Today, Indian sponge market have reported another price hike of INR 150-400/MT. Manufacturers in East & South regions added, purchase inquiries continue to strong from the out of states.
Currently, the manufacturers in East regions (Odisha & West Bengal) are receiving bookings from the North-East & Western India. Similarly, as it is heard South (Karnataka) based manufacturers sold bulk quantities of sponge to West India (Maharashtra).
From East to North & Western India via road freight charges are in the range of INR 2,800-3,500/MT. While it is lower from South to Western India which is at INR 1,300-2,000/MT.
Offers for 78-80 FeM C-DRI are reported at INR 15,500-15,700/MT in Durgapur (West Bengal), INR 14,400-14,600/MT in Rourkela (Odisha) & INR 16,000/MT in Bellary (Karnataka); ex-works through CST billing.
Trade Updates
1. Raipur based manufacturers in the last month shifted to P-DRI as they got lucrative local pellet offer (INR 4,200-4,400/MT), approx 1.1 lakh pellet quantity were sold at this price. And also the manufacturers were holding purchases of DR-CLO & Iron ore to create pressure on pricing. However, they have resumed purchases considering selling pressure in P-DRI in Raipur market.
2. Shyam Sel in Durgapur have increased prices for P-DRI by INR 200-300/MT to INR 15,200/MT.
3. Sunvik Steels in Karnakata has kept offers unchanged. Offering 80 & 82 FeM C-DRI is at INR 15,550/MT and INR 15,950/MT ex-plant.
4. BMM Ispat in Karnataka has offered 80 FeM P-DRI lumps at INR 15,400-15,500/MT ex-plant (Karnataka).
5. Karnataka based ILC Iron & Steel (350 TPD) has offered 80 FeM C-DRI lumps at INR 16,000/MT, ex-plant. An official also added few deals concluded to Jalna.
6. Hare Krishna, a 300 TPD sponge manufacturer in Karnataka has increased offer of 80 FeM P-DRI lumps by INR 400-500/MT to INR 15,500/MT ex-works.
7. Shiv Shakti Steel, a 200 TPD sponge manufacturer in Hyderabad sold 80 FeM C-DRI lumps at INR 17,000/MT. The company is also offering billet at INR 27,000/MT ex-plant.
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