Indian Sponge Iron prices
have corrected by Rs. 300-400/MT on account of weak demand and falling Ingot
prices in Central India.
Market experts feel
that Sponge Iron prices should not correct drastically on higher Iron ore
prices and rising Scrap prices in International market. Sponge Iron prices will
also be supported by falling rupee.
Raipur Sponge Iron
prices are trading at Rs. 23,600-800/MT. Sponge Iron in Raigarh is offered at
Rs. 23,500/MT while trading prices of Rourkela are hovering around Rs. 23,000/MT.
Sponge Iron prices at both
Bellary and Hyderabad remain unchanged at Rs. 20,500/MT.
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