Indian sponge manufacturers have further raise their prices by INR 200-400/MT D-o-D on account of improved demand amid less supply for the material. Higher offers of other substitute products like scrap are also somehow supporting Indian sponge market.
Today, offers for 78-80 FeM C-DRI are hovering in the range of INR 14,200-15,700/MT (USD 212-234/MT), which was at INR 14,000-15,600/MT (USD 208-235) on 14 Feb’17.
Few large manufacturers in South & East India reported bulk deals through CST billing post hike their prices by INR 400-800/MT in this week. In present time, the South based manufacturers are selling material to Western India & East India is being supply to Central region.
A sponge manufacturer located in Bellary (South India) quoted, “We haven’t sold sponge iron during last week due to low Output in term of cost and when the prices were prevailing at INR 14,500-14,700/MT, as of now we are dealing it at INR 15,200-15,300/MT for FeM 80 C-DRI lumps.”
Renowned Sponge Manufacturers Increased Offers
1. Raipur based Bajrang Steel & Power an Integrated plant have sold out P-DRI at INR 14,800-14,900/MT and closed its sale for the material.. Similar grade material in the opening hours yesterday were traded at INR 14,600-14,700/MT ex-plant
2. Rashmi Metaliks in Durgapur has offered C-DRI at INR 15,000-15,100/MT. The trade sources in the market reported short supply for the material due to logistic issue to source Iron ore from Odisha.
3. Singhal Steel, a large semi finish maker with current billet production of 600 MT per day in Raigarh, sold C-DRI (0-20 mm) at INR 15,200/MT ex-plant (Raigarh), an official reported.
4. BMM Ispat from Karnataka increased offers by INR 300/MT. Current offers for FeM 80 P-DRI lumps is at INR 15,000/MT ex-plant
5. Sunvik Steels in Karnataka increased sponge prices by INR 300/MT; offering FeM 80 C-DRI at INR 15,200/MT & FeM 82 at INR 15,600/MT, ex-plant.
6. ILC Iron & Steel,a 350 TPD sponge manufacturer from Karnataka hike offers for FeM 80 C-DRI lump by INR 300-400/MT to INR 15,200-15,300/MT ex-plant
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