Sponge Iron prices corrected by Rs 300-500/MT

Sponge iron prices across India noticed a correction of Rs 300-500/MT. The correction in Sponge iron prices is not in proportion to steel prices which have corrected by over Rs 700/MT in last 2-3 days.

“Sentiments are poor, steel industry is facing one of the worst crisis ever. Despite scarcity of raw material and rising prices of coal, we are forced to sell sponge iron at loss.” said a sponge iron manufacturer based in Maharastra.