Sponge
iron prices in Indian market kept unchanged for last few weeks on low
production, high input cost and lower imports of scrap. Suppliers are reluctant
to cut offers though many buyers have been inactive for a long period of time,
reported market traders.
“Trade
volumes have gone down drastically in last few weeks.On scarcity and high
prices of iron ore in Indian market, plants are running not even at 50% of
capacity. More over small and medium players have almost stopped
production.” said a sponge broker based in Raipur.
Quotation
of 80 FeM remain unchanged at Rs 23,300 (Ex-Wrks, Raipur), where as Raigarh offers stay at Rs 22,600 (Ex Wrks, Raigarh) for
same grade.
Market
anticipates prices will remain stable or might inch up modestly looking at
lesser imports of scrap.
Sponge
prices at South India (Karanataka) stay strong on short supply of pellets and
iron ore in the market. 78 FeM sponge made from pellets is heard to be traded
at Rs 21,500/t (Ex Wrks Bellary).
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