With recent Supreme Court’s interim order on temporary suspension of 26 mines running under deemed renewal has jolted steel & mining industry in Indian market.
Odisha is the largest supplier of ore to India’s secondary steel producers which contribute over 35% India’s crude steel production. Speaking to officials on Odisha mining, SteelMint assessed that there is still confirmation that these 26 mines can sell piled up inventories.
Meanwhile, Sponge manufacturers in eastern India have raised offers by INR 300-500/MT despite buying interest. “We will wait till we get some clarity on mining ban. We have held our offers for now, “said a Sponge manufacturer of Chhattisgarh.
In similar lines, Sponge manufacturers in West Bengal have either hiked their offers or kept sale on hold.
- Sponge prices in Raipur raised by INR 300/MT and offered at (Sponge, 78 FeM) INR 22,500-22,700/MT
- Durgapur Sponge manufacturers hold the sales, however some sellers are offering Sponge (78 FeM) at INR 21,300/MT
- Rourkela Sponge prices shot up by INR 400/MT, whereas sellers are limited at INR 20,400/MT
- Bellary Sponge offers are unchanged. It is expected that prices likely to increase in coming week. Sponge pellet (77 FeM) is being offered at INR 19,500/MT and Sponge iron lumps (78 FeM) at INR 20,900-21,000/MT
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