Sponge iron producers in Odisha’s Rourkela have raised offers due to the ongoing rally in iron ore prices, what with iron ore lump prices hitting a record high at OMC’s auction yesterday, fetching a premium of 42.8% over the base price, as per SteelMint reports. Iron ore prices in Odisha moved up by INR 3,530/t in the auction. This has pushed up sponge prices to an all-time high in the data record sheet maintained by SteelMint since Apr’15. Fresh offers for sponge iron produced through iron ore lump (C-DRI) are at INR 31,800-32,000/t, exw, up INR 2,600/t w-o-w.
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