Today, Domestic sponge offers have registered price change of INR 100-300/MT. Current offers for C-DRI are prevailing at INR 12,600-15,200/MT (US$ 185-225) ex-works.
Sponge manufacturers in Central & East India reported mix response from the buyers end on subdued trade activities.
Moreover, trade participants have mentioned that, sponge prices may soon come under pressure as supply remain healthy but demand has reduced due to less production of Ingot/billet. The fresh plunge in Iron ore prices also, may soon impact the Indian sponge prices.
Trade Highlights
1. Raipur based Integrated plants have kept offers firm for P-DRI at INR 13,200/MT ex-plant. According to sources the trading material are in the range of INR 13,000-13,100/MT. Manufacturers of Ingot/billet in Raipur have mentioned that they prefer sponge from Raigarh & Rourkela due to cheaper prices.
2. Large manufacturers in Durgapur namely Shyam Sel and Rashmi Metaliks heard of an increase in sponge prices by INR 100-200/MT, D-o-D. Current offers in the market for P-DRI at INR 13,600-13,700/MT & C-DRI at INR 14,100-14,200/MT.
3. Mahakali Ispat from Odisha is offering 80 FeM C-DRI at INR 12,900-13,000/MT on CST billing, ex-plant (Bonai).
4. Karnataka based BMM Ispat sold 80 FeM P-DRI at INR 13,800-13,900/MT ex-plant. Another plant in the same place namely Dhruvdesh Metals offered same material at INR 13,700/MT ex-plant.
5. Sunvik Steels in Karnataka offered 80 FeM C-DRI at INR 14,100/MT & 82 FeM at INR 14,600/MT ex-plant.
6. Cauvery Iron & Steel offers 80 FeM P-DRI lump & billet at INR 15,000/MT & INR 24,500/MT ex-plant, Hyderabad.
7. Amoda iron & steel ltd (450 TPD) is offering 75 FeM C-DRI lump at INR 14,000-100/MT ex-plant, Hyderabad.
8. Premium between C-DRI and P-DRI in Central India has increased to INR 1,100/MT, which was INR 850/MT last week. In East region, it remain stable at INR 200-500/MT and South at INR 300-500/MT.
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