Sponge prices has moved unusually in Raigarh (Chattisgarh) on low production and improved demand from induction furnaces.”Prices have gone up by RS 500/t to Rs 21,500-21,600/t (Ex Works) where as pellet sponge is offered at Rs 19,800-20,000/t (Ex-Works) in last two trading sessions.
Sponge demand has increased as most of furnaces which were closed or running at low capacity has increased their production.” reported a local sponge broker based in Raigarh.Demand for ingot has also increased from U.P and Punjab, he further added.
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