With recent power cuts imposed by Jindal Power to more than 50 induction units based in Raigarh (Chattisgarh) has made sponge prices slip by Rs 100-200/t.
“With recent power cuts,induction furnaces are not buying sponge iron. Sellers have no other option but to sell in other market at discounted prices. Power cut is imposed till 31st July 2012.” said Mr Rajesh Agrawal, a sponge broker based at Raigarh (Chattisgarh).
Current offers for 78-80 FeM are hovering around Rs 21,200-200/t ( Ex- Works), he further added.
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