Sponge prices in Indian markets have hold firm despite high fluctuations in mild steel ingot prices.With low production and limited availability of iron ore, sellers are unwilling to discount their prices.
“We have sold 80 FeM sponge at Rs 23,000/t (Ex-works Raipur), which is similar to last week, where as ingot prices have corrected over Rs 500/t last week.” said a broker based in Raipur.
Sponge prices at Rourkela, Raigarh and Hyderabad also remain unchanged on low production and limited availability of imported scrap.
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