Sponge iron (DRI) prices in Indian domestic market shed another Rs 100-300 ($2-5) per tonne on surplus availability in the market. Market participants highlight that it is not sponge production has increased but induction and electric arc furnaces have shut their operations on widening losses.
“Sponge prices have corrected over Rs 1,000 per tonne in Odisha in last one month as most of furnaces are closed here. We have no other option but to sell our product at a lower price to other state.” said a sponge manufacturer based in Rourkela, Odisha.
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