Indian sponge prices which corrected Rs 300-400 /t on weak steel demand, will remain under pressure if rupee sticks to these levels for next few days.
” We expect sponge prices to correct by Rs 500-700 /t on cheaper imports of scrap and easing situation of iron ore in Orissa and Karnataka. Also after Coal India rolled back higher coal prices, sponge prices will not sustain.” said a sponge manufacturer based in Bellary.
Currently sponge prices in Bellary are hovering around Rs 20,400-20,600/t, where as pellet prices are in the range pf Rs 7,800/t (61-62% Fe), he further added.
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