Limited buying along with dwindling demand has continued to pressurize Indian sponge makers. Today, market again has reported corrections of INR 100-300/MT against the last day closing.
Major fall is witnessed in Raipur and Bellary on account of lesser buyers than sellers. Current offers for 78-80 FeM C-DRI are hovering in the range of INR 11,250-11,800/MT and P-DRI within INR 10,150-10,950/MT.
C-DRI and P-DRI prices as on 28 Jan’16
| Particular | Grade (FeM) | C-DRI | D-o-D | W-o-W | P-DRI | D-o-D | W-o-W |
| Ex-Mandi Gobindgarh | 78 +/-1 | 14,100 | -100 | -1,000 | 13,400 | -100 | -850 |
| Ex-Durgapur | 78 | 11,300 | -150 | -950 | 10,300 | -150 | -950 |
| Ex-Raigarh | 80 +/-1 | 11,250 | -50 | -650 | 10,150 | -50 | -750 |
| Ex-Raipur | 80 +/-1 | 11,800 | -300 | -800 | 10,950 | -100 | -700 |
| Ex-Bellary | 78 +/-1 | 11,300 | -300 | -400 | 10,650 | -50 | -450 |
Prices in INR/MT
Source: SteelMint Research
Trade-wise
1. Few Bellary based manufacturers are trading 80 FeM C-DRI lump to Maharashtra at INR 11,500-11,600/MT (ex-plant); freight to Mumbai is INR 1,700/MT and to Jalna is INR 1,100/MT.
2. A Raigarh based large sponge & Pig iron manufacturer traded P-DRI of 0-20 mm size at INR 9,900/MT (ex-plant).
3. Sponge DR-CLO lump offers in Raipur are assessed at INR 12,100-12,300/MT. But, buyers are willing to purchase at a cost of INR 12,000/MT.
4. Rourkela based manufacturers are offering 80 FeM C-DRI (mix material) at INR 10,800-11,000/MT. While, traders are offering the same material at INR 10,500-10,700/MT (ex-plant).
5. BMM Ispat (Karnataka) kept offers unchanged; 80 FeM P-DRI lump at INR 11,000-11,100/MT and mostly selling material to Jalna and Hyderabad.
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