Indian sponge prices have
gained Rs 500-700 per ton on week on week (w-o-w) basis due to:
a) Short supply of iron ore
b) Rising scrap prices in
International and domestic market
Sponge iron traded range
bound with sustainable price. Sponge iron in Raipur traded at Rs. 22,300-600++/MT with most of the deal being taking place in payment next day (cash discount offered Rs.400/MT). Material
crisis and liquidity crunch have shifted sponge manufacturer to trade in next day
payment basis. Prices in Bellary, Hyderabad region were constant Rs. 20200++
and Rs 20500++ respectively.
From raw material front Iron
ore movement in Orissa has came to halt as Shah Commission has started investigation. It visited four iron ore and manganese mines owned by M/S Indrani
Patnaik , Patnaik Mineral Private Limited, S R Rungta Pvt. Limited and Mala Ray
Company.
In
all the four places, the Commission found apparent illegality, one of the
members said. While Justice Shah expressed his displeasure over mining of
excess areas at Uchhabali iron ore mines owned by M/S Indrani Patnaik, he found
no boundary pillar at Patnaik Mineral Pvt Limited's mines, the member said.
Justice
Shah directed the district collector of Keonjhar district to immediately issue
a notice to S R Rungta Pvt. Limited which allegedly undertook excess excavation
not in accordance with the mining plan.
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