Indian sponge offers improved constantly in Aug’16 by upto INR 1,000/MT (8%) on monthly average basis. However in the last couple of months, it changed only by INR 200/MT.
Sponge prices rose significantly due to supply crunch amid seasonal low output and rising coal prices.
SteelMint also assessed that during the last week of Aug’16, Indian sponge was traded at 5 months high levels.
Throughout the month, highest price change of INR 900-1,000/MT was witnessed in east & south regions. However, a slight price improvement of INR 300/MT was recorded in central India (Raipur).
On monthly average basis, 78-80 FeM C-DRI prices are assessed at INR 12,400/MT (+7.82%) ex-Durgapur, INR 12,450/MT (+2.72%) ex-Raipur, INR 11,200/MT (+5.16%) ex-Rourkela and INR 12,150/MT (+4.46%) ex-Bellary.
Monthly average sponge (C-DRI) prices
| Month | Bellary | M-o-M | Durgapur | M-o-M | Raipur | M-o-M | Rourkela | M-o-M |
| Apr’16 | 12,200 | -400 | 12,050 | -400 | 12,900 | -250 | 11,350 | -150 |
| May’16 | 11,650 | -550 | 11,300 | -750 | 12,300 | -600 | 10,700 | -650 |
| Jun’16 | 11,550 | -100 | 11,400 | +100 | 12,100 | -200 | 10,450 | -250 |
| Jul’16 | 11,650 | +100 | 11,500 | +100 | 12,150 | +50 | 10,650 | +200 |
| Aug’16 | 12,150 | +500 | 12,400 | +900 | 12,450 | +300 | 11,200 | +550 |
Prices in INR/MT
Source: SteelMint Research
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