Indian sponge prices corrected by Rs 200-300/t

Sponge prices across India shed another Rs 200-300 per tonne on falling steel prices in physical and futures market.

Sponge prices at Raigarh fall by another Rs 300 and being offered at Rs 20,700- 20,900/t (Ex-Works) on power cut by Jindal.Where as pellet sponge of 78 FeM being offered at Rs 19,700/t (Ex-Works).

Sponge manufacturers at Raipur cut offers to Rs 21,700-800/t (Ex-Works) and Rourkela sponge prices fell to Rs 20,200/t (Ex-Works).

Prices in southern India kept stable at Rs 19,200/t (Pellet Sponge, Ex Works) .