Indian Sponge Iron Ore Prices move Up Sharply

• Indian sponge iron ore prices move up Week-o-Week
• Indian scrap imports likely to fall over 50% in August 2013
• Rising exports of iron pellets have given support to domestic pellet prices

Indian sponge Iron (DRI) offers have gone up drastically in last few days, largely on improved demand and consistently falling imports of scrap in India. SteelMint assessed that sponge iron prices have moved up to Rs 700-800/MT in last one week.

Industry experts believe that prices should sustain at these levels as falling Rupee against USD has restricted imports of scrap and DRI to a large extent. According to reports, scrap imports to India are expected to fall by 50% in the month of August 2013.

Experts also say that sponge prices are moving up due to rising exports of pellets from India, which has given support to domestic pellet and iron ore prices.

Current prices in Raipur are at Rs 19,100/MT, Raigarh at Rs 18,500-18,600/MT, Rourkela at around Rs 17,000-17,200/MT, Durgapur at Rs 19,200/MT and Bellary at Rs 18,000/MT.

Note:All Prices are Basic