Sponge Offers in South India Up by INR 50-250/MT D-o-D

Domestic sponge offers in central & east regions unchanged today. While in south India, offers have gained by upto INR 250/MT post a long duration.

Currently, 78-80 FeM sponge C-DRI prices are hovering in the range of INR 11,300-13,500/MT and P-DRI within INR 10,600-13,150/MT ex-plant.

A Hyderabad based manufacturer quoted,“Market is little supportive due to short supply and rise in coal prices. It is anticipated that offers will sustain here till problem of short supply will get resolved.”

Highlights

1. Raipur based large manufacturers are receiving enquiries for P-DRI from north India. The manufacturers in Raipur are offering P-DRI at INR 11,200/MT, C-DRI at INR 12,300-12,500/MT and DR-CLO at INR 13,300-13,500/MT, ex-plant. Freight to north India is approx INR 2,500/MT
2. Shyam Sel in Durgapur has kept its offers unchanged for P-DRI at INR 11,700/MT and C-DRI at INR 12,500/MT. An official mentioned that prices will remain strong as demand is good at current offers.
3. Odisha based Jay Jagannath Steel & Power and Times Steel, who are majorly supplying material to north & west India, are offering 80 FeM C-DRI lumps at INR 11,700/MT ex-plant.
4. A prime grade sponge manufacturer, Sunvik Steels in Karnakata has kept offers unchanged. Current offers for 80 & 82 FeM C-DRI are INR 12,700/MT and INR 13,100/MT ex-plant respectively.
5. Karnataka based merchant seller, Apple Industries has reported to sell 80 FeM C-DRI lump at INR 12,400/MT ex-plant. Moreover, Hare Krishna, an another manufacturer is offering the same grade P-DRI lump at INR 12,000/MT.
6. Shiv Shakti Steel in Hyderabad has increased offers by INR 300/MT to INR 13,500/MT for 80 FeM C-DRI lump. The plant has reported, about 800 MT sponge has been sold out on increased prices to Sugna Metals based in the same place.

Indian sponge offers as on 25 Aug’16

Prices in INR/MT
Source: SteelMint Research