Sponge iron prices in Indian domestic market moved down by INR 200-300/MT largely due to production cut by Induction furnaces. Current offers in Raipur are at INR 20,200-20,400/MT for 79-80 FeM Sponge Iron (C-DRI) and INR 18,500/MT for Pellet Sponge (P-DRI).
Key Highlights
- Sponge iron prices down on account of production cut by Induction furnaces
- Odisha based miners keep Iron ore prices unchanged. Demand remained subdued.
- Pellet manufacturers keep offers unchanged at INR 8,000/MT; sales reported weak.
- Imported Iron ore continue to rise, 6-40 Fe lumps from South Africa assessed at around USD 97-98/MT CFR Indian port.
- NMDC may cut prices for December deliveries
- Imported Scrap offers unchanged at USD 315/MT CIF India; however falling Rupee keeps buying interest low
Trade-wise
- Shyam Metalics offering C-DRI (79 FeM; 0-20 mm) at INR 19,300/MT ex-Jharsuguda; mostly selling material to Central (Raigarh) & North India
- Singhal Steel offers C-DRI (0-20 mm) at INR 20,000/MT ex-Raigarh
- Vandana offering C-DRI (DR-CLO; 0-20 mm) at INR 20,400/MT ex-Raipur
Sponge offers as on 01 Dec, 2014 in INR/MT
| Markets | Grade | Prices | W-o-W Change | M-o-M Change |
| Mandi Gobindgarh | 78-79 FeM | 23,400 | – 500 | – 600 |
| Rourkela | 78-79 FeM | 19,250 | – 150 | – 450 |
| Durgapur# | 78-79 FeM | 21,300 | – 200 | + 200 |
| Jharsugda | 79-80 FeM | 19,300 | – | – |
| Raipur | 79-80 FeM | 20,200 | – 300 | – 1,200 |
| Raigarh# | 79-80 FeM | 20,100 | – 450 | – 900 |
| Bellary | 75 FeM | 18,700 | – 100 | – 400 |
| Bellary | 77-78 FeM | 19,300 | – 100 | – |
#Delivered rest all ex-Plant; Payment advance/next day
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