Sponge iron prices in Central India have risen by INR 200-300/MT W-o-W owing to low inventory of Iron ore at plant heads coupled with rising Billet prices.
“Despite a fall of upto INR 1,300/MT in Iron lump prices in last couple of months, Sponge manufacturers are very selective in buying Iron ore as they anticipate prices may come down further. Sponge units are preferring Pellet over Iron ore due to easy availability and fast delivery,” said a Sponge manufacturer based in West Bengal.
Similarly in the case of Scrap, the global prices fell sharply by upto USD 40/MT in last one month, which has made importers very selective, resulting in low stock levels.
The Supreme Court hearing on 27 Feb’15
The Supreme Court hearing on suspension of mines in Odisha will take place on 27 Feb, 2015. On 16 May’14, the apex court had suspended 26 Iron ore & Manganese ore mines on the background of 2nd deemed renewal in Odisha and asked the state government to take a call within 6 months. Later, the Odisha government asked an extension of 3 months, which is expiring in Feb’15.
Trade-wise
- A large Sponge iron unit based in Raipur sold 10,000 MT P-DRI (Pellet Sponge) in local market and in Maharashtra at an average price of INR 16,700/MT (ex-works) this week
- Odisha based manufacturer offering P-DRI (78 FeM) at INR 15,700/MT
- Shyam Sel, a unit of Shyam Group, is offering P-DRI (78 FeM) at INR 15,700/MT, FoR Durgapur
- P-DRI by Bellary based manufacturer is offered in the range of INR 16,100-16,300/MT
Leave a Reply