Indian sponge prices should hold firm at current levels

With scarcity of scrap in domestic market and high input cost, market experts feel that sponge prices should hold firm at current levels.

Sponge at Raipur is being offered at Rs 23,000/t, where as Raigarh being quoted at Rs 22,000-200/t and Rourkela at Rs 21,800/t.

Sponge availability is critical in South India on expensive iron ore in e-auction, reported local sources. Pellet sponge is being offered at Rs 21,000/t.

With on going power crisis in most states, chances of prices going up is limited, said experts.

Note: All prices are Basic