Domestic sponge market has registered a price rise of INR 400-700/MT in Central and East regions, D-o-D. However, offers in South India remained firm.
Presently, domestic offers for C-DRI are assessed in the range of INR 12,600-15,000/MT (US$ 185-220). While, export offers for lumps are prevailing at US$ 235-245 FOB, East coast.
Increasing Ingot/billet offers led to support Indian sponge market. In context to raw materials, imported coal & domestic Iron ore prices are firm currently.
A Sponge supplier from South (to West India) quoted, “payment exchange is normalizing as currency flow has improved in the market, but waiting for Demand-Supply gap to recover”
Trade Updates
1. Raipur based manufacturers heard of getting bookings for Maharashtra (West India). The manufacturers are offering P-DRI at INR 13,400-13,600/MT, C-DRI at INR 14,500-14,700/MT & DR-CLO at around INR 15,000/MT ex-works (mix material).
2. Rourkela based manufacturers are offering 80 FeM C-DRI (70:30) at INR 12,700-13,000/MT for outside state buyers. While for domestic buyers offers are evaluated at INR 12,500-12,600/MT ex-works.
3. Sponge demand in Durgapur better due to export deals. Today, the manufacturers have raise sponge prices by INR 400-500/MT to INR 13,500/MT for P-DRI & INR 13,900-14,000/MT for C-DRI.
4. In Bellary, 80 FeM P-DRI is trading at INR 13,500-13,700/MT and C-DRI at INR 14,000-14,200/MT. Manufacturers here reported, price increased due to less number of sellers in the market, demand is yet to pick.
Source: SteelMint Research
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