Indian Sponge Iron Prices decline by INR 300-500/MT W-o-W

Indian Sponge iron prices have noticed a downfall on Monday, with trades settled at INR 300-500/MT lower from last week.

A big manufacturer in Raipur sold C-DRI (lump) at INR 17,700/MT ex- works, which was at the level of INR 18,200-18,300/MT last week. Similarly, P-DRI is being traded at INR 16,000/MT ex- works, which was offered at INR 16,300-500/MT last week in Raipur.

Situation is very similar in other parts of the country and trades are taking place with INR 300-500/MT lower from last week offers.

Sponge iron manufacturers are optimistic that closed Iron ore mines in Odisha and Jharkhand will resume their operation soon after approval of MMDR bill.

Also, NMDC, India’s largest Iron ore miner has commenced production from its 7 MnT mine in Chattisgarh. Sponge manufacturers are also waiting for NMDC’s Iron ore prices, which will play role in setting direction for the market. NMDC has cut prices by INR 300-500/MT in the month of March.

Trade-wise

1. Shyam Metalics is offering P-DRI at INR 15,000/MT and Billet at INR 26,000/MT ex-Jharsugda (Odisha)
2. A large Sponge maker based in Raipur sold P-DRI at INR 16,000/MT and C-DRI (lump; 80 FeM) at INR 17,700/MT ex-works. While, another manufacturer is offering DR-CLO (0-20 mm; 80 FeM) at INR 17,400-17,500/MT ex-Raipur
3. Durgapur based manufacturers offering C-DRI at INR 17,500/MT and P-DRI at INR 16,500/MT, buying interest remains low
4. A well-known Sponge maker based in Bellary is offering 77 FeM P-DRI at INR 15,500-600/MT ex-works
5. NMDC  commences production from its 7 MnT Iron ore mine in Chattisgarh