Domestic sponge (C-DRI) market has registered a price correction of INR 50-150/MT against yesterday’s trade. SteelMint got mix reviews about Iron ore prices for Jan’17.
Strengthening iron pellet prices and significant price surge of semis are indicating market players increase in Iron ore prices in the coming month. However, prevailing bearish sentiments has led to resumption of domestic pellet sales by a large manufacturer in Odisha and is a sign for improvement in domestic iron pellet which may compete Iron ore prices in near term.
Odisha based a standalone sponge manufacturer stated, “Iron ore prices may move up as the price of sponge surge nearly by INR 1,000-1,500/MT as miners look to sponge price movement to declare Iron ore prices”.
Presently domestic offers for 78-80 FeM C-DRI & P-DRI both are hovering in the range of INR 13,800-16,300/MT (USD 200-240/MT) ex-works.
Pellet,C-DRI and P-DRI prices as on 28 Dec’16
| Particulars | C-DRI | D-o-D | P-DRI | D-o-D | Pellet | W-o-W |
| Ex-Durgapur | 15,000 | – 100 | 14,500 | – 100 | 4,800 | 0 |
| Ex-Jharsugda | 13,800 | – 100 | 13,900 | 0 | 4,800 | + 400 |
| Ex-Raipur | 15,500 | 0 | 14,500 | – 100 | 4,750 | + 200 |
| Ex-Bellary | 15,450 | 0 | 15,100 | + 100 | 5,450 | + 200 |
| Ex-Hyderabad | 16,300 | 0 | 16,100 | + 100 | – | – |
Prices in INR/MT
Source: SteelMint Research
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