Indian billet & sponge prices in major markets decline by INR 100-200/MT on daily basis, except in Mumbai where billet prices surge around INR 500/MT on improved local demand, the trade participants reported.
On 9 November, SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 26,300-28,400/MT (USD 404-436).
Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,700-18,000/MT (USD 257-277); prices are ex-plant & excluding GST.
Today (Thursday, November 9, 2017) INR to USD exchange rate stood at INR 64.94 & BSE Sensex closed at 33,250 (+32).
Key Market Updates
1. Indian iron ore imports up by 27% M-o-M at 0.49 MnT in Oct’17 against 0.39 MnT in Sept’17.
2. Jindal SAW (based in Rajasthan) increased pellet offers by INR 200/MT. Offers for Fe 63% grade pellets are assessed around INR 6,400/MT (delivered Kandla) against last assessment of INR 6,200/MT.
3. Tata Steel has increased offers, Pooled iron at around INR 21,700-21,800/MT & Ferroshots at INR 22,800/MT ex-plant.
4. Durgapur based private pig iron manufacturers are offering steel grade material at INR 24,000-24,200/MT, while the buying interest seen at INR 23,600-23,800/MT.
5. Central India (Raipur) based Integrated plants have offers Sponge P-DRI at INR 16,100-16,200/MT and the buying interest reported at INR 16,000-16,100/MT. Sponge DR-CLO offers by medium size plants are heard at INR 18,300-18,500/MT. Both prices are basic & excluding of GST at 18%.
6. According to West Bengal based sponge producers, availability of sponge pellet (P-DRI) has increased in local market as most of the kilns shifted production for sponge pellet rather than sponge iron due to scarcity of iron ore on shortage of rakes.
7. Western India based an renowned producer reported limited inquiries by global buyers for billet & sponge iron and has mentioned slight price fall may notice for export deals.
8. South India based Cauvery Iron & Steel offers FeM 80 P-DRI & billet at INR 17,200-17,300/MT & INR 27,500/MT ex-plant, respectively.
9. Today BMM Ispat in South India has offers P-DRI (FeM 80) at INR 16,200-16,300/MT which was at INR 16,800-17,000/MT on 7th Nov’17, ex-plant, Bellary.
10. Medium and small mills in Raipur – Central India today reduced Rebar, structure & wire offers by INR 100-300/MT due to weak demand.
Reference prices as on 8th November 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,000 | 18,000 | 18,100 | – 100 | 18,200 | 17,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | – 100 | 17,100 | 15,800 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,600 | 17,500 | 17,700 | – 100 | 18,100 | 16,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,750 | 16,700 | 16,800 | – 50 | 17,300 | 16,350 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,300 | 17,200 | 17,400 | – 100 | 17,700 | 16,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,200 | 17,100 | 17,300 | – 100 | 17,400 | 16,100 |
| Ex-Jharsugda | Lumps, FeM 78%, +/-1 | 15,800 | 15,700 | 15,900 | – 100 | NA | NA | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,200 | 16,100 | 16,200 | – 100 | 16,700 | 14,850 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | 0 | 17,100 | 16,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,300 | 17,200 | 17,400 | – 100 | 17,600 | 16,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,650 | 29,600 | 29,700 | – 50 | 29,500 | 28,100 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,900 | 26,900 | 27,000 | – 100 | 27,000 | 25,800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,000 | 25,900 | 26,100 | 0 | 26,100 | 25,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,950 | 25,900 | 26,000 | – 150 | 26,450 | 25,300 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 26,950 | 26,900 | 27,000 | + 450 | 27,250 | 26,000 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 27,000 | 27,250 | 0 | 27,250 | 27,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 27,500 | 27,300 | 27,500 | 0 | 28,000 | 26,250 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 30,100 | 30,000 | 30,200 | – 100 | 30,000 | 28,500 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 27,300 | 27,200 | 27,400 | – 150 | 27,400 | 26,300 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 26,300 | 26,200 | 26,400 | 0 | 26,500 | 25,500 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 26,500 | 26,400 | 26,500 | – 100 | 27,000 | 25,800 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 27,200 | 27,100 | 27,200 | + 500 | 27,600 | 26,200 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 27,500 | 27,400 | 27,750 | 0 | 27,750 | 27,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 27,500 | 27,300 | 27,500 | 0 | 28,000 | 26,250 | |
| TMT | Ex-Delhi/NCR | 12MM | 33,000 | 32,800 | 33,200 | 0 | 33,200 | 32,500 |
| Ex-Durgapur | 12MM | 30,500 | 30,300 | 30,700 | – 200 | 30,500 | 29,500 | |
| Ex-Raipur | 12MM | 29,400 | 29,200 | 29,600 | – 100 | 29,800 | 28,600 | |
| Ex-Mumbai | 12MM | 30,300 | 29,900 | 30,300 | + 200 | 31,000 | 29,500 | |
| Ex-Chennai | 12MM | 31,300 | 31,100 | 31,500 | 0 | 31,700 | 31,000 | |
| Ex-Hyderabad | 12MM | 30,300 | 30,000 | 30,500 | – 200 | 30,800 | 28,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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