Sponge prices in Bellary, (South India) faces further slow down, manufacturers failed to hold offers on power crisis in surrounding states and prices corrected by another Rs 500/t.
Sources report SteelMint that one of the major plant has cut its prices by Rs 500/t,Pellet sponge of 78 FeM is offered at Rs 18,500/t, where as 75 FeM is offered at Rs 18,000/t.Sponge made from iron ore offered in the range of 19,200-19,500/t.
Sources also report that around 10-15 mines will get operation in Karnataka by August end which will add 4-5million additional supply of iron ore in the market.
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