Indian sponge iron manufacturers expect prices to improve soon

Indian steel market has been on a correction mode from past
few days. However, sponge iron ore prices have not corrected much in proportion
to the ingot prices. So, sponge iron manufacturers expect that prices should
recover soon owing to the following reasons:

1. Weak rupee, which has made scrap imports expensive

2. Limited supply of domestic scrap

3. Higher raw material costs

4. Low production