Sponge iron prices in Chattisgarh (Central India) fell sharply on strong rupee and weak demand from ingot manufacturers.
It is reported that prices corrected over Rs 500/t after rupee traded at 10- weeks high against dollar. It is anticipated stronger Rupee will make imports of scrap cheaper by 10%, which will certainly impact sponge prices say sponge brokers and traders.
More over market players also anticipate NMDC to cut its 4th qtr iron ore prices by 10%, which is certainly help stop soaring high sponge prices.
Currently sponge is hovering around 23,000-23,500/t in Chattisgarh.
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