Sponge Iron prices across country have moved up by Rs 500-700/MT last week on following reasons
– Acute shortage of Iron Ore
– Rising coal prices in domestic and international markets
– Recent hike in ingot prices by around 700-900/MT during the last week on lower availability of steel scrap
Currently, prices at few mandis' went down by Rs 200-400/MT on lower take off from the ingot manufacturers due to the festive of Navratra
“There is acute shortage of Iron ore in the market, Karnataka is closed, Goa is on the verge of closure, most of the mines are non operational in Orissa. We don't expect sponge prices to correct soon.” said Mr Agarwal, a sponge manufacturer based in Raipur.
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