Sponge iron (DRI) prices have been stable across India. Market participants do not see major downside in short to medium term.
“Sponge prices are stable at Rs 20,000-22,000/t (Ex-Works, $385-425/t) for last few weeks. Chances are pretty less that prices will fall, as supply of iron ore might get tight in coming weeks.
Shah commission in Odisha has tightened its nail on miners, Karnataka mines will take sometime to produce substantial output. NMDC do not look to be in favor of selling iron ore lumps at a cheap price.” said a sponge manufacturer based in Central India.
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