Indian sponge iron prices continue to remain firm. However, with falling iron ore lumps prices in domestic market, sponge iron prices may come under pressure in coming weeks. Current offers for 80 FeM sponge iron (C-DRI) are assessed at INR 13,200-13,400/MT ex-Raipur.
It may be noted that Odisha based miners have reduced lumps prices upto INR 300/MT on rising inventories and low demand. However, miners have either kept fines prices unchanged or reduced it marginally. This will lead to closure of many pellet units across the region.
NMDC may cut lumps prices
NMDC, India’s state owned and largest iron ore miner, may cut lumps prices in December looking at lower offers from Odisha based miners. NMDC had cut lumps prices by INR 120/MT and raised fines prices by INR 100/MT in November.
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