Today, domestic sponge market has registered a minor price corrections of INR 50-200/MT in central and southern regions. However, offers uptick by INR 100/MT in east India (Durgapur). Currently, 78-80 FeM C-DRI offers are hovering in the range of INR 10,400-12,800/MT and P-DRI within INR 10,200-12,400/MT.
Raipur based large P-DRI manufacturers have kept their offers unchanged at INR 10,800/MT (ex-plant). C-DRI DR CLO grade FeM 82% offers have also remained firm at INR 12,600-12,800/MT. Market participants reported that manufacturers are reluctant to cut their offer below this level due to few P-DRI producers and limited outstation supply amid rainy season.
Sponge market in Odisha remained weak due to low sales volume. Here, manufacturers are offering 80 FeM mix material at INR 10,500-10,700/MT for outside state buyers. While for local buyers, offers are evaluated at INR 10,300-10,400/MT (ex-plant).
On the flip side, sponge offers in south market have moved down by INR 100-200/MT against the last day trade.
A Bellary based sponge maker quoted, “Demand for sponge iron has been low since last week. Moreover, trade movements are also weak and prices are likely to remain under pressure”.
Premium between C-DRI and P-DRI in central India has narrowed down to INR 950/MT, which was INR 1,050/MT last week. In east region, it remained firm to INR 1,000/MT and south to INR 300-400/MT.
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