Sponge manufacturers in India have raised their offers by Rs 200-300/t on improved demand and rising steel prices.
“Sponge prices at Raipur move up to Rs 24,200/t, where as Raigarh is being quoted at Rs 23,200-300/t up by Rs 200/t from previous trade. Big manufacturers are quoting higher than the average traded price, said market participants.
Where as Rourkela remains in the range of Rs 22,800-23,000/t reported brokers based in Rourkela.
“Demand is strong from Kanpur and Gaziabad, where mills are out of scrap. But once election gets over and movement starts, prices might ease down.” said a broker based in Raigarh.
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