Market sources report SteelMint that sponge availability has increased in last few weeks as there are many offers from big manufacturers like Jindal, Nalwa, Monnet and Godawari.
“Improved supply of iron ore and pellets, weak demand and high power cost has increased the supply of sponge iron in the market.Offers from big plants have increased in recent time, specially for pellet sponge.” said a steel manufacturer based in Raigarh (Chattisgarh).
Sponge prices are quite stable and not expected any major hike he further added.
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