“Indian sponge prices will be under pressure in short term”-Brokers Report

Few weeks back Indian sponge manufacturers were reluctant to cut offers on cry for expensive raw material,lesser imports of scrap and low production.

Brokers across India feel that sponge prices will be under tremendous pressure on following reasons in short term,

1.Falling Steel prices due to low demand.

2.Low iron ore offers from Odisha miners.

3.Better availability of pellet sponge in the market by big plants.

4.Karnataka miners hopeful of mining operations to start in August-September, there is will good supply of iron ore in Southern India.