Sponge Iron prices in Indian market remained stable over last week. Rise in freight charges and hike in power prices have put pressure on margins of Indian sponge manufacturers on the other hand price cut (up to 7%) by NMDC has given some relief to these manufacturers.
Sponge prices in Raipur stable at Rs 19,800/t and Rourkela at Rs 18,000/t (Ex-Works, 78-80 FeM).
Market participants expect prices to remain stable in coming weeks.
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