Indian sponge offers today reached at INR 13,600-15,800/MT (US$ 200-235) ex-works with price gain of INR 200-500/MT D-o-D & INR 1,000-1,900/MT W-o-W. The manufacturers are cheerful as prices of raw materials like Iron ore & Coal are almost remained firm, while produced material (Sponge) is being traded at premium high prices.
The manufacturers in major markets added that they can resume their productions fully fledged, if prices as well as demand continue to be strong in coming days.
Odisha & Karnataka based manufacturers mentioned that inquiries mainly are from western region as there is shortage of scrap amid high prices. The manufacturers in Odisha sold C-DRI lumps to Maharashtra at INR 14,200/MT ex-plant. Similar grade material is being offered in Karnataka at INR 15,000/MT ex-plant.
Central India based manufacturers reported healthy bookings in opening hours today for Sponge P-DRI at INR 14,300-14,500/MT and DR-CLO at INR 16,000-16,300/MT ex-plant. Thus, the manufacturers have further raise prices in 2nd half today. The manufacturers are dealing mostly in local market and few quantity is being traded to U.P & Maharashtra.
Source: SteelMint Research
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