Sponge prices in India, which were running stable for quite some time had some some correction after manufacturers fail to hold stock for a long timer.
Prices corrected over Rs 200-300/t, where Raipur market noticed the major damage.Prices fell to Rs 22,000-22,100/t (Ex-works), which were trading around Rs 22,500-22,600/t a week back.
Low demand and high power cost has weighed upon the sponge prices said market brokers.With power crisis and improved supply of iron ore from Odisha, it is expected that prices have further scope of correction.
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