Sponge Iron demand remains strong over scrap shortage that maintain the Sponge price across India whereas MS Ingot price were down by Rs 200-300/MT due to poor demand.
Raipur MS Ingot prices is trading at Rs 26900-27000/MT that is down by Rs 200-300 over previous trade but Sponge Iron price continue to trade at Rs 19800-900/MT in the same period, stated market participant. However demand in the region is low but Sponge manufacturer continues to maintain the prices as they are selling sponge to outside mainly Maharashtra and U.P. Price are likely to remain firm in coming days.
Similarly Sponge prices in Durgapur (W.B) yesterday hike by Rs 200/MT due to strong demand from North India, price are offered at Rs 18,800/MT. Whereas Rourkela (Orissa) price are firm at Rs 17,000/MT from last couple of days but trade volume remain thin due to ongoing Rathyatra in the region.
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