“Indian Sponge iron prices likely to remain range bound”- Tata Sponge

Indian sponge iron prices are expected to remain stable as demand is adequate, said senior officials of some primary steel producers.

Steel sector is taking up on robust infrastructure and other projects. Also low interest rates will help projects in the construction sector to start up in huge number, said a senior official at Monnet Ispat.

We will not increase our prices, but overall, we predict prices to rise with a minimum of 2-3% fortnightly, commented a senior official from Monnet Ispat.  

Sponge Iron prices will have very less impact on big companies like Jindal, Monnet and TATA Sponge. UP elections might have a temporary  effect on prices for not more than a couple of days, he further added.

Sponge iron prices likley to be range bound said a senior official at TATA sponge. It should trade in range of Rs 24,000-24,500/t (Ex Jamshedpur).

The iron ore prices have already corrected by 20$-30$ in the international market, where domestic market prices may also come down. Prices of coal are also expected to remain range-bound, he further added.

Prices are expected to start softening from around mid of June or July, assuming the timely arrival of monsoon, says a senior official from Tata Sponge.