Indian sponge offers rose by upto INR 500/MT D-o-D and INR 500-1,100/MT W-o-W on account of short supply. Higher offers of other substitute products are somehow supporting Indian sponge market.
Today, offers for 78-80 FeM C-DRI have reached at INR 15,300-15,500/MT ex-Raipur, INR 14,000-14,200/MT ex-Rourkela, INR 13,700-13,800/MT ex-Durgapur and INR 15,500-15,600/MT ex-Bellary. Meanwhile, P-DRI offers are hovering in the range of INR 13,200-16,000/MT ex-works.
Sponge makers in central & south India are majorly selling material to Maharashtra & Rajasthan. While, east based manufacturers are supplying material to north India. It seems that shortage of scrap in major scrap consuming states may further support Indian sponge trades.
According to sources, few large manufacturers in south region namely ILC Iron & Steels, Rayen Steels, Sunvik Steels, Prakash Sponge and Dhruvdesh Metasteel have been increasing their offers since last 3-4 days.
Source: SteelMint Research
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