Sponge manufacturers have reported stable offers today, with a minute price fluctuations of INR 50-100/MT against the last day trade.
Presently, 78-80 FeM C-DRI prices are hovering in the range of INR 11,200-13,100/MT and P-DRI within INR 11,150-12,800/MT ex-works.
Durgapur based large manufacturers have kept their offers unchanged to INR 11,200/MT for P-DRI. As per few small size sponge manufacturers, C-DRI is being sold to North-East based buyers at a price of INR 12,000/MT ex-plant. While, offers for local smelters are seen at INR 12,200/MT, FoR.
Raipur based integrated plants reported that pressure may mount further, if furnaces will close for more than a week. They further mentioned that trades are limited at current P-DRI offers of INR 11,200/MT ex-plant.
C-DRI manufacturers in Odisha are offering 80 FeM mix material at INR 11,400-11,600/MT for outside state buyers. Few sellers concluded bulk deals to Patna (Bihar) at INR 11,500-11,600/MT; freight via road is INR 1,500-1,600/MT. While for the local buyers, offers are evaluated at INR 11,200/MT ex-plant.
In south region, BMM Ispat has increased its offers today by INR 200/MT to INR 11,900-12,000/MT for P-DRI. In the last 4-5 days , the plant was not offering the material due to a bulk deal of around 8,000 MT to Hyderabad at a price of INR 11,700/MT. Offer for C-DRI are assessed at INR 12,400-12,500/MT. Billet offers in Hyderabad have been fluctuating nearly at INR 21,000/MT ex-works since a week’s time.
A manufacturer in south India reported,“Demand is not supportive at present due to prevailing stability in billet prices. It is anticipated that offers may improve soon owing to short supply and rise of USD 5/MT in imported coal prices. Also, recent notification of FDF is a sign for further rise in sponge offers.”
Premium between C-DRI and P-DRI in central India has increased to INR 1,150/MT, which was INR 1000/MT last week. In east region, it has remained firm to INR 1,000/MT and south to INR 300-500/MT.
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