The imposition of MIP on certain steel products has brought some relief to Indian steelmakers. Prices of sponge iron in domestic market now seems to be rising continuously. Today, sponge manufacturers have increased their offers by INR 400-800/MT across major markets.
Presently, 78-80 FeM C-DRI prices are hovering in the range of INR 12,000-14,400/MT and the same grade P-DRI offers within INR 12,100-13,100/MT.
Current C-DRI prices with D-o-D changes
| Particular | Grade (FeM) | Prices | D-o-D | W-o-W |
| Ex-Mandi Gobindgarh | 78 +/-1 | 15,900 | +800 | +2,100 |
| Ex-Durgapur | 78 +/-1 | 13,600 | +100 | +2,550 |
| Ex-Rourkela | 78 +/-1 | 12,000 | +450 | +1,950 |
| Ex-Raigarh | 80 +/-1 | 12,600 | +400 | +1,600 |
| Ex-Raipur | 80 +/-1 | 14,400 | NA | +2,950 |
| Ex-Bellary | 78 +/-1 | 12,400 | +550 | +1,700 |
Prices in INR/MT
Source: SteelMint Research
Trade-wise
1. A Raipur based sponge manufacturer hold offers on Saturday. P-DRI is heard to be traded (VAT paid) at INR 13,100/MT and DR CLO (80 FeM) C-DRI lump at INR 14,900/MT (ex-works; advance payment).
2. BMM Ispat, a large sponge manufacturer in Karnataka, is offering 80 FeM P-DRI at INR 12,200/MT, ex-plant.
3. Prakash Sponge has increased its prices and offering 78 FeM C-DRI lump at INR 12,400/MT, ex-plant (Karnataka).
4. Bhadrashree Steel & Power is offering 80 FeM C-DRI lump at INR 13,000/MT, ex-plant (Karnataka).
5. Odisha miner, Rungta Mines has recently reduced its iron ore fines prices by INR 150/MT.
6. Pellet makers in Raipur have increased their offers by INR 350/MT W-o-W.
7. JSW and Kalyani Steel in an interview said that MIP should be imposed on imported scrap and hot briquetted iron as it will create condition of surplus cheaper material and in turn wipe out the benefits of MIP. However, the government’s officials does not given any remark on this.
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