Indian sponge iron prices have further scope of correction- Brokers

Sponge iron prices across India are expected to fall further after prices corrected over Rs 1,000/t in last one month over weak demand and output cut by many medium and small furnaces.

Indian brokers predict that there is further scope of correction in sponge iron prices as many furnaces have stopped production on deepening losses and excess availability of pellet sponge in the market by big players like MSP, Sarda Energy , GPIL, Adhunik Metaliks.

There is no shortage of sponge iron at the moment, in fact supply is more than demand confirmed brokers.