East India domestic sponge makers today have increased their offers by INR 100-200/MT against the last day trade. However, south market offers slipped by INR 50-100/MT D-o-D (Day on day).
Presently, domestic offers for C-DRI FeM 78-80 are assessed in the range of INR 14,000-16,000/MT (USD 207-238/MT) ex-works. While, export offers by East Indian based manufacturers for lumps, phosphorus below 0.5% and bag packing are prevailing at USD 235-240/MT CNF Benapole port Bangladesh.
Overview of key markets
Raipur: P-DRI, Sponge Pellet, prices in the market is trading in the range of INR 14,100-14,300/MT ex-plant. Whereas C-DRI, Sponge iron, FeM 80 FeM are at INR 15,500-15,700/MT ex-plant. C-DRI DR CLO grade FeM 82% offers have remained firm at INR 16,100-16,300/MT.
Durgapur: Shyam Sel heard to offering P-DRI at INR 13,700-13,800/MT; rise by INR 100-200/MT against last day trade. Another manufacturer in the market is offering C-DRI at INR 14,200-14,300/MT; no trade activities have been assessed at this offer price.
Rourkela: The manufacturers reported demand of sponge iron is good against the scrap shortage in North India. Which led to rise in prices by INR 200/MT to INR 14,100-14,300/MT for FeM 79-80 C-DRI mix material.
Bellary: At present, offers for FeM 80 P-DRI are in the range of INR 14,500-14,700/MT. While, the same grade C-DRI is available at INR 14,800-15,000/MT on ex-plant basis. In line Hyderabad billet offers also down by INR 500/MT to INR 24,500/MT ex-works.
Trade Highlights
1. Raipur P-DRI trade qty 3,000 learned at average price of INR 14,200/MT whereas offers are standstill at INR 14,300-14,400/MT. C-DRI DR CLO fines grade trade learned at INR 15,800-15,900/MT.
2. Bhaskar Steel and Ferro Alloy Ltd offered FeM 80 C-DRI lump through CST billing at INR 14,000/MT. Also offering billet at INR 22,600/MT ex-plant (Odisha).
3. BMM Ispat, a key supplier of sponge iron in South India has cut prices by INR 300-400/MT to INR 14,700/MT (ex-plant) for FeM 80 P-DRI.
4. A day before, Sunvik Steels in Karnakata has reduced prices by INR 200/MT. Offering FeM 80 & 82 C-DRI are at INR 14,900/MT and INR 15,300/MT ex-plant.
5. Prakash Sponge a prime grade sponge manufacturer has also reduced prices; offering FeM 80 C-DRI lump at INR 14,800/MT, ex-plant.
Domestic sponge offers as on 07 Feb’17
| Particulars | C-DRI | D-o-D | W-o-W | P-DRI | D-o-D | W-o-W |
| Ex-Durgapur | 14,200 | + 150 | + 500 | 13,700 | + 150 | + 350 |
| Ex-Rourkela | 14,100 | + 200 | + 300 | 0 | 0 | 0 |
| Ex-Raipur | 15,600 | 0 | + 400 | 14,250 | – 100 | + 200 |
| Ex-Bellary | 14,850 | – 50 | – 150 | 14,650 | 0 | -50 |
| Ex-Hyderabad | 15,900 | 0 | – 100 | 15,750 | 0 | 0 |
Prices in INR/MT
Source: SteelMint Research
Leave a Reply