In spite of falling Billet & Ingot prices across India, Sponge iron manufacturers have managed to hold offers primarily owing to short supply of Iron ore.
Sponge iron contributes almost 25% of India’s crude steel production, whereas Scrap contributes about 15%. Speaking to Sponge iron manufacturers, it has been assessed that prices likely to remain stable in coming weeks, giving some support to Steel prices.
Sponge Offers as on 28 Jul, 2014
|
Place |
Grade |
C-DRI |
P-DRI |
Remarks |
|
Rourkela |
78-80 |
19,200 |
– |
Offers increases by INR 100-200/MT from last trade |
|
Jharsugda |
79-80 |
– |
18,500 |
Most of manufacturers hold sales owing to shortage of material |
|
Raigarh |
79-80 |
20,700 |
19,000 |
Singhal offers Sponge (80 FeM, Lumps) at INR 20,800/MT |
|
Raipur |
80 |
21,200 |
19,500 |
Offers up by INR 100/MT; plants operating at low capacities |
|
Durgapur |
78 |
20,700 |
19,200 |
Prices increases by INR 200/MT on unavailability of Iron ore |
|
Bellary |
75 |
19,600 |
18,000 |
Offers unchanged; BMM offers 75 FeM P-DRI at INR 18,000MT |
|
Hyderabad |
77 |
– |
19,500 |
Prices marginally down by INR 100-200/MT |
Note: All prices are basic in INR/MT on Ex-Plant basis
Note: Monthly average prices till 24 Jul, 2014
All prices are of 78-80 FeM; Bellary prices for 75 FeM
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