Price corrections continue in Indian sponge market. Today Sponge offers have registered further price corrections of INR 100-200/MT in East and South regions. But in Central India it plunged by INR 300/MT, D-o-D.
Current offers for 78-80 FeM C-DRI are at INR 14,000-14,200/MT ex-Raipur, INR 12,700-12,900/MT ex-Rourkela, INR 13,200/MT in Durgapur, INR 14,700-14,800/MT ex-Bellary & INR 15,600-15,800/MT ex-Hyderbad. While, P-DRI offers are prevailing at INR 12,000-15,200/MT ex-works.
Market participant has mentioned that low buying activities continues in Indian sponge market, the manufacturers are willing for purchase offers instead to quote own offers.
Trade Updates
1. Raipur based large manufacturers are offering P-DRI at INR 12,700-12,900/MT (ex-plant); buying interest reported at around INR 12,500/MT. According to agents, small size manufacturers have concluded few deals for DR-CLO mix material at INR 14,500/MT, however according to the manufacturer the price of sponge at INR 14,700-14,800/MT ex-plant.
2. Smelters in Raipur prefers to purchase P-DRI from Raigarh as they are receiving it at cheaper price by INR 300-400/MT than to purchase it from the local market.
3. According to trade sources, Durgapur based few Integrated plants halted sponge offers as they are not getting any inquiries for the material.
4. Shyam Metaliks in Jharsugda (Odisha) heard offering P-DRI at INR 12,300-12,400/MT ex-plant.
5. Karnataka based Dhruvdesh Metals offered 80 FeM P-DRI at INR 1,4300-14,400/MT ex-plant.
6. Hare Krishna, a 300 TPD sponge manufacturer in Karnataka has offered 80 FeM C-DRI & P-DRI at INR 14,600/MT & INR 14,200-14,300/MT
7. Sunvik Steels in Karnataka kept offers unaltered; offering for 80 FeM C-DRI at INR 15,600/MT & 82 FeM at INR 16,000/MT ex-plant. The plant’s major sales is in western region.
8. Shiv Shakti Steel, a 200 TPD sponge manufacturer in Hyderabad, has offered 80 FeM C-DRI at INR 15,600-15,800/MT ex-plant.
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