“Trends in steel market are looking better due to slight reversal in sentiments. We still have to wait for the real stimulus in demand.
A slight improvement in sponge iron prices by a minimum of Rs 500/MT in the last quarter, is on the cards.
If RBI policies improve and interest rates are cut by 50 BPS, it will give way to the spending sentiments in real estate and pick up in construction activities which have been languishing for a long time.
Manufacturing sector has also been struggling to keep margins intact for some time now”, shared Mr. Amitabh S Mudgal, Senior VP for Marketing & Corporate Affairs at Monnet Ispat with SteelMint.
“Monnet Ispat is offering Sponge Iron at Rs 20,700/MT (Ex works Raipur) and at Rs 20,100/MT (Ex works Raigarh).
We are constantly watching markets and there are chances of rise in Sponge Iron prices provided demand is good in the first week of Quarter 4.
If buying activities continue to be decent in the third week of January, we might raise offers further”, the official added.
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