Indian Sponge Prices rise by upto INR 800/MT W-o-W

Indian Sponge iron (DRI) prices have risen amid restricted supply of Iron ore in the domestic market.

After the Supreme Court had suspended mining operations in Odisha, supply of Iron ore had become very critical, forcing Indian manufacturers to go for imports.

Market participants mentioned that some integrated steel manufacturers have started buying Sponge iron from the domestic market, which supported the prices.

Current offers are in the range of INR 20,600-22,400/MT for 79-80 FeM Sponge iron (C-DRI) on ex- works basis.

High Scarcity of Iron ore from Odisha

Speaking to Sponge manufacturers across the country, SteelMint assessed that there is acute shortage of Iron ore from Odisha, which contributes about 50% of India’s Iron ore production.

There are very few mines operating and overbooked for next few months. Iron ore prices are unlikely to correct further in the month of September.

Jindal Steel to import 21,000 MT HBI from its Oman Plant

Jindal Steel & Power Ltd (JSPL), which has a 1.5 MnT HBI (High Briquetted Iron) plant in Oman, is to import 21,000 MT (HBI) at Paradip port, according to trade sources.

Sponge (C-DRI) offers as on 20 Aug, 2014 (Ex-Works)