Friday, 10 June,
Sponge Iron ore prices in Bellary sector have moved up by Rs 300-400/MT on following reasons:
1) Rising MS Ingot prices in Chennai and Hyderabad, which has moved up by Rs 300-500/MT in last two days
2) Low production of Sponge Iron in the sector
3) Short supply of Iron Ore due to delay in issuing permits by mining authority
4) Higher sponge prices in places like Raipur, Raigarh and Rourkela is increasing the demand from Bellary and Hospet.
Comments by Traders: “Sponge Iron supply remains short in Bellary sector. But demand is picking up from Hyderabad, Chennai and Maharastra due to sudden rise in steel prices. Currently 75 FeM grade sponge iron is being quoted at Rs 19,400-600/MT (Ex Bellary).
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