Indian Sponge Offers Surge Over Positive Sentiments

Domestic sponge market has registered price rise on prevailing positive sentiments amid improved demand. On D-o-D prices surge by INR 100-400/MT.

Today offers for FeM 78-80 C-DRI are hovering in the range of INR 15,800-17,800/MT (USD 245-275) ex-works.

In raw material, global coal (RB2 South African) is assessed at USD 81-82/MT CNF India & Indian Iron ore prices remain firm currently. While prices for substitute products that is melting scrap also rose by INR 200-500/MT, W-o-W

Premium between C-DRI and P-DRI in central India has unaltered to INR 1,000-1,100/MT, W-o-W. In East region, it remain stable to INR 600-700/MT and South to INR 400/MT.

Trade Highlights

1. Raipur based Integrated plants offering FeM 80 P-DRI at INR 16,200/MT ex-plant, which was largely traded at INR 15,800-16,000/MT yesterday.

2. Bhaskar Steel in Odisha has increased prices by INR 200/MT; offering FeM 80 C-DRI at INR 16,300-16500/MT. Also offering billet at INR 27,000/MT ex-plant through CST billing.

3. Maharashtra based smelters purchased FeM 80 P-DRI from Bellary at INR 18,300-18,500/MT FOR Jalna, trade participant shared. Also added they are getting offer of same material at INR 18,700/MT FOR Jalna from Rourkela, Odisha.

4. Sunvik Steels in Karnakata have kept offers unaltered; offering 80 & 82 FeM C-DRI are INR 17,700/MT and INR 18,100/MT ex-plant.

5. BMM Ispat has open fresh offer for FeM 80 P-DRI at INR 17,500/MT , ex-plant (Karnataka).

6. Apple Industries is offering billet at INR 27,800/MT and sold 80 FeM C-DRI lump at INR 17,200/MT ex-plant, Karnataka. The manufacturer is mostly selling material to nearby markets like Hindupur and Bangalore.

Domestic sponge offers as on 25 Apr’17

Prices in INR/MT
Source: SteelMint Research