“Higher bids in
the latest Karnataka Iron ore e-auctions did not have much impact on Sponge
Iron prices as the higher bids are normally placed by bigger players such as
Jindal Steel and Kalyani Steel. Smaller players are still not able to benefit
much from the e-auctions.
Things are said to
improve in July when 49 mines under A category should be able to start
operations. Till then, the situation will remain same on the supply front. End
users demand is also very low. Overall market looks dull at present.
Sponge iron in Bellary
is quoted at Rs 21,000/MT and Sponge Iron made from Iron Pellets is quoted
around Rs 20,300-20,500/MT in Bellary,” said a trader in Bellary.
In Raipur, Sponge Iron is being offered at same levels at Rs 23,500-600/MT (Basic price, payment next day).
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