“Rupee depreciation has been
continuing since February. Imports have lessened as importers are not benefited
from this. If the scenario continues, then import of scrap will be costlier for
Indian steel makers.
The demand for Sponge Iron is anticipated
to increase, as Coking coal that is used for Coal making is expensive”, said a
senior official from Monnet Ispat.
“There has been an increase in Steel
consumption to 7.7% in the month of April, from that of 6.5% last year. If this
pattern of Steel consumption improves alongwith that of production by 5 – 6%,
we anticipate prices to show an uptrend soon.
Monnet Ispat is quoting its Raipur Sponge
Iron price at Rs 24,000/MT and Raigarh at Rs 23,500/MT. (Both are Basic price)”,
he added.
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