Key Highlights
- Sponge iron prices fall by INR 100-300/MT W-o-W on the backdrop of production cut by induction furnaces
- Falling imported Scrap prices further build pressure on Indian Sponge market
- Imported Scrap prices corrected by USD 10/MT W-o-W. Current offers from Europe at USD 315-320/MT for HMS 1&2 and USD 330-335/MT for Shredded CIF Nhava Sheva
- Pig iron prices in Durgapur fall by INR 400-500/MT; offering at INR 21,800-22,000/MT
- Iron ore supply continues to remain tight from Odisha; no immediate resumption of mining activities expected in Odisha
- Coal prices in the e-auction continues to trade high; imports rise
- 5500 NAR South African coal assessed at USD 74-76/MT CIF East Coast India for December delivery
- Imported Iron ore lump (S. Africa) of 64% assessed at USD 98-100/MT CIF India for December delivery
Trade Wise
- Shyam Sel is offering C-DRI (79-80 FeM) at INR 19,800/MT and P-DRI (80 FeM) at INR 18,600/MT (both ex-Jharsuguda; advance payment)
- Raipur based Sponge manufacturers are offering C-DRI (0-20 mm) at around INR 20,700/MT (ex-Raipur; advance payment)
- One of the largest Sponge iron manufacturers based in Bellary is offering P-DRI (75 FeM) at INR 17,200/MT on regular payment and INR 17,000/MT on advance payment
Current offers for C-DRI & P-DRI
| Region | Particular | Grade (FeM) | C-DRI | W-o-W | M-o-M | P-DRI | W-o-W | M-o-M |
| North India | Mandi | 78-80 | 23,700 | -300 | -500 | 22,000 | -300 | -500 |
| East India | Rourkela | 78-80 | 19,400 | -150 | -1,000 | 18,500 | -100 | -500 |
| #Durgapur | 78-80 | 21,100 | -200 | – 100 | 19,100 | -200 | -100 | |
| Central India | Raipur | 80 | 20,850 | -150 | – 750 | 19,000 | -250 | -650 |
| Raigarh | 79-80 | 20,800 | -100 | – 700 | 19,000 | +100 | -400 | |
| South India | Bellary | 75 | 19,200 | -100 | 0 | 17,000 | -300 | -300 |
| Hyderabad | 77-78 | – | – | – | 18,500 | 0 | -500 |
Basic prices in INR/MT
#Delivered; rest all ex-works
Next day/advance payment
Leave a Reply