Sponge Iron ore prices were seen range bound last week
from Rs 20,000 to Rs 20,500/ton (Basic), falling iron ore fines prices were
also unable to impact. Pellet prices Ex-Raipur is at Rs 9,000-9200 ex works and
Pellet sponge is trading at Rs 18800-19000 (Basic) ex plant whereas Sponge Iron
is trading at Rs 20,100 (Basic).
‘Iron ore lumps prices
have not fallen in Odisha but its availability has increased,’ said Sponge
manufacturer based in Raipur. We preferred Odisha material over NMDC, knowing
NMDC has reduced lumps prices by 2.2%, he added.
Sponge buyers are
cautious due to volatile Ingot market last week and increase in scrap
availability also reduced sponge demand. Scrap prices of TMT end cutting ex
Raipur of 97-98% yield is trading at Rs. 25,400 (Basic).
Durgapur region, Sponge
prices and delivery is firm with small correction. Presently prices were opened by Association and they have
reduced sponge prices by Rs 300/t on 01stMarch as Sponge
Iron is trading at Rs 23,000 (Basic).
Bellary
Sponge market also remains stable. Pellet sponge 75 FeM is trading at Rs 16800-17000
(Basic) ex plant. Low availability of high grade Iron ore lumps to secondary
manufacturer has reduced Sponge iron trading in the region.
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