Domestic sponge offers remained fluctuated by INR 50-150/MT D-o-D. Suppliers reported moderate trade activities at current offers of 78-80% FeM C-DRI at INR 12,500-14,600/MT (USD 185-215) ex-works.
SteelMint assessed that, in present scenario scrap availability in major scrap consuming regions i.e. South & Western India is lowering considerably which in turn has produced higher sponge inquiries. However, due to strong supply of sponge, change in prices have been marginal.
Trade Highlights
1. Raipur P-DRI is trading in the range of INR 12,900-13,000/MT, C-DRI at INR 13,900-14,000/MT & DR-CLO at INR 14,700-14,900/MT ex-works.
2. Large producers in Durgapur namely Rashmi Metalicks is heard to offer C-DRI at INR 14,000/MT & Shyam Sel’s P-DRI at INR 13,600/MT, according to sources.
3. Rourkela based manufacturers are offering C-DRI mix material at INR 12,600-12,800/MT through CST billing. However, for domestic buyers offers are assessed at INR 12,300-12,500/MT for same grade material.
4. Amoda Iron & Steel Ltd (450 TPD) is offering 75 FeM C-DRI lump at INR 13,600/MT ex-plant (Hyderabad).
5. A day earlier, Sunvik Steels in Karnataka have reduced prices by INR 300-400/MT. Offering 80 & 82 FeM C-DRI are INR 13,800/MT and INR 14,200/MT ex-plant.
6. BMM Ispat in Karnataka has kept offers unchanged; 80 FeM P-DRI offers are at INR 13,600/MT ex-plant.
7. Rayen Steels Pvt Ltd in Karnataka reported, lull inquiries at offers of 80+ FeM C-DRI at INR 13,700/MT ex-plant. Also added that post demonetization from today only buying activities came from Maharashtra.
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