Sponge iron prices at mandis located in the Central India moved
up by Rs 400-500/MT due to following reasons:-
* Short Supply of sponge iron as most of the sponge iron
manufacturers had cut their production on shortage of iron ore and poor demand
* Short supply of Scrap in the domestic market which in
mostly used as a substitute for sponge iron
* Rising prices of semi-finished and finished steel which
has gone up by Rs 500-800/MT in last two days
* Few deals for sponge iron in Raipur were concluded at Rs
21,400/MT. Whereas, in Raigarh it was quoted at Rs 20,800/MT
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