In the week opening, domestic Semi finished prices fluctuates by INR 200-400/MT (USD 3-6) for both Sponge & Billet. The trade activities were in mix trends, SteelMint learnt from market participants.
Today, the price assessment for induction grade billet size 125×125 mm in major markets are stood – at INR 28,800-29,000/MT (+200) ex-Raipur, INR 31,000-31,200/MT (-200) ex-Mandi Gobindgarh, INR 28,800-29,000/MT (-100) in Durgapur, INR 30,300-30,400/MT ex-Jalna, INR 31,200-31,300/MT (+400) in Ahmedabad & INR 30,300-30,500/MT (+300) ex-Hyderabad.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,800-20,000/MT (+300) ex-Raipur, INR 19,100-19,200/MT (-100) in Durgapur, INR 18,300-18,500/MT (0) ex-Rourkela & INR 17,600-17,800/MT (0) ex-Bellary.
The prices mentioned above are excluding 18% GST & changes are against trades on 9th Dec’17.
On 11th Dec’17, INR to USD exchange rate stood at INR 64.38 & BSE Sensex closed at 33,455 (+205).
Key Market Updates:
1. Coking coal imports in India decline by 7.17% M-o-M in Nov’17. India has imported about 4.14 MnT coking coal during Nov’17 compared to 4.46 in Oct’17.
2. Indian private Pig iron manufacturers holds offers firm over price fluctuation in Billet. The latest offers in Durgapur are assessed at INR 24,800-25,000/MT for Steel grade material.
3. BHEL invites tender for Purchase of 12,000 MT Re-bars for its Bangladesh Project. Only Indian and Bangladesh bidders are allowed to participate in this tender.
4. Raipur – Central India based Integrated plants today increase sponge offers by INR 200-300/MT with current offers for P-DRI at INR 18,700-18,800/MT ex-plant. However, according to the trade participants the buying interest seen near to INR 18,500-18,600/MT.
5. Rashmi Metaliks in Durgapur an price trend setter has reduced sponge prices by INR 100/MT to INR 18,200/M for Sponge P-DRI (Sources).
6. Odisha- Rourkela based manufacturers offered C-DRI mix material at INR 18,300-18,500/MT & lumps grade at INR 18,600-18,800/MT. During the days trade activities were silent, the small size manufacturers reported.
7. The Wire rod manufacturers in Raipur today increase prices by INR 300/MT owing to rise billet & sponge prices in the market.
8. Today, melting Scrap offers in Jalna was stable, while it increase in Chennai & Alang by INR 200-300/MT due to shortage in local market and rising imported scrap & domestic billet offers.
9. Medium mills in Raipur today increase rebar & structure offers by INR 200/MT. The manufacturers reported healthy bookings since couple of days and majorly from North & West India.
10. The billet manufacturers in Gujarat reported low availability of ship breaking scrap due to shortage of ships resulting slow demolition. They indicates that local scrap prices to increase further.
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