Sponge Iron (DRI) prices are likely to move up on short
supply of Iron ore. Prices have gone up by Rs 200/MT this week and are expected
to go up further in the short term.
” Iron ore is a problem, there is hardly any ore
available in the market. More over heavy rain falls in Orissa
have disrupted the supply. We don't expect sponge prices to correct in
near term, said Mr Agrawal, a sponge manufacturer based at Raipur. “
Sponge iron manufacturers in Karnataka are also facing acute
shortage of iron ore as the e-auctions in Bellary have not benefited them and
most of them couldn't afford to purchase ore at such higher prices.
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