Falling ingot prices and poor sales in finished steel, buyers were hesitant to take positions in current sponge market. Also low production of sponge across India, manufacturers prefer to stick to almost same offers.
Sponge prices in Raigarh and Raipur corrected over Rs 100-200/t on falling ingot prices. MSP steel was heard to be offering pellet sponge at Rs 20,500/t (Ex-Works Raigarh).
Rourkela and Durgapur offers kept almost unchanged with limited buying interest.Sponge prices in Southern India also remained at same levels.
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