Domestic sponge market has registered a price rise of INR 50-300/MT in central and east regions. However, offers in south India remained firm.
Today, 78-80 FeM C-DRI prices are accessible in the range of INR 11,150-13,200/MT and P-DRI within INR 10,400-12,850/MT ex-plant.
Trade participants mentioned that prices in east region (Durgapur and Rourkela) have increased due to short supply of iron pellets, which has supported sponge offers. While in central India, limited merchant suppliers are providing support to sponge market.
Rourkela based manufacturers are offering 80 FeM C-DRI (70:30) at INR 11,100-11,200/MT for local buyers and INR 11,400-11,500/MT through CST billing. However, the same grade material is being traded at INR 12,300-12,500/MT ex-Raipur and INR 12,500-12,600/MT ex-Durgapur.
There has been no price movement in south since a week time. Karnataka based manufacturers have sold 80 FeM P-DRI at INR 11,800-12,000/MT. While in Hyderabad, the same grade material is being traded at INR 12,800-12,900/MT ex-plant.
Premium between C-DRI and P-DRI in central India has increased to INR 1,200/MT, which was INR 1,150/MT last week. While in east region, it narrowed down by INR 150/MT to INR 850/MT and south to INR 300-500/MT.
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