Rising steel prices and low production level of sponge iron across India, helped manufacturers at Karnataka to raise their sponge iron offers up to Rs 500/t. Current offers for 75 FeM pellet is at Rs 17,500/t (Basic, Ex-Works Bellary) and 78 FeM pellet sponge being offered at around Rs 18,000/t (Basic, Ex-Works Bellary).
“Rising ingot and billet prices in Mumbai and Hyderabad have improved demand for sponge iron as well. We have raised our offers up to Rs 500/t.” said a senior executive at a primer sponge plant based in Karnataka.
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