Sponge iron manufacturers raised their offer prices by Rs 200-300 per ton after steel futures on NCDEX gained momentum.
” Markets have already corrected a lot and there is limited scope for further correction from these levels. But Rupee is gaining against US Dollar and it might be a threat for sponge iron in the short term as cheaper imports of scrap will prompt for a correction in sponge iron prices as well.” said a sponge broker based in Raipur
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