Indian sponge prices have moved up by Rs 200-300/t on improved demand and rising steel prices.
Despite revision in raw material prices by Coal India and NMDC, sponge prices remain firm on strong demand from Ingot manufacturers.
” Scrap is still short, ingot manufacturers can't ignore buying sponge iron, prices looks to trade in range of Rs 23,000-23,800/mt (Ex Raipur Prices).” said a sponge broker based in Raipur.
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