“There is limited availability of sponge iron in the Karnataka , as iron ore auctioned through NMDC is not sufficient. Moreover, quite a few sponge plants in Koppal and Bellary are operational.Currently, prices are hovering around Rs 20,500 (Basic) for pellet sponge for 76-78% FeM, which might touch Rs 21,000 very soon.” said a sponge manufacturer based in Koppal.
Also, pellet manufacturers have raised their offers by Rs 200-300 to Rs 8400-8500/t looking at rising demand from sponge plants.
“Sponge manufacturers have raised their offers to Rs 21,000/t from Rs 20,200/t 2-weeks back.We see steel prices at Hyderabad have bottomed out and should pick up from these levels.” said a manufacturer based in Hyderabad.
Sponge prices in central India remained unchanged. Raipur being quoted at Rs 23,300 (Basic), Raigarh at Rs 22,700 (Basic), Rourkela at Rs 21,500/t (Basic) respectively.
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