Indian sponge manufacturers report that prices likely to sustain on falling rupee against dollar (which had reduced imports of scrap), high iron ore prices in domestic market.
“Demand will improve as power condition is also improving in India. Also less imports of scrap and high iron ore prices should sustain prices.” said a big sponge manufacturer based in Cuttack (Odisha).
With lower bids for Orrisa Mining Corp Iron Ore, private miners should also cut prices next month, he further added.
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