To add to Indian power crisis, Jindal power based in Raigarh has reported to cut supply to 50+ induction furnaces based in Raigarh, Chattisgarh till 31st of July 2012.
Sources report that these cuts will be at least for 12 hours and go up to 24 hours and it is due to short supply.Though ingot prices are not likely to move up immediately but certainly sponge prices will be under pressure.
Current ingot prices are around Rs 30,000/t (Basic, Ex-Works) where as sponge iron is being offered at Rs 21,500/t (Baisc,Ex Works).
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