Sponge iron prices rise but buyers remain cautious   

With the increasing Ingot prices, sponge iron also show movement in production chain. Shortage of Scrap is also seen as one of the factor to increase the price. Prices in Raipur was quoted at Rs. 25000-100 however buyers showed limited buying interest. Scrap prices in Raipur were quoted at Rs. 28000++

Buyers lacked the future direction across major mandis. Prices in Rourkela was quoted at Rs. 23500-700 for Fe(M) 77-79+ “Prices are at all time high, with the upcoming budget and approaching of the expiry NCDEX futures contract; market may reverse at any time”,  said Sponge iron Broker based in Raipur.

Hyderabad Sponge iron prices are constantly same at Rs.21000. Ingot manufacturer said ,”with increase in iron ore supply sponge iron is easily available from Bellary at Rs. 20500-700, while locally it is available at Rs. 21000 and due to power shortage we are buying limited material”