Indian sponge manufacturers kept prices unchanged

Steel prices in India noticed a correction of Rs 400-800/t in last few days on sluggish demand for re-bar, structural s and flat products.

Sponge manufacturers despite slowdown kept prices unchanged.Raipur being offered at Rs 22,800-900/t (Ex-Works), Raigarh at Rs 22,000/t (Ex-Works), Rourkela at Rs 21,300/t (Ex-Works) and Bellary pellet sponge offered at Rs 19,800/t (Ex-Works).

Though market experts anticipate prices might fall up to Rs 400-500/t in coming week over production cut by induction furnaces and improved supply of iron ore and pellets.