Post MIP MS billet buying has surged to some extent however demand of Sponge Iron reported weak proportion.
Sponge Price increases by INR 800-1,500/MT compared to last week price after imposition of MIP. However demand at this level were literally absent reported many sellers based in Raipur, Rourkela, and Durgapur.
Sponge Iron Manufacturing Association (SIMA) also heard to be in discussion with Steel Ministry to impose MIP on imported scrap. JSW, Kalyani Steel and few other manufacturer already stated to govt to implement MIP on imported steel as they will not get full benefit.
Trade Wise:
- Aryan Isapt based in Jharsugda reported few deals for Raipur 80 FeM C-DRI concluded at INR 13,200/MT on yesterday; freight to Raipur by road is at INR 750/MT
- Shyam Metalicks is mostly trading P-DRI to North India at INR 12,000/MT ex-plant basis
- Maharashtra (Mumbai & Jalna) based smelters reported that they have purchased 80 FeM C-DRI lums from Bellary at INR 12,800-12,900/MT (ex-plant)
- BMM Ispat an bulk sponge producer from Karnataka has increased offers upto INR 300/MT against last week trades; offering 80 FeM P-DRI at INR 12,400/MT (ex-plant); reported demand not much better
Domestic Sponge offers as on 10 Feb’16
| Markets | Particulars | Price | D-o-D | W-o-W |
| Ex-Raipur | C-DRI | 14,350 | – 250 | + 1,650 |
| P-DRI | 13,450 | – 100 | + 1,600 | |
| Ex-Rourkela | C-DRI | 12,750 | + 200 | + 1,700 |
| P-DRI | – | – | – | |
| Ex-Durgapur | C-DRI | 14,150 | + 150 | + 1,650 |
| P-DRI | 13,150 | + 50 | + 1,650 | |
| Ex-Bellary | C-DRI | 12,600 | 0 | + 1,250 |
| P-DRI | 12,200 | 0 | + 1,500 |
Basic prices in INR/MT
Source: SteelMint Research
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