Indian sponge iron prices all time time high on increased demand from ingot and domestic scrap shortage.
“Sponge iron prices which are trading at its peak might stay firm in near term on rise in raw material cost.Offers from medium scale plants are in the range of Rs 24,700-24,900/MT, where as bigger plants are quoting at around Rs 25,000/MT.” said a sponge broker based in Raipur.
Prices in Rourkela and Hyderabad also edged up by Rs.300 and Rs500/tone. Rourkela Sponge traded at Rs. 23500/tone of Fe(m) :77-80+ Expert believe rising ingot prices supported the sponge prices however due to up coming Budget, buyer are still reluctant to buy and store material due to lack of guidance.
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