Sponge Iron prices continue to fall for the
fourth day despite the scarcity of raw material Iron Ore, weakening rupee and the
rising Scrap prices in the International market.
Traders feel that there is no reason as to why the
prices should correct so much. “Prices should stabilize somewhere here and the indicated
hike in coal prices from the 1st of April will add on the cost pressure,” said a
broker based in Raipur.
'In fact, we see it as a good buying
opportunity at lower levels,” he further added.
NCDEX Steel
long noticed a selling pressure and shed at 350 points in first half of the day.
Sponge Iron at Raipur is corrected by Rs. 400/MT
and is offered at Rs. 23,200-300/MT (Basic price) where as Raigarh is being
quoted at Rs. 23,100/MT (Basic price), down by Rs. 400/MT.
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