Sponge offers in south India are up by INR 300/MT D-o-D. However, in the rest of markets it remain slightly change on currency demonetization. Suppliers reported there was no major trade activities.
Current offers for 80 FeM C-DRI in south India (Karnataka) are at INR 15,000/MT which was at INR 14,700-14,800/MT on 09 Nov’16. Moreover, in Central & East India it is prevailing in the range of INR 13,000-14,500/MT (US$ 195-215).
According to the manufacturers, Indian sponge offers may remain supported due to rising coal prices and subdued trade activities.
Trade Highlights of Major Regions
1. Large manufacturers in Raipur are maintaining offers at same level despite lull in demand; offering P-DRI at INR 13,400-13,500/MT; No deals have been heard for outside States.
2. No trades activities in Odisha & West Bengal as the both markets are almost closed. The last offered price for C-DRI was at INR 14,000/MT in Durgapur & INR 13,200-13,400/MT ex-Rourkela for 79-80 FeM mix material.
3. BMM Ispat in Karnataka has kept offers unchanged; 80 FeM P-DRI offers are at INR 14,500/MT ex-plant.
4. Sunvik Steels in Karnakata has increased offers by INR 500/MT. Offering 80 & 82 FeM C-DRI are INR 15,600/MT and INR 16,000/MT ex-plant.
5. Cauvery Iron & Steel from Hyderabad is offering 80 FeM P-DRI lump at INR 15,200/MT. Also offering billet at INR 23,500/MT ex-plant.
Domestic sponge offers as on 10 Nov’16
| Particulars | C-DRI | D-o-D | P-DRI | D-o-D | Current Premium | 1 Week earlier Premium |
| Ex-Durgapur | 14,000 | 0 | 13,300 | 0 | 700 | 800 |
| Ex-Rourkela | 13,000 | 0 | 12,650 | 0 | 350 | 350 |
| Ex-Raipur | 14,400 | + 100 | 13,450 | 0 | 950 | 1,000 |
| Ex-Bellary | 14,650 | + 200 | 14,150 | + 50 | 500 | 450 |
| Ex-Hyderabad | 15,800 | 0 | 15,300 | 0 | 500 | 300 |
Prices in INR/MT
Source: SteelMint Research
Leave a Reply