“With hike in power prices in Chattisgarh and hike in Iron Ore prices by NMDC, Sponge Iron and Ingot manufacturers will be hit most. Rising cost should support prices at these levels despite sluggish demand,” said market participants based in Raipur.
“UnavailabIility of Scrap in domestic market and rising Scrap prices in International market should support Ingot prices in North and West India. Markets are hovering at its bottom and its a good opportunity to take positions,” said a steel producer based in Mumbai.
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