Sponge manufacturers in central & east India have increased their offers by upto INR 400/MT. However in south region, offers have reduced by INR 200-300/MT D-o-D.
Currently, 78-80 FeM C-DRI offers are assessed at INR 13,600-16,000/MT and P-DRI within INR 13,450-15,600/MT ex- plant.
Rourkela based manufacturers mentioned that there are less enquiries from outside states, thus, the manufacturers are maintaining offers on the same levels. Current offers for 80 FeM C-DRI mix material are in the range of INR 13,700-13,800/MT for outside state buyers. While in local market, the manufacturers are offering a discount of INR 100-200/MT.
Offers for C-DRI in Durgapur reached at INR 14,000/MT, which were INR 13,700-13,800/MT yesterday. According to the market participants, induction operators have increased their purchases of sponge iron due to holidays from 7-11 Sep’16. This has led to rise in sponge iron prices.
Limited sellers and bulk purchasing by Maharashtra based manufacturers are continuously supporting sponge offers in Raipur. Manufacturers, here, are offering P-DRI at INR 14,200/MT, C-DRI at INR 15,100-15,300/MT and DR-CLO at INR 16,100-16,300/MT ex-plant.
In Bellary, manufacturers have cut their prices by INR 200-400/MT for both P-DRI & C-DRI. According to the manufacturers, offers have reduced in order to attract buyers. During last 8-10 days, the manufacturers had raised their offers by around INR 1,000/MT.
Premium between C-DRI and P-DRI in central India has narrowed down to INR 900/MT, which was INR 1,150/MT last week. In east region, it remained firm to INR 400-500/MT and south to INR 400/MT.
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