Increased supply of pellet sponge will offset any rise in Indian steel prices: Brokers

With increasing supply of pellet sponge and low acceptability by induction furnaces rule out scope of price rise in Indian steel market said brokers.

“There is ample supply of pellet sponge across India, big manufactures with integrated production of pellets and sponge are offering much lower prices in the market.

With rising inventory and cheaper availability of iron fines give them further cushion to cut their offers.”said a broker based in South India.

Sources report that Jindal steel is offering pellet sponge at Rs 19,700/t (Ex Raigarh ,C.G)