Sponge iron prices across India have unexpectedly moved by Rs 2,000 per ton in last 30 days. It is likely that trend will continue in near term till rupee strengthens and imports of scrap become cheaper, said market participants.
Ingot manufacturers are facing acute shortage of scrap after imports have reduced on weakening rupee, which has forced them to switch to sponge iron. It is also reported that these levels were noticed in the month of October' 2011.
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