Indian Sponge iron prices remain steady on thin volume

Sponge Iron prices
might be supported by the falling Rupee against dollar as the importers of scrap
have held their purchases on account of fluctuating rupee.

Raipur Sponge Iron is being trading between Rs 24,100-200/MT
(Ex works, payment next day) while that of Raigarh is at Rs.23,900/MT (Ex
works, payment next day) with minor correction only.

“Rourkela offers range from Rs 23,200-500/MT (Basic prices) but there a few plants in Rourkela that
are offering Sponge Iron on much lower prices at Rs 22,800/MT on advance payments,” said a city based broker.    

In Bellary, Sponge Iron manufacturers
offer remain unchanged at Rs 20,500-20,700/t.