Sponge iron prices continue to drop in Bellary (Karnataka) which contributes almost 25% sponge production of India.Prices step down by almost Rs 300-400 per tonne from last week offers,confirmed market sources.
Pellet sponge of 75 FeM is being offered at around Rs 17,000/t (Ex Bellary) where as 78 FeM pellet sponge is at Rs 17,600/t (Ex-Bellary).
“We are at the worst phase, limited availability of high grade iron ore and falling sponge prices have severely impacted our margins.Medium plants like us might not survive for a long time.” said a sponge manufacturer.
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