Iron ore impact little as Sponge buyer cautious on bearish market

Impact of tight supply of Iron ore sees little impact on sponge
trading as buyer remains cautious. Sponge prices are trading as per demand and
supply factor, Raipur sponge Fe(M)79 traded at Rs 22,000++ (down by Rs 100-200
per tonne) and Ingot trading at Rs 30300++ maintain conversion gap of Rs. 8300.

“No raw material shortage and increasing Iron ore prices are
helping to sponge demand and prices”, said sponge manufacturer based in Raipur.
Ingot buyers only maintain the conversion gap, they buy sponge at a gap of
Rs.8200-8500 per tone.