Indian sponge manufacturers unwilling to cut prices on low production

Sponge (DRI) manufacturers based in India are keeping offers stable on low production due to monsoons.

“There has been shortage of sponge iron on top of that production dips further during monsoons.Sponge units are not even running at more at 40% capacity.Manufacturers are unwilling to sell at lower prices.” said a sponge broker based in Raipur (Chattisgarh).

Though it is unlikely that prices will rise sharply, but certainly prices will not fall steeply, he further added.