Indian sponge offers on 23rd March’17 reached at INR 16,700-18,700/MT (USD 255-285) ex-works with price gain of INR 100-200/MT D-o-D.
The prices of Sponge in Central & East India rose by INR 1,000-1,500/MT & in South region by INR 2,000-2,500/MT M-o-M due to strong demand and high prices of iron ore & pellet and persistent price rise of substitute like scrap & pig iron.
Odisha & Karnataka based manufacturers mentioned that inquiries are mainly from Western region as there is shortage of scrap & sponge amid high prices. The manufacturers in Bellary sold C-DRI lumps to Maharashtra at around INR 18,300-18,500/MT ex-plant. Similar grade material is being offered by Odisha based manufacturers at INR 17,200-17,400/MT ex-plant.
Central India based manufacturers reported quite a good demand in Sponge P-DRI at INR 17,700-17,900/MT and DR-CLO at INR 19,500-19,700/MT ex-plant. The manufacturers are majorly dealing in the local market.
Although, a producer source in Durgapur, West Bengal reported slight fall in inquiries post increase prices (d-o-d) by INR 200/MT to INR 16,800/MT for P-DRI & INR 17,400/MT for C-DRI. Currently, their manufacturers are maintaining premium of INR 600/MT for C-DRI.
Domestic sponge offers as on 23 Mar’17
| Particulars | C-DRI | D-o-D | W-o-W | P-DRI | D-o-D | W-o-W |
| Ex-Durgapur | 17,400 | + 150 | + 100 | 16,800 | + 100 | + 100 |
| Ex-Rourkela | 16,700 | + 100 | + 300 | 0 | 0 | 0 |
| Ex-Raigarh | 18,000 | + 100 | + 200 | 17,000 | 0 | + 200 |
| Ex-Raipur | 18,700 | 0 | + 100 | 17,750 | + 100 | + 300 |
| Ex-Bellary | 18,400 | + 200 | + 300 | 18,000 | 0 | + 200 |
| Ex-Hyderabad | 18,700 | 0 | + 200 | 18,600 | 0 | + 100 |
Prices in INR/MT
Source: SteelMint Research
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