Market participants report steelmint that private miners in Odisha might cut their offers by Rs 500/t in August on falling sponge prices.
“We are expecting prices to go down by at least Rs 500/t as supply of iron ore has increased from Odisha sector and sponge prices are not in parity with current iron ore prices.Big miners like Rungta are offering 63% CLO at Rs 8,050/t (Loaded to wagons) which is way higher.” said a sponge manufacturer based in West Bengal.
Another trader based in Odisha reported that queries have gone down on falling steel prices, recently a fairly large miner has cut its prices by Rs 800/t and others will follow the suit.
When big miners are reported, they said management is reviewing the current scenario and prices might be declared tomorrow.
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