Today, Indian Sponge iron prices fluctuated by INR 100-400/MT, while Billet offers rise upto INR 500/MT in major markets. During the day, trade sentiments showed mix trends.
SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 31,300-34,800/MT (USD 492-547) ex-plant. Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,600-21,500/MT (USD 324-338); prices are ex-plant & excluding GST.
Today (Wednesday, January 24, 2018) INR to USD exchange rate stood at INR 63.67 & BSE Sensex closed at 36,161 (+21).
Key Market Updates:
1. Maharashtra State Power Generation Corporation Limited Mumbai, India, has invited a tender for procurement of 1 MnT Non-Coking (Steam) Coal of Indonesian origin.
2. Vizag Steel’s 30,000 MT billet export tender receives highest bid at slightly above USD 500/MT FoB, according to sources. Bids are in line with global market but far lower than domestic Indian billet prices.
3. Electro Steel based in Bokaro sold steel grade Pig iron at INR 26,600/MT FoR Durgapur. On ex-plant basis, the offers are reported at around INR 26,300/MT.
4. Raipur based integrated plants has increased sponge P-DRI offers to INR 20,300-20,400/MT against yesterday (23-Jan) at INR 20,000-20,200/MT ex-plant.
5. Rashmi Metaliks in Durgapur has reduced sponge prices by INR 200/MT and latest offers heard at INR 20,500-20,600/MT for P-DRI.
6. Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 21,000/MT & billet at INR 31,200/MT ex-plant.
7. Odisha based manufacturer, Ganesh Metaliks offered Billet at INR 31,400/MT ex-plant, an official reported.
8. BIOP Steels in South India has reduced sponge offers by around INR 500/MT, offering FeM 80 & 82 C-DRI lumps at INR 20,900/MT & INR 21,300/MT ex-plant, Karnataka; trade activities are weak at these offers; an official reported.
9. Chennai based manufacturers namely Suryadev Alloys offering 12 mm Rebar at INR 39,500/MT ex-plant & excluding GST.
10. Gujarat based Akshar TMT has increased rebar offers by INR 200/MT D-o-D. The fresh offers are reported at INR 46,200/MT FoR & including GST at 18%, Size – 20 mm.
11. Raipur, Central India based Wire Rod Manufacturers have unchanged their discount to INR 1,200-1,500/MT and the current offer of 5.5 mm Wire rod are reported at INR 37,900/MT, ex-plant & excluding GST.
Reference prices as on 24th January 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,500 | 21,400 | 21,600 | – 200 | 22,400 | 21,500 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,900 | 20,800 | 21,000 | + 100 | 21,300 | 20,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,500 | 21,400 | 21,600 | + 200 | 22,300 | 21,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | 0 | 21,800 | 20,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,900 | 20,800 | 21,000 | – 100 | NA | NA | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,500 | 20,400 | 20,600 | – 200 | 21,300 | 20,500 |
| Ex-Jharsugda | Lumps, FeM 78%, +/-1 | 19,200 | 19,100 | 19,300 | 0 | 20,200 | NA | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,300 | 20,200 | 20,400 | + 300 | 21,100 | 20,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | – 200 | 20,800 | 19,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,400 | 20,300 | 20,500 | – 100 | 21,200 | 20,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,950 | 33,900 | 34,000 | + 450 | 33,900 | 33,300 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,400 | 0 | 32,100 | 31,400 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,700 | 30,600 | 30,800 | + 100 | 31,200 | 30,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,600 | 31,500 | 31,700 | + 400 | 32,000 | 31,400 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,100 | 34,000 | 34,200 | – 400 | 34,800 | 33,800 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,200 | 34,000 | 34,400 | 0 | 34,000 | 32,700 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 34,000 | 34,200 | 0 | 35,000 | 33,750 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 34,800 | 34,700 | 34,900 | + 400 | 34,800 | 33,800 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 31,800 | 31,700 | 31,800 | 0 | 32,500 | 31,600 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 31,300 | 31,200 | 31,400 | + 150 | 31,800 | 31,500 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32,500 | 32,400 | 32,600 | + 500 | 33,000 | 32,200 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 34,300 | 34,200 | 34,400 | – 400 | 35,000 | 34,000 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,800 | 34,600 | 35,000 | 0 | 34,500 | 33,000 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,000 | 34,000 | 34,300 | 0 | 35,000 | 33,750 | |
| TMT | Ex-Delhi/NCR | 12MM | 38,400 | 38,300 | 38,600 | 0 | 38,800 | 39,200 |
| Ex-Durgapur | 12MM | 35,800 | 35,600 | 36,000 | 0 | 36,400 | 35,300 | |
| Ex-Raipur | 12MM | 36,000 | 35,800 | 36,200 | + 300 | 36,800 | 35,800 | |
| Ex-Mumbai | 12MM | 39,300 | 38,900 | 39,400 | + 200 | 39,300 | 37,500 | |
| Ex-Chennai | 12MM | 39,250 | 39,200 | 39,500 | 0 | 38,500 | 36,500 | |
| Ex-Hyderabad | 12MM | 37,200 | 37,000 | 37,400 | – 250 | 38,200 | 36,800 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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