Indian Sponge Iron Prices to Likely to Remain Strong - Manufacturers
Sponge iron market seems to remain strong, as per manufacturers in central & eastern India. Rising raw material prices & active demand are likely to keep Indian sponge iron prices supported, they added.
SteelMint in conversation with participants assessed that, the prices of raw pellets which is key ingredient for Sponge P-DRI manufacturers have increased by INR 500-600/MT in Durgapur & INR 200-400/MT in Raipur in last 3-4 days. Thus input cost rose significantly, the manufacturers claimed.
As per a official from one of the major sponge manufacturer in Durgapur, currently the kiln is operational in hand to mouth margins(conversion), hence they are eyeing to further raise sponge offers as demand also improved since the elections ended in the country.
The current Sponge P-DRI offers in Durgapur reported at INR 18,500-18,600/MT, which was lowest traded at INR 17,500-17,600/MT in last week. Iron pellet offers in Durgapur is presently quoted at INR 6,600-6,700/MT, which was last week traded at INR 6,000-6,100/MT.
Further in Central region, Raipur standalone sponge manufacturers cited that, as the pellet prices significant jumped they may go for further hike in prices.
The current offers in Raipur for Sponge P-DRI evaluated at INR 18,800-19,000/MT, which had hit INR 18,300/MT during last week, ex-plant. Iron pellet offers have increased to INR 6,900-7,000/MT, which was last week hovering at INR 6,600/MT ex-plant.
Similar comments were received from Odisha & Karnataka, which are largely selling material to North-west regions. As per manufacturers in the respective states, they have healthy orders in hand and are not in hurry to deal.
Serajuddin- Odisha's major merchant iron ore miner has increased iron ore lump offers by INR 300/MT effective from today (21st May’19).
source: SteelMint
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