Indian Sponge Inquiries Active Following Surge in Billet Prices
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Domestic sponge market has registered a price rise of INR 200-300/MT D-o-D. The producers' sources mentioned, purchase Inquiries are active currently on strengthen billet prices.
The fresh offers for FeM 78-80 C-DRI are hovering in the range of INR 14,300-15,500/MT (USD 221-240) ex-works. Similarly, with increase billet offers are assessed at INR 24,000-28,000/MT (USD 372-434) ex-works; surge approximately INR 500/MT in the last couple of days.
Major producers Update:
1. Raipur Integrated plants have increased offers by INR 200/MT to INR 14,100/MT for P-DRI. Although, other small manufacturers are trading same material at INR 13,900-14,000/MT ex-works.
2. Shyam Sel in Durgapur has offered FeM 80 P-DRI at INR 14,800/MT & C-DRI at INR 15,800/MT with increase prices by INR 200/MT against last day.
3. Singhal Steel offered C-DRI (0-20 mm) at INR 14,500/MT ex-plant, Raigarh. The company also offering billet at 25,000/T FoR Raipur.
4. Bhaskar Steel and Ferro Alloy Ltd increased offers by 200/MT; offering FeM 80 C-DRI at INR 14,500-14,600/MT & billet at INR 23,800/MT ex-plant (Odisha) through CST billing.
5. A day before, South India based BMM Ispat, which knows as price setter has raised offers by INR 300/MT to INR 14,800/MT for FeM 80 P-DRI (ex-plant) Karnataka.
6. Sunvik Steels in Karnataka has kept offers unaltered; offering FeM 80 & 82 sponge C-DRI lumps are INR 15,200/MT & INR 15,600/MT ex-plant, respectively.
Domestic sponge & billet offers as on 15 Jun'17
| Region | Particular/Delivery | C-DRI | D-o-D | Billet | D-o-D |
| East India | Ex-Durgapur | 15,700 | + 200 | 24,200 | + 100 |
| Ex-Rourkela | 14,300 | + 50 | 23,850 | + 150 | |
| Central India | Ex-Raigarh | 14,500 | + 200 | 24,500 | + 100 |
| Ex-Raipur | 15,700 | 0 | 24,900 | 0 | |
| South India | Ex-Bellary | 14,800 | + 300 | 0 | 0 |
| Ex-Hyderabad | 15,500 | 0 | 25,500 | + 500 |
Prices in INR/MT
Source: SteelMint Research
