Sponge iron prices in India, which were supposed to be under pressure especially after power hike in various states and improved production, have gone up further by Rs 400-500/t after news of NMDC likely to raise iron ore prices.
If sources are to be believed, NMDC has plans of raising ore prices by Rs 400-500/t, though there is no official announcement yet. If it is implemented, sponge prices in Central India will go up by Rs 800-1,000/t said steel experts.
“Offers from manufacturers in Raipur are as high as Rs 24,500/t as they will be hit hard by this hike. Raigarh prices have gone up to Rs 23,800-23,900/t.” said a sponge broker based in Raipur.
“There is huge variation in offers at Rourkela. Based on quality, prices range from Rs 22,800-23,400/t” said a sponge manufacturer based in Rourkela.
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