Sponge iron prices remained stable in Bellary (Karnataka) on scarcity of iron ore in the state. Despite clearance given to 18 A grade mines last month, not much production have been contributed. Participants say it will take some more time for things to normalize.
BMM Ispat kept offers for pellet sponge unchanged at Rs 18,500/t (75 FeM,Ex-Bellary), where as some manufacturers heard to be quoting 75-78 FeM sponge iron at Rs 19,800/t (Ex-Bellary).
“Demand is weak and we anticipate prices should fall in coming weeks.” said an ingot manufacturer based in Hyderabad.
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