With monsoons approaching India, sponge manufacturers are in a rush to secure raw materials like iron ore and coal.Despite high iron ore lumps prices in Indian market, demand has improved.
“Queries have increased from sponge plants based in Chattisgarh and West Bengal. Generally iron ore production reduces during monsoon season. We are not seeing any price rise at the moment.” said a miner based in Bhubaneshwar (Odisha).
Market traders also report that coal auction prices have gone up by Rs 200-300/t as manufacturers want to stock before it starts raining and production goes low.
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