Karnataka's lift on mining ban from 18 mines on Monday might put sponge prices in southern India under pressure reported sources.
18 mines will produce about additional 5 million tonnes of iron ore but it will take some time said a mines owner who got clearance yesterday.
Poor demand from neighboring states like Andhra and Tamil Nadu on power shortage will put sponge and steel prices under pressure in near term reported industry sources.
Current sponge offers in Bellary for 75 FeM pellet sponge varies in range of Rs 17,700-18,000/t (Ex-Works).
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