“Sponge iron prices should find support at these levels”, said sources 

Sponge Iron prices in South remain unchanged.
Whereas, prices went up by Rs 100-200/MT at other mandis' like Raipur, Raigarh,
and Durgapur.

According to market players, “Looking at the higher
cost of raw material i.e. iron ore & coal, sponge iron should find support
at the current level. Prices should not fall much from these levels”.

There is some demand from North India, as imported scrap has not been in parity for last few weeks on falling rupee. If rupee stays weak, there will be less import of scrap, said market participants.

Sponge iron at Raipur being offered at Rs 23,400, where as Raigarh were offered in the range of 22,900-23,000/t. Rourkela remain unchanged at Rs 21,300/t. (All prices basic)