Indian Billet & Sponge prices increase further by INR 200-500/MT (USD 3-8), SteelMint’s daily price assessment shows. The prices consequent on rise following higher raw material prices and strong demand from the both Indian domestic & global market.
Standalone Billet producers in Western India stated that, “inquiries continue to remain strong from South East Asia but they are not willing to deal due to better margins on domestic trades.” The Domestic offers are reported – at INR 35,000-35,500/MT (USD 545-555) ex-Ahmedabad, West India. Meanwhile, export buying interest are seen at around USD 520-530/MT, FoB India.
During the day, Indian billet price movement are as follow – INR 33,600-33,800/MT (+300) ex-Raipur, INR 32,400-32,600/MT (+200) in Durgapur, INR 34,700-34,900/MT (+300) ex-Gobindgarh, INR 35,500-35,600/MT (+300) ex-Mumbai & INR 35,000-35,500/MT (+250) ex-Hyderabad.
Further, the Sponge iron (FeM 78-80) prices assessed at INR 22,600-22,800/MT (+200) ex-Raipur, INR 21,700-21,900/MT (+500) ex-Rourkela, INR 22,400-22,600/MT (+400) in Durgapur & INR 20,800-21,000/MT (+100) ex-Bellary. The prices changes mentioned are against on last day trades.
Today (Wednesday, January 3, 2017) INR to USD exchange rate stood at INR 63.49 & BSE Sensex closed at 33,793 (-19).
Key Market Updates:
1. India’s largest iron ore miner, NMDC supplied 307 rakes of iron ore from Chhattisgarh based mines in Dec’17, an increase of 50% as against supply of 204 rakes in Nov’17.
2. India pellet offers have increased sharply by INR 250-700/MT W-o-W. Pellet manufacturers in Barbil have raised offers to INR 6,400-6,500/MT (loaded to wagons) and that in Central India (Ex-Raipur) to INR 7,200/MT.
3. Raipur, Central India based Integrated plants offers increased by INR 100-200/MT D-o-D, offering Sponge P-DRI at INR 21,700-21,800/MT & Sponge DR-CLO grade at INR 23,400-23,400-23,600/MT. Both prices ex-plant & excluding GST.
4. In West Bengal – Durgapur, Rashmi Metaliks has increased sponge offers by INR 400-500/MT D-o-D; P-DRI at INR 21,500/MT (Sources).
5. Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 21,500/MT & billet at INR 32,300/MT ex-plant.
6. BIOP Steels in South India has increased sponge offers by INR 400/MT, offering FeM 80 & 82 C-DRI lumps at INR 21,200/MT & 21,600/MT ex-plant, Karnataka.
7. BMM Ispat in Karnataka has offered sponge P-DRI at INR 20,500/MT and Sunvik Steels sponge C-DRI lumps at INR 21,200/MT. Both offers for FeM 80, excluding GST & ex-plant basis.
8. An producer reported small billet export deal during last week for Middle east at USD 530-535/MT, FoB India.
9. The mill owners in Raipur today increased Rebar prices by INR 300-400/MT, Structure by INR 300-500/MT & Wire rod by INR 400-500/MT.
10. Rathi Steels, one of the big manufacturer for rebars in North India – Delhi has raised offers by INR 500/MT to INR 40,400-40,500/MT, size – 12 mm & excluding 18% GST.
Leave a Reply