Indian Sponge prices have gained some strength as few big integrated steel plants have started buying Sponge iron from open market.
Trade participants mentioned that some noticeable trades took place in Eastern region by a big integrated steel manufacturer.
Sponge iron prices have moved up by INR 200-300/MT owing to increasing supply crunch in the market.
However, prices in Bellary continue to remain unchanged as a lot of furnaces are running under utilization in Maharashtra and Andhra Pradesh.
With monsoon coming to an end in India, people are anticipating some buying interest to come back. This will give support to steel prices.
Only threat for Indian steel market is consistent Re-bar imports from Chinese market at a very competitive price.
Sponge Offers as on 16 Aug, 2014
|
Place |
Grade |
C-DRI |
P-DRI |
Remarks |
|
Rourkela |
78-80 |
20,000 |
– |
80 FeM Sponge iron selling at INR 21,800/MT delivered to Raipur |
|
Jharsugda |
78-80 |
– |
19,600 |
Shyam Metalics offering Pellet sponge at INR 19,600/MT |
|
Raigarh |
79-80 |
21,900 |
20,000 |
Limited sellers in the market owing to pending dispatches and short supply of Iron ore |
|
Raipur |
79-80 |
22,100 |
20,500 |
Sponge iron & Pellet sponge offers increased by INR 200/MT from last trade |
|
Durgapur |
79-80 |
21,000 |
19,400 |
Sponge prices are stable from last 4-5 days |
|
Bellary |
75 |
19,000 |
18,000 |
Prices remain unchanged on account of dull buying from Maharashtra as manufacturers have reduced the production of Ingot, Billet & Re-bars |
|
Hyderabad |
77 |
– |
19,200 |
Prices improved by INR 200/MT for Ingot, Billet & Pellet sponge |
Basic prices; ED at 12.36%; VAT as applicable
Next day/advance payment
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