Showing posts with label Sponge iron. Show all posts
Showing posts with label Sponge iron. Show all posts

December 5, 2010

Sponge iron prices likely to rise in December in India


Indian Sponge iron prices are likely to rise once again in the next month i.e. December, due to the rise in demand for long steel from infrastructure and construction companies. At present, premium sponge iron costs 18,000 INR per tonne. The price of the steel-making raw material produced from direct reduction of iron ore (in the form of lumps, pellets or fines) remained volatile during the last fortnight. It rose sharply by 1,000 - 1,200 INR per tonne in October due to demand from steel mills. This was primarily because of stockpiling for the October - December period. At present India produces around 23 million tone sponge iron per year.