On going problems with high power prices in Maharashtra and power cuts in Andhra Pradesh and Tamil Nadu, sponge prices are under pressure reported local traders based in Bellary, Karnataka.
“With mining activity yet to start in Karnataka most of sponge plants are relying on pellets. Demand has been weak on power issues, most of sponge plants have reduced production.This has further led to weak demand for pellets.We can see some correction in pellet prices if power issues are resolved soon.” said a sponge manufacturer based in Koppal,Karnataka.
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