t, however about 3,500 t confirmed deals have been reported at INR 26,000-26,200/t on exw & FoR Raipur basis. As per suppliers, sponge prices are less likely to drop further, while buyers are hoping for a drop of around INR 500/t due to improved availability and low demand for steel products. Today, a few bids were also reported at INR 25,800/t exw, however no trades have been confirmed by SteelMint.
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