Sponge iron prices noticed a further correction of Rs 200-300/MT across India on falling steel prices. Many market participants also blame poor quality to be a major reason for the price dip.
“Prices are going down despite of iron ore shortage, rising coal prices and lower production of sponge iron. Half of the sponge manufacturers have shut their production and rest are operating at lower capacity”, said a sponge broker based in Raipur.
Manufacturers are buying inferior quality of iron ore to keep the production intact, quality disputes have increased in recent times, he added.
Sponge Iron Prices
Raipur: Rs 22,300-22,400/MT
Raigarh: Rs 21,700-21,800/MT
Rourkela: Rs 21,200-21,300/MT
Hyderabad: Rs 20,500-20,600/MT
Bellary: Rs 20,200-20,300/MT
(All Ex-Plant Basic Prices, Excise and Taxes Extra)
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