Sponge prices across India edge down further by Rs 200-300/t on weak demand and falling Ingot prices.
” Hike in excise duty has made sponge prices correct. Medium sponge manufacturers offer sponge iron at Rs 24,000-100/t , where as big manufacturers are quoting slightly higher.” said a sponge broker based in Raipur.
Sponge prices in Rourkela and Raigarh also corrected by 200-300/t to Rs 23,200/t and Rs 23,700/t respectively.
“There is certainly a panic in the market after Ingot prices corrected over Rs 800/t in last few days. But sponge prices are unlikely to fall to such extent. MOre over higher scrap prices should keep sponge prices firm.
” said a sponge manufacturer based in Rourkela.
Note: All prices Ex-Works and Next day payment condition
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