Indian sponge prices stay firm on low production due to monsoons.Despite weak demand in finish steel and price cut by Odisha miners, manufacturers have managed to keep prices stable on Monday.
Raipur sponge being offered at Rs 21,800-900/t (Ex-Works), Raigarh at Rs 20,600-20,700/t
(Ex-Works) and Bellary at Rs 20,200-400/t for 75 FeM sponge iron.
Market waits for NMDC's (India's largest miner) July-September prices which is expected to be declared in mid of August and manufacturers anticipate prices to correct by Rs 300-400/t.
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