Absence of demand from steel mills and a softness in scrap prices affected sponge iron prices during the week ending January 23.
A largely soft trend in iron ore prices during the past few weeks also affected the sentiment as buyers felt that there was a need for downward adjustment in sponge iron price, sources said.
The week began on a stable note, which was maintained till the fourth day, but thereafter a sudden plunge in demand led to a cut in offer prices.
Following table gives indicative prices of sponge iron in various markets during the past one year:
NAME OF THE MARKET |
Price Rs./Ton as on |
Price Rs./Ton as on |
Price Rs./Ton as on |
Price Rs./Ton as on |
Price Rs./Ton as on |
23-Jan-16 |
22-Jan-16 |
16-Jan-16 |
12-Jul-15 |
31-Jan-15 |
|
MANDI GOVINDGARH |
15,150 |
15,300 |
15,600 |
- |
22,500 |
DURGAPUR |
11,900 |
12,100 |
12,000 |
15,800 |
19,000 |
JAIPUR |
15,000 |
15,000 |
15,200 |
- |
- |
RAIGARH |
11,500 |
11,750 |
11,900 |
15,500 |
19,000 |
RAIPUR |
12,600 |
12,400 |
13,050 |
16,400 |
19,200 |
ROURKELA |
11,000 |
11,200 |
11,650 |
14,500 |
17,500 |
Source: Traders & ISMW