Today, domestic sponge offers again fall by INR 100-300/MT against last day trades. Offers falling owing to weak semis movement in across major markets.
Currently, offers for 78-80 FeM C-DRI have reached at INR 14,000-14,200/MT ex-Raipur, INR 12,800-13,000/MT ex-Rourkela, INR 13,800/MT ex-Durgapur and INR 13,800-14,000/MT ex-Bellary. Meanwhile, P-DRI offers are hovering in the range of INR 12,500-14,200/MT ex-works.
Sponge iron stock in major producing states like Odisha, Chhattisgarh & Karnataka is heard to be rising continuously on the backdrop of low buying interest witnessed among ingot/billet makers.
Meanwhile, it is heard that large sponge manufacturers in central and south India are also providing discount of INR 200-300/MT on bulk purchase as the manufacturers are under heavy selling pressure.
Source: SteelMint Research
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