Indian sponge iron prices corrected marginally in line with
falling ingot prices. There is not much room left for further correction in
prices considering the higher prices of iron ore.
“Sponge iron manufacturers cut offers by Rs 200/MT.
Sponge iron prices are more dominated by Ingot prices rather than iron ore
prices. Sponge iron in Raipur traded at Rs 23,000/MT (Basic), whereas the same
in Raigarh was quoted at around Rs 22,500-600/MT (Basic)”, said a sponge
iron broker based in Chhattisgarh.
Sponge iron prices in Odisha also shed Rs 200/MT, 78 FeM was
heard being traded at Rs 21,000/MT (Basic).
Sponge iron at Durgapur was offered at around Rs 26,900/MT
(Incl All) even though supplies have improved from the neighbouring mandis'
like Rourkela, Cuttack and Jharkhand, said brokers.
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