Indian Sponge Market Trade Log

Indian sponge offers have almost remained firm today with minor price change of INR 50-100/MT D-o-D. Suppliers mentioned, trade volume remain uncertain and willing for bulk deals.

Current offers for 78-80 FeM C-DRI are assessed at INR 14,300-16,500/MT (USD 209-242/MT) & P-DRI at INR 14,200-16,400/MT (USD 208- 240/MT) ex-plant.

South & East India based few medium size sponge producers reported, “due to expensive imported coal amid high price fluctuations they are majorly prefer domestic coal. They added that melting proportion for coal is in mix ratio of domestic as well imported coal.”

Trade Highlights

1. Raipur based an Integrated plant sold out 1,000 MT P-DRI at INR 14,900/MT on 18 Jan in the local market. Moreover, general quote price for same material are at INR 15,000-15,100/MT. Sponge DR-CLO offers in the market are prevailing in the range of INR 16,500-16,800/MT ex-plant.

2. According to the trade participants, Shyam Sel in Durgapur have raise P-DRI prices by INR 100/MT to INR 14,400/MT.

3. Bhaskar Steel and Ferro Alloy Ltd offered 80 FeM C-DRI lumps through CST billing at INR 14,300-14,400/MT. Also offering billet at INR 23,500-23,600/MT ex-plant, Odisha.

4. Sunvik Steels has remained unaltered C-DRI offers. The company is offering 80 FeM at INR 16,250/MT & 82 FeM at INR 16,650/MT ex-plant, Karnataka.

5. Karnataka based BMM Ispat has offered 80 FeM P-DRI at INR 15,400-15,500/MT ex-plant. Other manufacturers in the state namely, Bhadrashree Steels and ILC Iron are offering 80 FeM C-DRI lumps at INR 15,800-15,900/MT ex-plant.

6. Shiv Shakti Steel in Hyderabad has offered 80 FeM C-DRI lump at INR 16,500/MT. The company is also offering billet at INR 26,000/MT (ex-plant).

Domestic sponge offers as on 19 Jan’17

Prices in INR/MT
Source: SteelMint Research