Indian Sponge iron prices gained Rs 200-400/t at most of the places on Wednesday.
Short supply of scrap in
UP has increased the demand for sponge iron from Central India said market participants.
Currently, Raipur
sponge iron prices are hovering at around Rs 24,100/MT, whereas, prices
quoted in Raigarh are at Rs. 23,100/MT and that in Rourkela is 23,000/MT.
Manufacturers raised offers by Rs 200-300 later in the evening after steel futures on NCDEX gained over 400 points.
Demand is good at
present but prices may not sustain at these levels for a long time as the
proportion of hike in finished steel prices is less, say traders.
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