Indian sponge iron prices noticed a downfall after the Union Budget was presented on Friday, which hiked excise duty by 2%. Sponge prices dropped by Rs 200-300/MT across India.
Sponge iron in Raipur was quoted at Rs 24,400-24,500/MT (Ex-Works) i.e. down by Rs 200/MT. Whereas, prices in Durgapur was quoted at Rs 26,900-27000/MT (Incl All) for Fe (m) 77-79 grade i.e. down by Rs 300/MT.
Prices in Hyderabad and Rourkela remained constant at Rs 21,000/MT (Ex-Works) and 23,300/Mt (Ex-Works) with prices rising in Bellary by Rs 200/MT to reach Rs 20,700/MT (Ex-Works).
Though industry experts feel that prices are unlikely to correct sharply on expensive coal and iron ore, also higher scrap prices in international market should support the prices reported market sources.
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