Sponge iron (DRI) prices at Raipur, Chattisgarh, India's largest producing state, has been down by Rs 400/t week-on-week. Current prices for FeM 80 is at Rs 18,800-19,000/t (Basic), which had gone up to Rs 19,200-19,400/t last week.
Industry participants believe that prices have come down following fall in iron ore prices in domestic market and at this level prices look to stabilize.
“Prices should stabilize at current levels,there are fair chances that power tariff at Chattisgarh will go up, putting pressure on prices. But, still sponge units are not running to their capacities and downward looks limited.” said a sponge manufacturer based in Raipur.
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