Indian Sponge Market Day-on-Day Updates

Today, domestic sponge market opened with a minute price change of INR 50/MT against last day trade. Less number of sellers at lower prices has supported domestic sponge offers.

Currently, 78-80 FeM C-DRI prices are hovering in the range of INR 10,550-13,000/MT and P-DRI within INR 10,200-12,600/MT ex-plant.

Manufacturers from east & south India quoted, “ Buying activities are good since a week. Sponge prices may sustain at the current level. As of now, we are not willing to reduce our prices”.

Domestic sponge offers as on 30 Jun’16

Prices in INR/MT
Source: SteelMint Research

Key highlights

1. Sponge DR CLO lump in Raipur sold at INR 12,700/MT. Few large manufacturers have kept P-DRI offers unchanged at INR 10,800/MT.
2. Sponge prices in Raigarh are supportive as few plants are under maintenance. Also, higher sponge offers in Odisha have supported sponge prices in Raigarh.
3. Sources reported that Shyam Sel and Rashmi Metaliks, who are the price trend deciders in Durgapur, have increased offers today by INR 100-200/MT to INR 10,300-10,400/MT for P-DRI.
4. Odisha based 750 TPD sponge manufacturer, Jay Jagannath Steel & Power sold 500MT 80 FeM C-DRI lumps to north at INR 10,800/MT ex-plant.
5. Shiv Shakti Steel, a 200 TPD sponge manufacturer in Hyderabad, sold 80 FeM C-DRI lump at INR 13,000/MT ex-plant. Also, the company is offering billet at INR 22,300/MT ex-plant.
6. Prakash Sponge, a prime grade sponge maker in Karnataka, sold 80 FeM C-DRI lump at INR 12,300/MT. Mostly deals had concluded to Hindupur and Silvasa. An another sponge manufacturer in the region namely Yeshashvi Steel & Alloys is also offering the same material at the similar price.