Domestic sponge market has opened today with a slight price corrections of INR 50-100/MT. Whereas in south India, prices remained stable. Current sponge iron (C-DRI) offers are assessed in the range of INR 10,500-12,600/MT and P-DRI within INR 10,450-12,200/MT.
Raipur based sponge makers are trading material at INR 100-200/MT cheaper than the quoted offers, reported few induction operators. Current offers in Raipur are assessed at INR 10,700-10,900/MT for P-DRI, INR 12,000-12,100/MT for CDRI mix and INR 12,800-13,000/MT for DR CLO (0-20 mm). Here, manufacturers are also buying C-DRI from Odisha at INR 11,600-11,800/MT, landed to Raipur (prices are including all; ED excluded).
In Durgapur, sponge offers are assessed at INR 10,400-10,500MT for P-DRI and INR 11,400-11,500/MT for C-DRI (78 FeM); have down by INR 100/MT.
Sponge market in Odisha remains weak due to low sales volume. Here, manufacturers are offering 80 FeM mix material at INR 10,800/MT for outside state buyers. While for local buyers, offers are evaluated at INR 10,500-10,600/MT (ex-plant).
However, south based sponge market remains steady. At present, offers for 80 FeM P-DRI are in the range of INR 11,100-11,300/MT. While, the same grade C-DRI is available at INR 11,600-11,800/MT on ex-plant basis. Meanwhile, billet offers in Hyderabad fell by INR 200/MT to INR 22,000/MT, which in turn may impact sponge prices in days to come .
Premium between C-DRI and P-DRI in central India has narrowed down to INR 1,100/MT, which was INR 1,300/MT last week. In east region, it remained firm to INR 1,000/MT and south to INR 300-400/MT.
Leave a Reply