Indian domestic Sponge & Billet prices increase by INR 100-300/MT (USD 1-5) on 14th November, Tuesday.
According to trade participants, the prices surge in line with improved trade activities and also due to short supply of Sponge iron in Central & East regions.
As per SteelMint’s price analysis, offers for induction furnaces billet size 125×125 mm are reported at INR 26,100-28,700/MT (USD 400-439) ex-plant.
Further, the coal based sponge FeM 78-80 C-DRI price assessment was at INR 16,800-18,100/MT (USD 257-277) ex-plant.
Today (Tuesday, November 14, 2017) INR to USD exchange rate stood at INR 65.43 & BSE Sensex closed at 32,941 (-91).
Key Market Updates
1. Indian Sponge iron export offers fall by USD 5/MT on softening demand. The latest offers are assessed at USD 310-315/MT CPT Benapole & USD 325-330/MT CFR Bangladesh.
2. RINL has floated export tender of 25,000 MT basic grade steel making Pig Iron for delivery by end Dec’17. The due date for bid submission is 15 Nov’17.
3. SAIL’s Rourkela Steel Plant (RSP) has scheduled auction to sell about 4,000-5,000 MT steel grade pig iron on 16th Nov’17. In the last auction the company had received poor response at the base price of INR 22,900/MT (ex-plant).
4. Raipur-Central India based integrated plants today have offered P-DRI (Pellet sponge) at INR 17,000/MT and the buying interest have seen at INR 16,800-16,900/MT ex-plant & excluding GST.
5. According to source, Rashmi Metaliks in Durgapur has kept sponge offers unaltered at INR 17,000-17,100/MT for P-DRI & INR 17,800-17,900/MT for C-DRI.
6. Odisha based medium size sponge manufacturers reported firm offers; FeM 80 C-DRI (70:30 mix material) at INR 17,000-17,200/MT ex-plant & excluding GST. Further, P-DRI being sold by the manufacturers a day before at the price range of INR 15,700-15,900/MT (ex-plant) and largely to Raigarh.
7. Jharsugda, Odisha based Shyam Metaliks has raised offers – P-DRI at around INR 16,200/MT & Billet at INR 26,300/MT; ex-plant & excluding GST.
8. A day before, Monnet Ispat sold 1,000-1,500 ton P-DRI at INR 16,500/MT ex-plant, Raipur, an official reported. Also offered P-DRI from its Raigarh based plant at INR 16,000/MT on ex-plant basis & sold 700-800 ton; majorly deals concluded for Raipur & Maharashtra market.
9. Singhal Steel offered P-DRI at INR 16,300/MT ex-plant (Raigarh), an official reported. Also added no deals concluded for Raipur since 1-2 days.
10. Maharashtra based Lloyd Metals offered Sponge P-DRI (FeM 80) at INR 16,800/MT ex-plant. Also offered the same material at INR 17,400/MT FoR Hyderabad & excluding GST, the officials reported.
11. BIOP in South India has reduced sponge offers by INR 200/MT, offering FeM 80 & 82 C-DRI lumps at INR 16,900/MT & 17,200/MT ex-plant, Karnataka.
12. BMM Ispat in Karnataka has offered sponge P-DRI at INR 16,500/MT and Sunvik Steels sponge C-DRI lumps at INR 17,300/MT. Both offers for FeM 80, excluding GST & ex-plant basis.
13. Induction furnace grade billet export offers to Nepal are reported at USD 415/MT (ex-mill) Durgapur & around USD 408-410/MT (ex-mill) Rourkela. According to the trade participants, on 13th Nov, Durgapur based manufacturers sold out around 5,000-7,000 MT Billet to Nepal at around INR 26,900-27,100/MT (USD 413-416) ex-mill.
14. Odisha based manufacturer, Ganesh Metaliks offered Billet at INR 26,100/MT ex-plant. trade activities are firm at these offers an official reported.
15. Shakti Ferro based in Chennai has offered billet at INR 27,500/MT & Rebar 12mm at INR 31,000/MT ex-plant & excluding GST. The prices unaltered against trades on 13th Nov.
16. Maharashtra – Jalna based Kalika Steel Alloys has kept rebar offers firm at INR 29,700/MT for 12mm. Since start of week the offers surge by INR 400-500/MT. Prices are ex-plant basis.
Reference prices as on 14th November 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,900 | 17,900 | 18,000 | 0 | 18,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | + 100 | 17,150 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 18,100 | 18,000 | 18,200 | + 200 | 17,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | + 200 | 17,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | 0 | 17,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,100 | 17,100 | 17,200 | 0 | 17,200 |
| Ex-Jharsugda | Lumps, FeM 78%, +/-1 | 15,900 | 15,800 | 16,000 | + 200 | 16,000 | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,900 | 16,800 | 17,000 | + 300 | 16,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | + 100 | 16,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | 0 | 17,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,500 | 29,400 | 29,600 | 0 | 29,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,900 | 27,000 | + 200 | 26,950 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,800 | 25,700 | 25,800 | 0 | 26,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,500 | 26,400 | 26,600 | 0 | 26,200 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,300 | 27,300 | 27,400 | 0 | 26,600 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,750 | 27,250 | 0 | 27,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 27,750 | 27,500 | 28,000 | + 250 | 28,000 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 30,000 | 30,000 | 30,100 | + 100 | 30,000 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 27,300 | 27,200 | 27,300 | + 100 | 27,400 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 26,100 | 26,000 | 26,200 | – 50 | 26,350 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 27,000 | 27,000 | 27,100 | + 300 | 26,700 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 27,550 | 27,500 | 27,600 | 0 | 26,800 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 27,500 | 27,250 | 27,750 | 0 | 27,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 27,750 | 27,500 | 28,000 | + 250 | 28,000 | |
| TMT | Ex-Delhi/NCR | 12MM | 33,600 | 33,400 | 33,800 | + 300 | 33,000 |
| Ex-Durgapur | 12MM | 30,600 | 30,400 | 30,800 | + 100 | 30,500 | |
| Ex-Raipur | 12MM | 29,700 | 29,500 | 29,900 | + 300 | 29,600 | |
| Ex-Mumbai | 12MM | 30,800 | 30,400 | 30,900 | + 100 | 30,100 | |
| Ex-Chennai | 12MM | 31,000 | 30,800 | 31,500 | 0 | 31,300 | |
| Ex-Hyderabad | 12MM | 30,500 | 30,400 | 30,500 | 0 | 30,800 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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