“Sponge Iron prices in Odisha and Chhattisgarh might not fall as big miners in Odisha raise Iron Ore lumps prices by Rs 250/MT w.e.f 1st May 12 and Coal prices also move up by Rs 400/MT,” said sources.
“Bellary: Sponge Iron made from Iron Ore Pellets is being traded at Rs 20,200 (Basic price) whereas Sponge Iron made from Iron Ore is at Rs 21,000 (Basic price). Prices are anticipated not to correct further. There is shortage of Iron Ore and demand is poor on weak buying of finished products,” remarked a broker in Bellary.
“Hyderabad is facing power issues and plants are operating for nine days in a month on full power supply which would otherwise come to six hours of daily power cut if plants are operating. Sponge Iron is being offered with a correction of Rs 250/MT at Rs 20,500-21,000/MT (Basic price), prices might not reduce further,” reports a manufacturer.
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