Today, Domestic Sponge iron offers fluctuated by INR 100-200/MT. However, Billet offers increase further by INR 200-400/MT (USD 3-6) amid mix trade sentiments.
The market participants are mentioned that, there are limited inventories with the producers and are receiving good inquiries at current offer prices of Semis & long products.
SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 32,000-36,300/MT (USD 496-563) ex-plant. Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,400-21,900/MT (USD 316-340); prices are ex-plant & excluding GST.
On 19th Feb 2018 (Monday) INR to USD exchange rate stood at INR 64.50 & BSE Sensex closed at 33,774 (-236).
Key Market Updates:
1. Indian Steel Ministry brings more products under Quality Control Order which includes PPGI, slab & wire rod also.
2. Indian sponge iron export offers increased by USD 5/MT W-o-W, price assessment for 80 FeM sponge lumps are at around USD 383-385/MT CPT Benapole (land port of Bangladesh and India)
3. Steel Authority of India (SAIL) has cancelled its 8,100 MT Concast rectangular bloom export tender due to low bids, the sources reported to SteelMint.
4. Raipur, Central India based Integrated plants offer reduced & reported Sponge P-DRI at INR 20,000-20,100/MT & Sponge DR CLO grade at INR 22,200-22,400/MT ex-plant.
5. Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,300-20,400/MT & billet at INR 32,000/MT ex-plant.
6. BMM Ispat in Karnataka has offered sponge P-DRI at INR 20,300/MT and Sunvik Steels sponge C-DRI lumps at INR 21,200/MT. Both offers for FeM 80, excluding GST & ex-plant basis.
7. BIOP Steels in South India has kept offers unaltered, offering FeM 80 & 82 C-DRI lumps at INR 20,900/MT & 21,400/MT ex-plant, Karnataka; an official reported.
8. Melting scrap offers in Western India- Maharashtra & Gujarat rise by INR 200-500/MT in a couple of days owing to less availability of materials.
9. Jindal Steel offers increased by INR 500/MT, Granulated Pig iron (panther shots) at INR 27,500/MT & Pooled iron at INR 26,500/MT ex-Angul, Odisha.
10. The private pig iron producers in Eastern India – Durgapur & Jharkhand has further raised prices and are assessed steel grade pig iron at INR 28,300-28,500/MT ex-plant & excluding GST.
11. Vedanta Resources also Known as Sesa Goa Limited has offered Foundry grade Pig iron at INR 32,500/MT (USD 504) ex-plant, Western India.
12. Indian bar and rod imports have been increased by 7.24% during the first eleven month of 2017 against the same period in preceding year. Bar and rods (under HS code 7213 & 7214) was recorded at 231,878 MT during Jan-Nov’17 against 216,220 MT in same period last year.
13. Kalika Steel Alloys in Jalna unchanged their prices and are offering 28mm rebars at INR 36,600/MT ex-plant & excluding GST.
14. Raipur based Structure manufactures increased gauge parity around by INR 300/MT in particular sizes.
15. Central India based – Raipur Power and Steel Ltd offering Wire Rod (5.5 MM) at INR 38,000/MT, Ex-Mill & Excluding GST.
16. Mumbai based Rebar manufactures increased gauge parity around by INR 100 – 300/MT in particular sizes and elongated to INR 3,200/MT for 10/12/16/20/25 & 32 MM and INR 3,700/MT for 8 mm w.e.f. 17th Feb’18.
Reference prices as on 19th February 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,900 | 21,800 | 22,000 | + 200 | 21,550 | 21,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | 0 | 20,600 | 20,800 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,300 | 21,200 | 21,400 | – 100 | 21,000 | 21,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,900 | 20,800 | 21,000 | 0 | 20,600 | 20,700 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,800 | 20,700 | 20,900 | + 100 | 20,550 | 20,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | – 100 | 19,800 | 20,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,200 | 20,100 | 20,300 | + 100 | 19,800 | 20,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,900 | 20,800 | 21,000 | + 100 | 20,300 | 21,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,500 | 35,400 | 35,600 | + 200 | 34,800 | 33,600 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 32,400 | 32,300 | 32,500 | + 100 | 32,000 | 31,300 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,400 | + 100 | 31,100 | 30,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,300 | 32,200 | 32,400 | + 100 | 32,000 | 31,400 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,800 | 34,700 | 34,900 | 0 | 34,600 | 34,200 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,500 | 34,400 | 34,600 | 0 | 34,000 | 34,200 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,800 | 33,700 | 34,000 | 0 | 33,750 | 34,500 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 36,300 | 36,200 | 36,500 | + 200 | 35,500 | 34,400 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 32,900 | 32,800 | 33,000 | 0 | 32,500 | 31,800 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 32,000 | 31,900 | 32,100 | 0 | 31,500 | 31,400 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32,900 | 32,800 | 33,000 | 0 | 32,600 | 32,300 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 35,000 | 34,900 | 35,100 | 0 | 34,800 | 34,400 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 35,000 | 34,900 | 35,100 | 0 | 34,500 | 34,800 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,000 | 33,800 | 34,000 | 0 | 33,750 | 34,500 | |
| TMT | Ex-Delhi/NCR | 12MM | 38,200 | 38,000 | 38,400 | 0 | 38,200 | 38,700 |
| Ex-Durgapur | 12MM | 37,000 | 36,800 | 37,200 | + 200 | 36,400 | 36,000 | |
| Ex-Raipur | 12MM | 36,400 | 36,200 | 36,600 | – 100 | 36,300 | 36,000 | |
| Ex-Mumbai | 12MM | 39,500 | 39,100 | 39,600 | + 100 | 39,100 | 38,900 | |
| Ex-Chennai | 12MM | 39,000 | 38,900 | 39,300 | 0 | 38,700 | 39,250 | |
| Ex-Hyderabad | 12MM | 39,200 | 39,000 | 39,200 | 0 | 38,200 | 37,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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