Sponge iron prices across India noticed a correction of Rs 200-300/MT on production cut by Ingot manufacturers based in Chhattisgarh who are opposing higher power tariff and rise in raw material cost of iron ore and coal.
“Buying activities were limited in Raipur as most of the Ingot manufacturers went on strike. So, lower buying interest made Sponge iron manufacturers to reduced their offers to Rs 22,500-22,700/MT (Ex Rpr, excise and taxes ext).
Prices might correct further if the strike continues longer”, said a sponge briker based in Raipur.
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