“Mumbai MS Ingot prices move up in couple of days by Rs 600-700/MT due to Ingot shortage and increase in local TMT demand. MS Ingot is being traded at Rs 30,700/MT (Basic Price) that was earlier traded at 30,000++”, said a TMT manufacturer based in Mumbai.
In Contrary Ingot prices in other Mandi's witness fall due to weakening Rourkela sponge prices. Rourkela is selling sponge FeM78-79 to Raipur at Rs 19700 (Basic) and to Raigarh at Rs 19,500(Basic).
“Recent decision of Odisha govt to supply 50% Iron ore to local industry will scale up the sponge manufacturing in the state”, said sponge broker based in Rourkela.
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