With extremely sluggish demand in Southern India, sponge manufacturers have reduced offers by Rs 200-300/t.
78% FeM pellet sponge is offered at Rs 20,200-20,400/t (Ex-Works Bellary). Where as sponge made from iron ore is offered at Rs 20,800/t (
Ex-Works Bellary).
“Markets are really slow at the moment, with power cuts in AP and Tamil Nadu, demand has further reduced.It is unexpected that it will recover soon.” said a sponge manufacturer based in Koppal.
Pellets of 63% being offered at Rs 8,400-8,600/t (Ex-Works Bellary), he further added.
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