Sponge iron prices in Bellary likely to stabilize- Manufacturers

Tuesday, May 31,

Sponge iron manufacturers in Bellary might get some relief as Karnataka Government allows transportation of iron ore from mines which are not under survey.

Sponge iron prices in Bellary moved up by Rs 600-700/MT since the apex court ordered to stop all kind of mining activities in about 99 mines located in the Bellary-Hospet-Sandur belt.

So, now with improved supplies, sponge iron prices are expected to stabilize at the current level.

Sponge iron manufacturers in Bellary expressed their happiness towards the decison and said, “We are glad about the State Governments’ decision. This will definitely help in easing the supply crunch of iron ore within the state. The decision was very crucial as any further delay would have lead to closure of many sponge iron plants”