Domestic sponge makers today have increased their offers across major markets by INR 200-500/MT compared to last day closing. However, south market has remained stable. In Indian market, sponge prices have been showing volatility since 1-2 months.
Slight improvement in demand has somewhat supported sponge prices in domestic market. A major rise in prices is seen in Durgapur (+500), followed by Rourkela (+300). In current circumstances, 78-80 FeM C-DRI prices are hovering in the range of INR 11,300-14,100/MT and P-DRI within INR 11,450-13,000/MT.
C-DRI and P-DRI prices as on 31 Mar’16
| Particular | C-DRI | D-o-D | P-DRI | D-o-D | Premium | 1 week earlier premium |
| Ex-Durgapur | 12,500 | + 500 | 11,450 | + 450 | 1,050 | 1,000 |
| Ex-Rourkela | 11,300 | + 300 | NA | NA | NA | NA |
| Ex-Raipur | 13,450 | + 250 | 12,200 | + 200 | 1,250 | 1,350 |
| Ex-Bellary | 12,450 | 0 | 11,900 | 0 | 550 | 400 |
| Ex-Hyderabad | 14,000 | 0 | 13,000 | 0 | 1,000 | 500 |
Prices in INR/MT
Source: SteelMint Research
Current trade-wise
1. Raipur based Vandana Global is heard to offer DR CLO (0-20 mm) at INR 14,200/MT (ex work, payment advance).
2. Yesterday, 5,000 MT P-DRI was sold at INR 12,000/MT. Today, offers are assessed at INR 12,200/MT but demand is average.
3. Karnataka based BMM Ispat is offering 80 FeM P-DRI at INR 12,300/MT ex-plant.
4. Karnataka based Prakash Sponge has reduced its offers by INR 100/MT; offering 78 FeM C-DRI lump at INR 12,300/MT and 75 FeM fines at INR 11,100/MT ex-plant.
5. Odisha based OCL Iron has offered 80 FeM C-DRI at INR 12,000/MT (CST) and INR 11,700-11,800/MT (VAT) ex-plant.
6. Odisha based Pooja Sponge (200 TPD) has offered 80 FeM C-DRI at INR 11,500/MT (VAT) and INR 11,800/MT (CST) ex-plant (Odisha).
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