Benchmark sponge iron (P-DRI) prices rebounded today, rising by INR 200/t to INR 29,400/t ($393), exw Raipur, Central India. The prices recovered following the rally in billet prices, however in terms of demand, the furnaces are resisting on increased offers and they believe prices may see some correction. Today, around 3,000 t P-DRI deals were reported at around INR 29,400/t on FoR basis, as against offers at INR 29,500-600/t exw. Similarly, in sponge DR CLO grade, no major deals have been reported on floated offers at INR 31,400-600/t exw.
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