Indian Sponge Offers Gain by upto INR 500/MT D-o-D
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On daily basis, Indian sponge offers climbed up by INR 50-450/MT; Highest price elevation is seen in east and south India.
Currently, 78-80 FeM C-DRI offers are hovering in the range of INR 12,700-14,800/MT and P-DRI within INR 12,000-14,300/MT on ex plant basis.
Sponge manufacturers are anticipating prices to remain volatile due to strong coal prices in International market. South African RB2 coal offers are assessed at USD 75/MT for Oct'16 shipments.
Indian Sponge Offers as on 20 Oct'16
| Particulars | C-DRI | D-o-D | P-DRI | D-o-D | Current Premium | 1 Week earlier Premium |
| Ex-Durgapur | 13,900 | + 300 | 13,100 | + 300 | 800 | 700 |
| Ex-Rourkela | 12,700 | + 100 | 12,000 | 0 | 700 | 50 |
| Ex-Raipur | 14,100 | + 50 | 13,050 | + 50 | 1,100 | 1,050 |
| Ex-Bellary | 13,650 | + 450 | 13,150 | + 450 | 350 | 800 |
| Ex-Hyderabad | 14,700 | + 200 | 14,300 | + 400 | 600 | 550 |
Prices in INR/MT
Source: SteelMint Research
Key Highlights
1. According to sources, Integrated plants in Raipur have sold around 10,000 MT P-DRI on yesterday at the price of INR 12,700-12,800/MT ex-plant.
2. Merchant sponge manufacturers in Durgapur reported, better demand due to rise Ingot & billet exports to nearby countries i.e. Nepal & Bangladesh.
3. Odisha based Mahakali Ispat has offered 80 FeM C-DRI for local buyers at INR 12,700/MT ex-plant (Bonai).
4. BMM Ispat in south region is offering 80 FeM P-DRI at around INR 13,500/MT ex-plant, Karnataka. The same grade material is also being offered by small size manufacturers at INR 13,400-13,500/MT ex-plant.
5. Sunvik Steels in Karnakata has kept offers unchanged; 80 & 82 FeM C-DRI offers are at INR 15,100/MT and INR 15,500/MT ex-plant, respectively.
6. Prakash Sponge, a prime grade sponge maker in Karnataka sold 80 FeM C-DRI lumps at INR 14,100/MT.
7. Amoda Steel & Iron, a 450 TPD sponge manufacturer based in Hyderabad, is offering 75 FeM C-DRI lump at INR 13,700-13,800/MT.
