Indian sponge (Direct Reduced Iron) prices stay firm despite improved supply of iron ore from Odisha private miners and mining ban lift in Karnataka last week, (which will add additional 5 mn tonnes iron ore per annum).
Experts report that prices are firm as many sponge units are operating at low capacity and also power supply has improved in last two weeks as monsoons are almost over.
“Generally September turns out to be a good month for steel industry as construction activities get back on track.We expect sponge prices to be range bound.” said an industry expert.
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