Sponge Iron prices in Durgapur (West Bengal) improved by almost INR 800/MT in a Week’s time
Domestic prices for Sponge is showing an uptrend, with prices rising by INR 100-200/MT daily. In Durgapur higher offers from Pellet manufacturers forced Sponge pellet manufacturer’s to increase their offers by INR 800/MT on a W-o-W basis. Present offer for Sponge pellet is at INR 19,000/MT and for sponge iron is INR 20,000/MT. Whereas, basic price for MS Scrap (Heavy Melting) in Durgapur remained stable at INR 24,200/MT.
In South India as well, high Iron ore bids by JSW has increased the domestic prices by INR 400-500/MT. Sponge Pellet offer at around INR 18,500-18,800/MT.
Raipur (Central India): In contrary to East and South Market, prices in Raipur are under pressure owing to oversupply as compare to limited MS Ingot/Billet production. Current offers for Sponge Iron at around INR 20,100-20,200/MT FeM 80 in advance payment. Similarly, Sponge Pellet offers at around INR 18,900-19,000/MT.
This sentiment may reverse any time. SteelMint learned that good conversion from Sponge Iron to MS Ingot (INR 8,500/MT) and improved availability of Sponge Iron in the region can trigger the Ingot/Billet production.
Conversion Table from Sponge Iron to MS Ingot
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