Indian sponge prices likely to show some gains in coming weeks over tight supply of iron ore from Odisha and Karnataka say Industry experts.
Current prices are firm at Rs 20,000-22,000/t (ex-works) for last one month. On going mining issues in Odisha, Karnataka and Goa, chances are bright that sponge prices will go up on supply pressure.
Manufacturers will not be left with any option but to buy from NMDC which is still quoting its ore at much higher price.
Sponge prices in Raigarh (Chattisgarh) has already moved up by Rs 500/t in last one week.
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