The lackluster market continue to rule on Indian sponge makers. Prices at pan India have fell marginally by INR 400/MT W-o-W due to lack of buying activities in domestic market. However, as usual, south market has remained firm with minor or no price fluctuations.
In context to pellet sponge market, prices have corrected by INR 200-300/MT in a week and hovering within INR 10,900-12,700/MT. Alongside, pellet manufacturers across India have declined their prices; eastern region based pellet makers made the major corrections of upto INR 450/MT W-o-W.
Current 78-80 FeM C-DRI offers are assessed at INR 11,900/MT ex-Durgapur, INR 11,150/MT ex-Rourkela, INR 12,700/MT ex-Raipur and INR 12,400/MT ex-Bellary.
Trade-wise
1. Bhaskar Ispat offered 79-80 FeM C-DRI at INR 11,100-11,300/MT and billet at INR 19,100/MT ex-works (Odisha).
2. Limited sellers in Raipur for sponge DR-CLO as most of them are making C-DRI with cheaper Odisha iron ore.
3. P-DRI prices in Jharsuguda assessed at INR 10,600-10,700/MT; few deals were concluded for Nagpur and Jalna at the same price.
4. Instead of Karnataka (Bellary), Maharashtra based melters are buying P-DRI from Chhattisgarh and Odisha due to cheaper offers and freight by INR 300-500/MT.
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