Indian sponge iron prices continued its up-trend and manufacturers raised their offers further by Rs 200-300/mt.
“Sponge prices are hovering around Rs 24300-400 per ton in Raipur. Despite shortage, buyers are cautious at these levels. Correction is due for quiet long. ” said a sponge broker based in Raipur (CG).
Rupee has started recovering against dollar, this will improve imports of scrap, he further added.
It is also reported that steel manufacturers are in talk with coal India in order to take back new coal pricing policy.If it happens sponge prices might correct drastically, said market traders and brokers.
Current Sponge Prices
Raipur= Rs 24,500 /Mt
Raigarh= Rs 24,200 /Mt
Rourkela=Rs 23,000 /Mt
Hyderabad=Rs 21,000-300 /Mt
Bellary=Rs 22,000 /Mt
Basic prices, Excise and taxes extra
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