“Sponge iron prices seem to have bottomed out, major fall unseen”- Brokers 

Sponge iron prices looked to have bottomed out said market participants. Various factors which should lend support to prices are:-

1) Lower availability of iron ore

2) Rising domestic coal prices, after imports turned expensive.

3) Lower production level of  sponge iron across India.

4) Expensive Imports of ferrous scrap on weakening Rupee. 

” Sponge iron prices should find support at the current levels and we do not see any major fall in prices from the current levels despite steel demand not being firm”,  said Mr Agrawal , a sponge iron broker based at Raipur.