Indian buyers prefer sponge iron over imported scrap

With falling Rupee against Dollar, imported scrap have been expensive by Rs 1,000-1,500/t compared to domestic scrap and sponge iron.

“It is interesting to see induction furnace based in North and West India are preferring sponge iron over scrap as it is less expensive and available in market.It is unlikely that sponge prices in India will fall in near term.” said a steel manufacturers based in Maharastra.

“Queries from Gujarat and Punjab have increased on low availability of scrap in that region.”said a sponge manufacturer based in Rourkela.