Domestic sponge offers have continued to be firm with a price uptick of INR 100-200/MT D-o-D, although demand and buying activities remain sluggish. Presently, buyers are cautious as market has been fluctuating persistently since a month. In Dec’15, prices increased by upto INR 2,500/MT amid expected imposition of MIP.
Market sources reported that the manufacturers are unwilling to sell their material at lower rates amid pending dispatches of previous bookings at high prices.
Current 78-80 FeM C-DRI offers are hovering in the range of INR 11,950-13,400/MT and P-DRI within INR 11,250-12,300/MT in domestic market.
In present circumstances, the manufacturers are aggressively waiting for iron ore price declaration by miners. However, it seems that miners may kept offers unaltered for the rest of this month.
Current C-DRI and P-DRI prices
| Particular | Grade (FeM) | C-DRI | D-o-D | P-DRI | D-o-D |
| Ex-Durgapur | 78 | 12,500 | +100 | 11,550 | +100 |
| Ex-Rourkela | 78 | 11,950 | +200 | NA | NA |
| Ex-Raigarh | 80 +/-1 | 12,300 | +100 | 11,250 | 0 |
| Ex-Raipur | 80 +/-1 | 13,400 | 0 | 12,300 | 0 |
| Ex-Bellary | 78 +/-1 | 12,300 | -100 | 11,400 | -50 |
Prices in INR/MT
D-o-D: Price change compared to previous day closing.
Source: SteelMint Research
Trade-wise
1. Rourkela based manufacturers concluded few deals for Raipur and Jalna at approx INR 12,000-12,200/MT for 80 FeM C-DRI lump.
2. Few Raipur based smelters purchased P-DRI from Raigarh at INR 11,800-12,000/MT (landed to Raipur). While, local manufacturers in Raipur are offering the same material at INR 12,200-12,300/MT, ex-plant.
Leave a Reply