Indian sponge (DRI) prices likely to be range bound

Indian sponge prices likely to be range bound in short to medium term say industry experts.

“Chances of prices moving up or going down is limited.Markets likely to play in same range on factors like short supply of power in Andhra and Tamil Nadu, expensive power in Punjab,Maharsatra and Bengal and ample supply of pellet sponge in central and eastern India.” said a senior marketing official at one of the large sponge manufacturers in eastern India.

Experts also report that limitations of imported scrap in India will keep sponge demand intact.