Indian sponge manufacturers fail to hold offers; prices correct over Rs 300-400/t 

With sluggish demand, falling ingot prices and power cuts in major steel producing states of India has weighed on sponge prices.Manufacturers failed to keep offers stable and prices corrected over Rs 300-400/t.

“Demand has slowed down on power cuts in Punjab, U.P., Bengal and Assam and induction units running at lower capacities.Generally prices stay firm during monsoons but falling steel prices in India has kept prices at lower levels this time.We are quoting our sponge iron at Rs 21,500/t Ex Works Tatanagar.” reported a primary sponge manufacturer.