Sponge Iron prices at Raigarh up on limited supply

Sponge iron prices in Raigarh (Chattisgarh) have gone up by Rs 400-500/t in last one week according to local traders. They say prices have gone up largely due to Jindal steels, which has engaged some units for converting iron ore to sponge iron. Raigarh has almost 15-16 sponge units.

“Prices have gone up by almost Rs 500/t since last week, as Jindal Steel is sourcing sponge iron from other local units (on conversion basis). current prices are at around Rs 18,600-18,800/t Ex-Work Prices.” said a broker based in Raigarh.