Induction Furnaces in India are currently running under pressure as they have to settle the electricity bills by 13th of this month. Electricity cost accounts to approximately 60% of their total production cost. So, due to poor demand and liquidity crunch, induction furnaces across India are witnessing selling pressure.
And as a result, buying of sponge iron & scarp is low which over look any immediate rise of prices.
1) Iron ore pellet prices in Odisa are kept on hold after increasing by Rs 500-700 per tone earlier this week on non feasibility to covert to sponge.
2) Raipur sponge prices steady at Rs. 21700-900/MT with low buying.
3) Raipur re-bar prices have already fallen by Rs 1000-1200/MT this week to touch Rs.32500-700++ on poor demand and falling ingot prices.
4) Similarly structure price have corrected by Rs. 300-500 per tonne.
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