Domestic sponge manufacturers have increased their offers yesterday by INR 200-500/MT against Saturday closing, especially in south region. End of the fiscal year along with low production and shortage of raw material are supporting prices in the region.
Eastern market like Rourkela has reported an uptick of INR 200/MT D-o-D in sponge prices. However, other markets have remained almost stable with minute changes.
Presently, 78-80 FeM C-DRI prices are assessed in the range of INR 11,300-14,000/MT and the same grade P-DRI offers are within INR 11,350-13,200/MT.
C-DRI & P-DRI prices with premium
| Particular | C-DRI | D-o-D | P-DRI | D-o-D | Premium | 1 week earlier premium |
| Ex-Durgapur | 12,650 | + 50 | 11,600 | – 50 | 1,050 | 950 |
| Ex-Rourkela | 11,300 | + 200 | NA | NA | NA | NA |
| Ex-Raigarh | 12,300 | – 50 | 11,350 | 0 | 950 | 1,000 |
| Ex-Raipur | 13,400 | + 50 | 12,150 | 0 | 1,250 | 1,200 |
| Ex-Bellary | 12,500 | + 500 | 11,900 | + 350 | 600 | 750 |
| Ex-Hyderabad | 14,000 | + 500 | 13,200 | + 200 | 800 | 500 |
Prices in INR/MT
Source: SteelMint Research
Current trade dynamics
1. Prakash Sponge in Karnataka has opened 78 FeM C-DRI lump offers with a rise of INR 800/MT at INR 12,800/MT. However, no deals have been concluded at this offer. The company also reported shortage of C-DRI in the market.
2. BMM Ispat (Karnataka) is offering 80 FeM P-DRI lump at INR 12,200-300/MT ex-plant. Offers have moved up by INR 200-300/MT against last week.
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