Indian sponge offers have remained strong as manufacturers packed with advance booked material. Manufacturers’ prime focus is to dispatch previous bookings.
Despite lull trade activities in billet, domestic sponge offers remain at upper side due to increase in enquiries.
In current week, sponge offers have increased by around INR 200/MT. Whereas, billet offers have moved down by INR 100-300/MT in central & east India.
According to trade sources, east based manufacturers are majorly selling sponge to north India i.e. Bihar, Rajasthan, Punjab, Assam, including few other markets in the region. While, central & south based manufacturers are selling few quantities to west India based smelters.
Today, few deals have concluded from Bellary & Raipur to Maharashtra. Raipur based integrated plants sold P-DRI to Nagpur & Jalna at INR 12,000/MT. While, C-DRI lumps is being sold by Bellary based manufacturers to Mumbai INR 13,200/MT (ex-plant).
Rourkela based manufacturers are offering 80 FeM C-DRI mix material in the range of INR 11,800-12,200/MT; material mostly being supplied to Bihar. In Odisha (Rourkela), sponge production remains low, according to manufacturers.
Domestic sponge (C-DRI) offers as on 8 Sep’16
| Particular/Delivery | Prices | D-o-D | W-o-W | M-o-M |
| Ex-Durgapur | 12,950 | + 100 | -150 | + 950 |
| Ex-Rourkela | 12,000 | + 100 | + 100 | + 800 |
| Ex-Raipur | 13,300 | + 200 | + 200 | + 900 |
| Ex-Bellary | 12,900 | 0 | + 50 | + 700 |
| Ex-Hyderabad | 14,000 | – 100 | + 150 | + 800 |
Prices in INR/MT
Source: SteelMint Research
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