Indian Sponge Iron Prices have escalated to a two – month high. With the prevailing short – supply of Iron Ore, manufacturers have raised their Offer Price.
Manufacturers at Raipur increased their Offer Price to Rs. 22800/MT compared to last week's price at Rs. 21600/MT. Whereas, manufacturers at Raigarh are quoting Rs. 22500/MT. Prices were at these levels in the second week of August.
Sponge prices have also shot up on anticipation of price hike after new mining bill is implemented. Where coal miners have to share 26% of profit and non coal miners have to share 100 % royalty with local people.
There is acute shortage of Iron ore after Karnataka is closed for quite some time, half of the mines are non operational in Orissa and Goa is on the verge of closure.
Leave a Reply