On daily basis, sponge offers remains marginally changed. However, weak demand are pressurizing domestic sponge makers to reduce prices.
Sponge manufacturers in central & east India have cut prices by INR 100-300/MT against last day trades. However, in south region it remain unchanged. Presently, 78-80 FeM C-DRI prices are hovering in the range of INR 12,700-15,000/MT (USD 190-225) ex-works.
Central India: large manufacturers in Raipur are offering P-DRI in the range of INR 12,500-12,600/MT ex-plant. However in the last week the manufacturers have concluded few bulk deals of around 20,000 MT at the price range of INR 12,800-13,000/MT ex-plant. According to sources the manufacturers are not willing to sell material at lower prices, they are in wait and watch mode.
East India: Rourkela based few small size manufacturers have kept their offers firm at INR 12,800-13,000/MT ex-plant. According to trade sources the manufacturers are not getting any bulk bookings at this quote prices. P-DRI offers in Jharsugda are prevailing at INR 11,700-11,800/MT; down by INR 200-300/MT D-o-D.
A manufacturer in Jharsugda reported, few bulk deals have been concluded for P-DRI to Maharashtra (wada) at the price range of INR 11,800-11,900/MT on yesterday; freight to wada at around INR 1,900/MT.
Shyam Sel, one of the renowned manufacturer in Durgapur have kept offers unaltered at INR 13,000-13,100/MT for P-DRI & INR 13,800/MT for C-DRI. A official from the company reported, trades are average at current prices.
South India: In Karnataka, BMM Ispat has kept its offers unchanged at INR 13,600/MT for P-DRI. However, C-DRI offers by other large manufacturers at INR 14,000-14,200/MT ex-plant.
In outlook, market players are hopeful about slight price fluctuation in Indian sponge market looking at higher coal prices and less selling interest by large sponge manufacturers to decrease prices.
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