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Commodity profile - Sponge Iron
Latin Name
General characterstics
Iron ore, when reduced to metallic iron, usually with some kind of carbon (charcoal, etc), at temperatures below the melting point of iron is known as sponge iron. This results in a spongy mass, sometimes called a bloom, consisting of a mix of incandescent wrought iron and slag.
Uses
1.Sponge iron is processed further to create wrought iron.
2.Sponge iron is created by reducing iron ore without melting it. This makes for an energy-efficient feedstock for specialty steel manufacturers, which used to rely upon scrap metal.
Market moving factor
1.The steel demand is dependent on infrastructure developmental activities in a country.
2.The steel prices in the Indian market primarily depend on the domestic demand and supply condition , and international prices.
3.The steel prices in the Indian market primarily depend on the domestic demand and supply conditions, and international prices.
4.The duty imposed on import of steel and its fractions also have an impact on steel prices.
5.Prices of input materials for iron and steel such as power tariff, freight rates and coal prices also contribute to the rise in the input costs for steel making.
 
 
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