WIth Jindal power restoring power supply to more than 50 units from 1st of August, sponge prices shot up by Rs 400-500 per tonne in Raigarh (Chattisgarh).
“There were few buyers couple of days back as production was on hold, since power is restored demand for sponge have improved. Also rising ingot prices in Raigarh has supported sponge prices.Current offers for sponge iron are at Rs 21,000/t (Next Day Payment,Ex-Works), where as ingot is being offered at Rs 29,600/t (Next Day, Ex- Works).” said a local broker based in Raigarh.
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