Today, sponge offers in major markets like Raipur and Rourkela are unaltered. While in Durgapur, offers have gained by INR 100-200/MT owing to improved ingot export demand.
Presently, 78-80 FeM C-DRI prices are hovering in the range of INR 10,950-12,700/MT and P-DRI within INR 11,250-12,550/MT ex-works.
Price trend decider in Durgapur namely Shyam Sel and Rashmi Metailks have increased offers today by INR 200/MT to INR 11,300-11,400/MT for P-DRI. Following the price rise by large manufacturers, small size merchant sponge sellers have also risen their offers by INR 200/MT to INR 12,300/MT for C-DRI and INR 11,300/MT for PDRI.
Sponge offers in Raipur remain firm despite plants closure by merchant ingot/billet manufacturers. Sponge manufacturers are not willing to cut offers as few trades are taking place at current offers. Also, the manufacturers are eyeing to complete previous CST bookings. Current offers for P-DRI are assessed at INR 11,400/MT, C-DRI at INR 12,300-12,500/MT and DR-CLO at INR 13,200-13,400/MT for mix material.
Offers in Odisha remain strong as trades are healthy at current offers. Also, anticipated rollover in iron ore prices by miners has raised the confidence of manufacturers.
In south (Karnataka), 80 FeM P-DRI is trading at INR 11,500-11,600/MT and C-DRI at INR 12,000-12,100/MT. As per manufacturers, demand is not supportive at present due to prevailing stability in billet prices in the market. They further added that offers may soon improve, if buying comes from the outside states. Moreover, few large plants are also under maintenance that has created short supply too.
Premium between C-DRI and P-DRI in central India has increased to INR 1,000/MT, which was INR 900/MT last week. In east region, it remained firm to INR 1,000/MT and south to INR 200-500/MT.
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