India: Sponge Iron prices continue to slip downward majorly as Ingot buyer remain away as they expect prices to come down further over the news of Odisha Essel Mining reducing Iron ore price by Rs 300-400/MT. Whereas sponge manufacturer says, 'Impact of Iron ore price does not come immediate as delivery time of ore at the present rate will take minimum 10-12 days'. Iron ore pellet price also reduced by Rs 300-400/MT last week due to rising inventory and low buying. Other miners in Odisha are expected to reduce their offers in a day or two.
Pig Iron price is also under pressure as buyer are negotiating the offers. Ingot manufacturers say, 'We have received Raipur based plant offer at Rs 23800/MT but our association has not shown any interest . We are looking offers to come at Rs 23500/MT'.
Domestic scrap price also seen today steep fall as Alang , the largest ship breaking industry in Asia has reduced their offers by Rs 300-400/MT eyeing the large inventory. Offers of EC has seen a fall as Prime material is selling at a discount of Rs 300-400/MT W-o-W
Leave a Reply