Indian sponge offers have remained firm today. While, billet market reported a price correction of INR 200/MT.
Today, sponge manufacturers have reported little price change of INR 50-100/MT against the last day trade. Suppliers reported moderate trade activities at current offers for C-DRI at INR 14,000-16,600/MT (USD 205-245) ex-works.
In context to raw materials, Iron ore prices gain by INR 100-300/MT for Jan’17. While, coal (RB2) offers were down at USD 79/MT CNF India.
Trade Highlights
1. Raipur offers are prevailing at INR 14,500-14,600/MT, no major deals reported on this offer.
2. According to the sources, Durgapur based Rashmi Metalicks kept the offers firm, P-DRI offers at INR 14,300-14,400/MT.
3. Rourkela based manufacturers are offering C-DRI mix material at INR 13,900-14,100/MT through CST billing. Manufacturer in the market are anticipating sponge prices to remain strong due to rising iron ore price as well positive sentiments in the market.
4. Sunvik Steels in Karnakata have kept offers unaltered; offering 80 & 82 FeM C-DRI are INR 16,250/MT and INR 16,650/MT ex-plant.
5. BMM Ispat in Karnataka has kept offers unchanged; 80 FeM P-DRI offers are at INR 13,300-13,400/MT ex-plant.
6. ILC Iron & Steel,a 350 TPD sponge manufacturer from Karnataka is offering 80 FeM C-DRI lump at INR 15,700-15,800/MT ex-plant
Domestic sponge offers as on 12 Jan’17
| Particulars | C-DRI | D-o-D | W-o-W | P-DRI | D-o-D | W-o-W |
| Ex-Durgapur | 14,800 | + 50 | -600 | 14,350 | 0 | -500 |
| Ex-Rourkela | 14,000 | 0 | -300 | 0 | 0 | 0 |
| Ex-Raipur | 15,600 | + 100 | -600 | 14,550 | 0 | -550 |
| Ex-Bellary | 15,600 | + 100 | -300 | 15,250 | + 50 | -250 |
| Ex-Hyderabad | 16,550 | + 50 | -450 | 16,450 | – 50 | -50 |
Prices in INR/MT
Source: SteelMint Research
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