Indian sponge market has registered a minor price change of INR 50-200/MT during Jul’16 on monthly average basis.
Throughout the month, highest price level was witnessed in Bellary at INR 11,950/MT on 1 Jul’16 and lowest at INR 11,500/MT on 7 Jul’16. While analyzing monthly average, prices are as follows: INR 11,500/MT (+0.87%) ex-Durgapur, INR 12,150/MT(+0.41%) ex-Raipur, INR 10,650/MT(+1.88%) ex-Rourkela and INR 11,650/MT (+0.86%) ex-Bellary.
During the month sponge makers were unwilling to reduce offers as demand was quite good and prices touched to an all time low levels. Also, stability in raw material prices supported sponge offers to remain firm. Prices for substitute product i.e. scrap were also firm in Jul’16. This also provided support to Indian sponge market.
Currently, 78-80 FeM C-DRI offers are hovering in the range of INR 10,750-12,650/MT and P-DRI within INR 10,400-12,450/MT ex-works.
Monthly average sponge (C-DRI) prices with M-o-M change
| Month | Bellary | M-o-M | Durgapur | M-o-M | Raipur | M-o-M | Rourkela | M-o-M |
| Apr’16 | 12,200 | -400 | 12,050 | -400 | 12,900 | -250 | 11,350 | -150 |
| May’16 | 11,650 | -550 | 11,300 | -750 | 12,300 | -600 | 10,700 | -650 |
| Jun’16 | 11,550 | -100 | 11,400 | +100 | 12,100 | -200 | 10,450 | -250 |
| Jul’16 | 11,650 | +100 | 11,500 | +100 | 12,150 | +50 | 10,650 | +200 |
Prices in INR/MT
Source: SteelMint Research
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