Indian sponge prices remain firm on thin trading volumes. Raipur trades at Rs 23,000, where as Raigarh is being quoted at Rs 21,900 and Rourkela at Rs 21,600/t (All Basic, Ex-Work Prices).
Market sources report SteelMint that sponge manufacturers have reduced iron ore purchases on high production cost and poor demand.This has resulted pellet manufacturers to cut offers up to Rs 300-400/t last week.
With monsoon hitting India, cost of production will further rise, said a sponge manufacturer.There is limited scope of correction, he further added.
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