Sponge iron prices have headed for 4th weekly gain. Supported by low availability of scrap, continue price rally in MS billet and improved finish steel buying across Indian market, offers have been rising since 3-4 weeks.
This week, market has shown recovery of INR 200-600/MT in sponge prices. Major price hike is witnessed in Raipur (+650) and Durgapur (+600), followed by Rourkela (+350) in a week. Current offers for 78-80 FeM C-DRI are prevailing at INR 13,500/MT ex-Durgapur, INR 14,300/MT ex-Raipur, INR 12,300/MT ex-Rourkela and INR 12,800/MT ex-Bellary.
Meanwhile, 78-80 FeM P-DRI is being traded in the range of INR 11,800-13,000/MT, with a price rise of INR 200-400/MT across major markets.
Few pellet makers in eastern India have also raised pellet offers by upto INR 250/MT M-o-M. However, buying continues to remain weak.
Current C-DRI and P-DRI with premium
| Particular | Grade (FeM) | C-DRI | W-o-W | P-DRI | W-o-W | Premium |
| Ex-Duragpur | 78 | 13,500 | +600 | 12,500 | +600 | 1,000 |
| Ex-Rourkela | 78 | 12,300 | +350 | 11,900 | +200 | 400 |
| Ex-Raipur | 80 | 14,300 | +650 | 13,000 | +550 | 1,300 |
| Ex-Bellary | 78 | 12,800 | +300 | 11,800 | +100 | 1,000 |
Prices in INR/MT
Source: SteelMint Research
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