Indian Sponge Offers Slightly Fluctuate

Today, Indian sponge market has registered a slight price fluctuations of INR 50-150/MT in central, east & south regions.

Currently, offers for 78-80 FeM C-DRI are reached at INR 13,600-16,000/MT and P-DRI within INR 13,500-15,500/MT ex-works.

Sources in Bellary & Rourkela reported, offers are remains under pressure due to limited purchase enquiries by outside state based buyers. Sponge manufacturers in south & east India are largely supply material to western region.

Key Highlights

1. Sponge offers in Raipur increased as few large suppliers namely, Bajrang Ispat and Hira Steels are offering limited quantity in open market due to maintenance work in few kilns, according to sources. Today’s offer for P-DRI by Integrated plants are in the range of INR 14,500-14,700/MT; yesterday it was traded at INR 14,300-14,400/MT ex-plant.

2. Trade activities in Durgapur is not much supported due to persuing Navratri festival. Current offers for P-DRI at INR 13,500/MT & C-DRI at INR 14,000/MT.

3. Odisha based trader reported that sponge prices may come under pressure as there are limited purchase inquiries coming from Maharashtra due to cheaper offers provided by south India based manufacturers.

4. Sunvik Steels in Karnakata has kept offers unchanged. Offering 80 & 82 FeM C-DRI are at INR 15,600/MT and INR 16,000/MT ex-plant, respectively.

5. BMM Ispat from south, is offering 80 FeM P-DRI at INR 14,800/MT ex-plant (Karnataka). A official reported market is little volatile. Few Bellary based manufacturers also selling material at INR 14,400-14,600/MT

6. Hare Krishna, a 300 TPD sponge manufacturer in Karnataka has offered 80 FeM C-DRI & P-DRI at INR 14,500/MT & INR 15,000/MT, respectively.

7. Shiv Shakti Steel, a 200 TPD sponge manufacturer in Hyderabad is offering 80 FeM P-DRI at INR 15,500/MT. The company is also offering billet at INR 24,000/MT ex-plant.

Domestic sponge offers as on 6 Oct’16

Prices in INR/MT
Source: SteelMint Research