Sponge iron prices in Raigarh correct sharply

On going power cut by Jindal power to more than 50 induction furnaces in Raigarh have left sponge manufacturers with no option but to sell at discounted price.

“Ingot production is not more than 25%, there are very few buyers in local market, sponge manufacturers have to sell it in other markets like Raipur or Jalna.Current offers are around Rs 20,300-400/t for sponge iron and 19,000/t for pellet sponge (basic prices, ex-works).” said a broker based in Raigarh.

Power situation is likely to get stable after 31th July.