The Indian sponge makers on 17th March’17 have kept offers unaltered amid little purchase inquiries; following the surge in Iron ore prices.
Today’s latest offers for FeM 78-80 C-DRI are as follow – at INR 18,500-18,700/MT (0) ex-Raipur, INR 17,300-17,400/MT (+50) in Durgapur, INR 17,900/MT (+100) ex-Raigarh, INR 16,400-16,600/MT (0) ex-Rourkela, INR 18,000-18,200/MT (0) ex-Bellary & INR 18,500/MT (0) ex-Hyderabad. Price changes are mentioned against last trade (D-o-D) basis.
Recently, the miners in Odisha have increased Iron ore prices up to INR 400/MT for rest of Mar’17 which is somehow supported sponge market on d-o-d basis.
According to the manufacturers they will maintain offers at current levels or spike further as fresh increase in iron ore prices will push their input cost approximately by INR 600/MT.
Source: SteelMint Research
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