Market players report Steelmint that Sponge iron manufacturers have reduced their offer prices amid weak demand from Ingot manufactures.
“Manufacturers have cut prices by up to Rs 500/MT in last 3-4 trading sessions looking at weak demand. Market players are anticipating further downside of Rs 500-700/MT on better availability of iron ore, scrap and lower prices of coal”, said a major Sponge iron trader based in Raipur.
” Demand is weak , buyers are reluctant to place fresh orders, if situation persists, expect prices to fall “, said another Sponge iron broker based in Raigarh.
Leave a Reply