Indian sponge markets have reported another prices hike up to INR 300/MT (USD 5) post hit 20 months high levels. Manufacturers reported demand is remain supportive. The price rise have seen in Central & East regions, while in South it remain unaltered since last 2 days.
Presently, FeM 78-80 C-DRI prices are hovering in the range of INR 15,000-16,800/MT (USD 224-252) and P-DRI within INR 15,200-16,600/MT (USD 228-248) ex-plant.
Raipur, Central India: The integrated plants in the opening hours have open prices for FeM 80 P-DRI at INR 16,000-16,100/MT ex-plant. However, in the second half post concluded healthy deals they have sale close at the prices of INR 16,200-16,300/MT.
Durgapur, East India: Trade sources reported offers by Rashmi Metaliks for FeM 78 C-DRI at INR 16,000/MT which at INR 15,700-15,800/MT on 22 Feb’17. Other the medium size sponge manufacturers reported bookings for FeM 78 P-DRI at INR 15,200-15,300/MT & C-DRI at INR 15,900-16,000/MT.
Rourkela, East India: The manufacturers in the market reported, FeM 80 C-DRI lump offers for Maharashtra, West India based buyers at INR 15,500-15,700/MT (ex-plant); while, mix material deals mentioned at INR 15,100-15,300/MT to out of state buyers.
Bellary, South India: Sponge prices remain unaltered in the region as in the beginning of week it surged couple of times by INR 300-400/MT; so market was quite. Currently, offers are similar for both C-DRI & P-DRI for FeM 80 lump material at INR 15,800-16,000/MT ex-plant.
Domestic sponge offers as on 23 Feb’17
| Particulars | C-DRI | D-o-D | W-o-W | P-DRI | D-o-D | W-o-W |
| Ex-Durgapur | 16,400 | + 300 | + 1,200 | 15,750 | + 250 | + 1,050 |
| Ex-Rourkela | 15,100 | + 100 | + 700 | 0 | 0 | 0 |
| Ex-Raigarh | 16,200 | + 200 | + 750 | 15,200 | + 200 | + 700 |
| Ex-Raipur | 17,100 | + 200 | + 900 | 16,250 | + 200 | + 850 |
| Ex-Bellary | 15,900 | 0 | + 700 | 15,800 | 0 | + 800 |
| Ex-Hyderabad | 16,800 | 0 | + 900 | 16,600 | 0 | + 1,100 |
Prices in INR/MT
Source: SteelMint Research
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