Metal & Steel Prices: Mumbai: July 2022 based on sponge iron coal data reported at INR 45,320,000/MT. This is an increase from the previous figure of Rs 4,278,000 per metric ton in June 2022. Metals & Steel Prices: Mumbai: Data based on Sponge Iron Coal is updated monthly, from August 2003 to July 2022, with an average of INR 22,883,000 / metric ton, with 223 observations. The data reached a record high of INR 51,979,000 per metric ton in March 2022 and an all-time low of INR 11,200,000 per metric ton in November 2003. REPORT OF THE JOINT FACTORY COMMITTEE Data classified in India's Advanced Database of Metals and Steel Industry - Table IN. WAC006: Retail Prices of Metals and Steel: Mumbai: Monthly. As the global economy improves, the growth of raw iron and sponge iron in 2021 will change significantly from the previous year.
According to our latest research (researchers), the global sponge iron market size between 2021 and 2022 changed from million USD in 2021 to million USD in 2022China has accounted for a percentage of the global sponge iron market to reach million USD by 2028. As for the European sponge iron outlook, Germany is expected to reach million USD by 2028 and grow at a CAGR of 100% during the forecast period. In Asia Pacific, other important markets (Japan and South Korea) will grow by 10% and 10% respectively over the next 5 years. And Sponge iron is used in the steel industry as a substitute for waste in induction and electric arc furnaces. Over the years, due to the lack of expensive smelting waste, sponge iron has become an important raw material to produce high-quality steel. Sponge iron is a metal product produced by direct reduction of solid iron ore. Sponge iron is a backup facility for scrap - mainly used in secondary route steelmaking. In the steel industry, waste in induction and electric furnaces. It is also known as direct reduced pig iron or DRI. It is an essential material to produce TMT rods, DI pipes, etc. Waste gas from sponge iron production can be used in power plants to generate electricity.
Sponge Iron Price
The prices of steelmaking intermediates such as sponge iron and cast iron have increased following the recent increase in the prices of iron ore and coal, two key inputs for these products. Sponge iron and pig iron are mostly converted into steel in electric arc or induction furnaces. This figure is nearly 45% of the country's total steel production. According to trade sources, the price of sponge iron has increased by 25% since November. Prices of steel intermediates have increased along with steel billet prices due to higher purchase costs of iron ore and coking coal. Over the past few months, steelmaking input costs have increased by around Rs 4,000 per ton due to these two components, most of which has been passed on to consumers, an industry source said.
The sponge iron capacity of this country is estimated to be 47 million tons per year, and the utilization rate of the capacity is 54% in 2016-17. For the current fiscal year, the total production is expected to be 29 metric tons with a capacity utilization rate of 60 percent. This is not sustainable. China's steel production cuts will end in March. This puts pressure on domestic steel prices, which in turn puts pressure on sponge iron prices. In addition, the price of scrap steel in the international markets fluctuates a lot. Any reduction here would push secondary steelmakers to scrap and force sponge iron producers to cut prices. " Cognitive Market Research has published a detailed market analysis report on the Sponge Iron industry titled Global Sponge Iron Market Report 2022. Questions like what is the sponge iron market size, trends, growth, and competitor analysis (2016-2028). This research is the result of extensive primary and secondary research conducted by our team of experienced analysts across the globe. Market research focuses on industry dynamics including drivers that provide key factors driving current market growth.
Sponge Iron Price in India
Coal supply remains an issue Sponge iron plants in India - a steelmaking feedstock that has cut production by 20-30% or closed in some states due to coal shortages and rising iron ore prices - are looking to resume operations. This action follows the Centre's imposition of 30% to 50% export duties on iron rock ore (pellets, lumps, ores, and concentrates) and removal of import duties on coal (pulverized coal and pulverized coal) in a proposed circular a few days. Lower prices and reduce inflationary pressures Mills said they were waiting for iron ore prices to fall - within the next seven days - before some of them could resume production. With contracts reportedly closed for at least two weeks, those prices are unlikely to change. prices are still high Although coal prices continue to rise. It will take at least one to two weeks for the drop in iron ore prices to be reflected in the domestic market. Imported coal is still high, although it has now fallen to $560/t from the previous high of $700/t. 
Dipendra Kashiwa, executive director of the Sponge Iron Manufacturers Association (SIMA), told Business Line that the reduction in import duties may not have a significant impact on coal prices. "At the same time, factories are looking to renew production or increase the liquidity that has been closed because now we are seeing lower input prices," he added. Sponge iron manufacturers typically require ore or pellets to pay export duties of 50% and 45% respectively. lack of coal Indian metals producers have been hit hard by a shortage of coking coal, especially as coal giant Coal India has no supply for the non-power sector. Spot auction prices were also "unusually high", with factories having to rely on expensive imported coal. Naturally, this operation is not feasible for smaller plants. Sources at Jindal Steel & Power Ltd, which operates its sponge iron plant at 70% capacity, said coking coal imports had risen by 30% in the past few weeks. 
Uses of Sponge Iron
Sponge iron, sometimes called direct reduced iron, is a product made using iron ore. Iron ore is usually in the form of pellets or lumps and undergoes a reduction process, which is produced using reducing gases emitted from coal or natural gas sources. One of the most common uses of sponge iron is to make wrought iron. This type of iron is useful in making decorative items for use around the home, such as decorative netting for screen doors, security strips for windows, and even for a variety of wall hangings. Sponge iron is also often used to make components used to make durable lawn and patio furniture. Wrought iron furniture can easily withstand weather deterioration and can last for years if used properly. The improvement of sponge iron production in recent years has made it possible to reduce iron without melting the ore. Because iron can be made into pellets or even powder, it is an economical and useful alternative to the scrap metal sometimes used by steel rebar makers. 
The fact that the production of sponge iron requires very little time and resources, so it can be mass produced quickly, only adds to the advantages of this iron product. Sponge iron has many advantages and can effectively compete with other types of molten iron. One relates to the actual composition of the final product itself. For example, this type of iron is more abundant than pig iron, another type of iron commonly produced in blast furnaces. DRI has a slightly higher iron content, which generally makes it more suitable for use in electric furnaces. In addition, the gases released during the production of sponge iron can be collected and used in various other applications. This byproduct of the ironmaking process helps offset the costs of iron ore production and helps sustain other processes that require gas for proper production. It can also be used to produce powdered ore that works well when mixed with other metals in the production of a variety of iron-based products. 
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