Sponge Iron prices might not correct in near term – Traders

“Sponge Iron prices have not shown a major reduction even when manufacturers are under pressure to sell. Prices over the past couple of weeks have witnessed corrections and have now reached a point where further fall will dent margins to an extent that production of the material may seem operationally unviable,” remarked market players.

Raipur Sponge Iron is being offered at Rs 23,600/MT (Basic), down by Rs 200/MT and Durgapur also quoted its prices lesser by Rs 200/MT from last trade, presently at Rs 27,100-200/MT (Including all).