“Falling Rupee will have limited effect on Sponge Iron prices” – Monnet Ispat

“Rupee is at four weeks low to 52.79/USD. But
it might not have much effect on the Sponge Iron prices as earlier,” said Industry
experts.

“Sponge Iron bookings are limited and demand is
also slow on weak sentiments. Scrap should support Sponge Iron prices but after sometime.   

Coal
importers will be hurt more than Scrap importers on fluctuating Rupee,” said a
senior official.

Monnet Ispat is
quoting its Sponge Iron Raipur prices at Rs 24,300/MT (Basic price) and Raigarh
at Rs 24,000/MT (Basic price).