Indian Sponge Market witness Minor Price Rise

Domestic sponge market today registered a marginal price rise of INR 100-300/MT against yesterday’s trade in East & South regions. However, in Central region it fluctuated by INR 100/MT.

Current offers for 78-80 FeM sponge C-DRI are hovering in the range of INR 16,900-19,000/MT (USD 260-293) basic & ex-works prices.

Manufacturers in Raipur, Chhattisgarh are offering P-DRI in the range of INR 17,000-17,100/MT ex-plant. According to the trade sources, the manufacturers may face selling pressures as induction operators have decrease their purchase of sponge.

Rourkela, Odisha based manufacturers are offering FeM 80 C-DRI mix material in the range of INR 16,900-17,000/MT through CST billing. A manufacturer cum trader reported few deals concluded (FeM 80 C-DRI lumps) to North-east regions at INR 17,200/MT ex-plant and advance payment basis.

A sponge manufacturer in the South region has quoted, “Sponge (DRI) prices are likely to remain range bound or gain slightly as global coal prices started to peak & also Indian Iron ore prices are on firm level”

Notably, South African RB2 coal offers up & currently prevailing at USD 81-82/MT CNF India, which was at USD 74-75/MT in the last week.

Highlights

1.  Raipur based Integrated plants are offering P-DRI at INR 17,000-17,100/MT which is almost similar against offers on 05 Apr’17 at INR 17,000/MT ex-plant.

2.  Durgapur based Rashmi Metaliks & Shyam Sel has kept offers unaltered for P-DRI at INR 17,000/MT- Sources.

3.  Bhaskar Steel in Odisha has increased prices by INR 200/MT; offering FeM 80 C-DRI at INR 17,000/MT & billet at INR 26,600/MT ex-plant through CST billing.

4.  Sunvik Steels, one of the renowned manufacturer in the region has increased offers by INR 300/MT; FeM 80 C-DRI prices at INR 19,200/MT & FeM 82 at INR 19,600/MT ex-plant.

Domestic sponge offers as on 6 Apr’17

Prices in INR/MT
Source: SteelMint Research