Indian sponge iron prices should hold firm at these levels- Manufacturers

After a significant fall in domestic sponge iron (DRI) prices in Indian market.,manufacturers anticipate prices to hold firm at these levels. In talks with several sponge iron manufacturers SteelMint assessed that sponge prices have limited room for any fall.

With rise in import duty on imported scrap, buyers are switching to sponge iron, resulting in increase in demand. Also expensive iron ore and pellet to give support at these levels. Current offers are in the range of Rs 17,500-19,000/t ($320-$350/t) (Ex-Works)