Indian Semis manufacturers today have further increase offers, Sponge by INR 50-150/MT & Billet by INR 100-350/MT. According to the producers, inquiries are continue to remain strong which led to price rise on daily basis.
On 16th Nov, SteelMint’s price assessment for induction furnaces billet size 125×125 mm are reported at INR 26,400-29,000/MT (USD 394-426).
While, 78-80 FeM sponge C-DRI price assessment was at INR 16,900-18,300/MT (USD 248-269); prices are ex-plant & excluding GST.
Today (Thursday, November 16, 2017) INR to USD exchange rate stood at INR 65.32 & BSE Sensex closed at 33,106 (+346).
Key Market Updates:
1. JSW Steel, India’s largest steel producer has offered gas based DRI (Sponge iron) at INR 18,000-18,500/MT (USD 277-285) ex-Dolvi, Maharashtra & excluding GST. According to the furnace owners in Maharashtra primarily they are prefer JSW sponge rather to source from Raipur & Bellary.
2. The conversion spread (margin) from P-DRI to Billet in Central India – Raipur & in East India – Durgapur is remained low and are reported in the range of INR 10,000-10,500/MT.
3. Raipur, Central India based Integrated plants have increased offers for P-DRI by INR 200/MT to INR 17,100-17,200/MT ex-plant.
4. According to sources, Rashmi Metaliks in Durgapur has kept sponge offers unaltered at INR 17,100-17,200/MT for P-DRI & INR 18,000-18,100/MT for C-DRI.
5. Singhal Steel offered P-DRI at INR 16,500/MT ex-plant (Raigarh), an official reported. Also added few deals of billet concluded for Raipur at 26,900-27,000/T FoR.
6. BIOP in South India has increased sponge offers by INR 400/MT, offering FeM 82 C-DRI lumps at INR 17,800/MT ex-plant, Karnataka. Sunvik Steels has also increased sponge prices by INR 300/MT; offering FeM 80 & 82 C-DRI are INR 17,600/MT and INR 18,000/MT ex-plant.
7. Melting scrap offers in Western India- Maharashtra & Gujarat increased by INR 400-700/MT on Weekly basis.
8. A day before, Shakti Ferro based in Chennai has offered billet at INR 27,500/MT & Rebar 12mm at INR 31,000/MT ex-plant & excluding GST.
9. Akshar Ispat in Gujarat (Ahmedabad), offers 12 mm Rebars at INR 37,700/MT FoR & including GST at 18%.
10. Indian Finish Long (Bar & Rod) Imports in the month of Oct’ 17 reported at 0.01 MnT. Overall Import in 2016(Jan-Dec) was reported at 0.23 MnT and 2017 (Jan-Oct) was reported at 0.18 MnT.
11. Medium & Small mills in Raipur & Mumbai today have increased structure and rebar offers by INR 200-300/MT on strong demand and rising billet prices.
Reference prices as on 16th 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 | 0 | 18,000 | 17,200 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | 0 | 17,100 | 15,900 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 18,300 | 18,200 | 18,400 | + 100 | 17,600 | 16,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,900 | 16,800 | 17,000 | + 100 | 16,750 | 16,450 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | + 100 | 17,300 | 16,700 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,100 | 17,100 | 17,200 | 0 | 17,200 | 16,400 |
| Ex-Jharsugda | Lumps, FeM 78%, +/-1 | 16,200 | 16,000 | 16,300 | + 200 | 15,800 | NA | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | + 150 | 16,200 | 15,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | 0 | 16,500 | 16,250 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,200 | 17,100 | 17,200 | + 100 | 17,300 | 16,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,850 | 29,800 | 29,900 | + 100 | 29,650 | 28,350 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,400 | 27,300 | 27,500 | + 100 | 26,900 | 26,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,000 | 25,900 | 26,100 | 0 | 26,000 | 25,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,700 | 26,600 | 26,800 | + 150 | 25,950 | 25,450 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,750 | 27,700 | 27,800 | + 350 | 26,950 | 26,350 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,750 | 27,250 | 0 | 27,000 | 27,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 28,000 | 28,000 | 28,000 | 0 | 27,500 | 26,750 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 30,400 | 30,300 | 30,400 | + 200 | 30,100 | 28,800 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 27,650 | 27,600 | 27,700 | + 50 | 27,300 | 26,400 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 26,400 | 26,300 | 26,500 | 0 | 26,300 | 25,500 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 27,250 | 27,200 | 27,300 | + 100 | 26,500 | 25,950 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 27,950 | 27,900 | 28,000 | + 350 | 27,200 | 26,550 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 27,500 | 27,250 | 27,750 | 0 | 27,500 | 27,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 28,000 | 28,000 | 28,000 | 0 | 27,500 | 26,750 | |
| TMT | Ex-Delhi/NCR | 12MM | 33,800 | 33,600 | 34,000 | 0 | 33,000 | 32,600 |
| Ex-Durgapur | 12MM | 30,700 | 30,500 | 30,900 | 0 | 30,500 | 29,600 | |
| Ex-Raipur | 12MM | 30,000 | 29,800 | 30,200 | + 200 | 29,400 | 28,900 | |
| Ex-Mumbai | 12MM | 31,100 | 30,700 | 31,200 | + 200 | 30,300 | 29,900 | |
| Ex-Chennai | 12MM | 31,000 | 30,800 | 31,500 | 0 | 31,300 | 30,900 | |
| Ex-Hyderabad | 12MM | 30,850 | 30,700 | 31,000 | 0 | 30,300 | 29,750 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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