Indian sponge prices move up after government raised import duty on scrap

There is some respite for sponge iron manufacturers in India, those who have been struggling to operate their units on very thin margins and low demand. But after government has imposed a custom duty on imported scrap, it has given some relief as cost of importing scrap will go up and induction furnaces will switch to sponge iron.

Sponge iron manufacturers have raised their offers by Rs 200-300/t yesterday on improved demand.

Indian imports of scrap have gone up by almost 27% in last fiscal year.