Sponge Iron prices in Raipur, Raigarh, Rourkela, Durgapur
and Bellary come down by Rs 200/MT.
Mandi Gobindgarh offers for Sponge Iron come down by Rs
300/MT at Rs 31,100/MT (Including all) as Ingot prices in Mandi Gobindgarh has
come down to 35,300/MT (Basic) – traders remark.
Demand for Sponge Iron is good but there is a shortage of
material. Prices are at Rs 23,300-400/MT and Rs 22,800 (Both are Basic, next
day). Sellers are reluctant to offer material expecting price rise in near term as power tariff will
increase w.e.f 5th May. Demand is also weak from end users – said manufacturers.
Rourkela prices is at Rs 21,800/MT (Basic, next day) on poor
finished trades – said sources.
Durgapur Sponge Iron
buyers are unwilling to take position at current levels. Labor issues have come
up as a major reason for prices at Rs 26,700/MT (Including all).
Bellary Sponge Iron is at Rs 20,800/MT (Basic). Dollar is strong and scrap prices are high too. Iron Ore availability is an issue for manufacturers of Sponge Iron – reported a manufacturer.
Market players reported that scope for correction in prices is less as they are already at bottom end.
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