Indian sponge prices across major Indian markets have improved further. Few bulk deals have been concluded by large manufacturers after increasing their offers by INR 400-600/MT during this week.
Trade-wise
1. Few Odisha based sponge makers namely Jagannath Sponge, Hari Sponge and Pooja Sponge mentioned that demand from outside states has been continuously supporting Odisha sponge market. They are trading 80 FeM C-DRI lump at around INR 12,000 ex-works (Odisha). Freight from Odisha to Jalna is assessed at INR 1,900-2,000/MT through road.
2. A CG (Raipur) based sponge maker, having 1.2 MnT pellet and 0.8 MnT sponge capacities, has concluded few deals of P-DRI lump at INR 12,2000/MT. While on Saturday, the manufacturer had sold 1,500 MT P-DRI at INR 11,900-12,000/MT, ex-works.
3. A West Bengal based 500 TPD sponge maker said that he has concluded few bulk at INR 12,700/MT for 78 FeM C-DRI mix grade, which he had sold at INR 12,400/MT on Saturday. He also added that the private iron ore miners in Odisha are overbooked at current offers and may increase prices for Jan’16.
3. A south based large sponge maker, BMM Ispat has increased its offers further by INR 200/MT to INR 12,000/MT for 80 FeM P-DRI lump. Earlier, the manufacturer had raised offers by INR 400/MT. Besides, a company’s official mentioned that they are selling most of the material to south-east based induction furnaces.
Current C-DRI and P-DRI prices with premium
| Particulars | P-DRI | W-o-W | C-DRI | W-o-W | Premium |
| Ex-Mandi Gobindgarh | 14,600 | +400 | 15,500 | +200 | 900 |
| Ex-Durgapur | 11,700 | +600 | 12,700 | +850 | 1,000 |
| Ex-Rourkela | 10,900 | +100 | 12,000 | +550 | 1,100 |
| Ex-Raipur | 12,250 | +700 | 13,600 | +1,150 | 1,350 |
| Ex-Bellary | 11,550 | +200 | 12,250 | +50 | 700 |
Prices in INR/MT
Sources: SteelMint Research
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