Domestic sponge offers today have touched to almost 5-month high level in Raipur, Durgapur, Rourkela and Bellary. The same prices were last seen in the 1st week of Apr’16.
Increasing coal prices and mismatched demand-supply chain have supported sponge market.
Currently, 78-80 FeM C-DRI is being traded at INR 12,800/MT ex-Raipur, INR 12,700-12,900/MT in Durgapur, INR 11,600-11,800/MT ex-Rourkela and INR 12,800-12,900/MT ex-Bellary.
Trade participants expect that prices will remain strong on account of anticipated further price hike in coal and iron ore within Indian and global markets.
Leave a Reply