Sponge iron (DRI) demand remains subdued in southern India due to higher power prices in states like Andhra Pradesh and Tamil Nadu.
Market participants highlight that buyers are preferring scrap over sponge iron after increase in power prices. Prices may come down if demand continues to remain weak.
Current Offers for Sponge iron across India (Basic Prices)
Raipur= Rs 19,800 (79 FeM)
Raigarh= Rs 19,000/t (79 FeM)
Rourkela= Rs 17,900 (78 FeM)
Durgapur= Rs 20,600-700/t (79 FeM)
Bellary(Pellet Sponge)= Rs 17,500/t (77 FeM)
Hyderabad(Pellet Sponge)= Rs 18,700/t (77 FeM)
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