Indian Sponge iron (DRI) producers have raised their offers by Rs 200-300/MT on improved demand and rising steel prices.
Indian steel prices have gained momentum in both physical and futures market after primary steel producers like TATA and SAIL hiked their steel prices in the beginning of February.
“Sponge iron demand is good at the moment, but how long will it sustain is difficult to comment.”
It is interesting to see that prices have gone up only for raw material and semi finished and not for finished steel”, said a sponge broker based in Raipur (Chattisgarh).
Current sponge prices
RAIPUR= Rs 24,000++
RAIGARH= Rs 22,800++
ROURKELA=
Rs 22,600++
DURGAPUR=
Rs 26,400*
HYDERABAD=
Rs 22,000++
BELLARY= Rs 21,000++
++ Basic prices, ED taxes Ext
* Including all prices
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