Indian Semi finished market reported price corrections on 23rd February. The prices have declined – billet by INR 100-400/MT & Sponge iron by INR 100-300/MT day-on-day.
According to the market participants, trade activities were limited post the Supreme Court has allowed Odisha’s 2nd largest merchant miner – Serajuddin Mines to resume operations in the hearing held today, The miner has dispatched 9.56 MnT in CY’17 and remained a major source of iron ore to steel firms like JSW Steel, Essar Steel, Bhushan Steel along with other sponge and steel units.
SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 32,200-36,400/MT (USD 497-562) ex-plant. Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,600-22,000/MT (USD 318-340); prices are ex-plant & excluding GST.
On 23rd Feb 2018 (Friday) INR to USD exchange rate stood at INR 64.76 & BSE Sensex closed at 34,142 (+322).
Key Market Updates:
1. Raipur, Central India based Integrated plants offers reduced by INR 200-300/MT D-o-D, offering Sponge P-DRI at INR 20,000/MT ex-plant. Sponge DR-CLO offers by the producers are heard in the range of INR 22,200-22,400/MT ex-plant.
2. Rashmi Metaliks in Durgapur reduced sponge prices and offered P-DRI at INR 21,000-21,100/MT against last day at INR 21,100-21,200/MT ex-plant.
3. Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,800/MT & billet at INR 32,300/MT ex-plant an official reported. And added export deal to Nepal of one rake billet has concluded in the beginning of week at around USD 500-502/MT (ex-mill).
4. A day before, Few Raigarh based smelters purchased 80 FeM P-DRI from Odisha at INR 19,800/MT FoR Raigarh.
5. Hyderabad based scrap dealers selling end cuttings (blue steel) or railway material scrap to Jalna at INR 28,000/MT FoR & excluding GST at 18%.
6. BMM Ispat in Karnataka has offered sponge P-DRI at INR 19,800/MT and Sunvik Steels sponge C-DRI lumps at INR 21,300/MT. Both offers for FeM 80, excluding GST & ex-plant basis.
7. BIOP Steels in South India has reduced sponge offers by around INR 200-300/MT, offering FeM 80 & 82 C-DRI lumps at INR 20,700/MT & INR 21,100/MT ex-plant, Karnataka; an official reported.
8. Jindal Steel has increased Pig iron prices by INR 1,000/MT (USD 15) against offers during last week. The latest offers are reported for Granulated Pig iron (panther shots) at INR 28,500/MT & Pooled iron at INR 27,500/MT ex-plant, Odisha.
9. Rathi Steels in North India – Delhi has unchanged their price today and current offering at INR 40,400/MT, size – 12 mm & excluding 18% GST.
10. Raipur Power and Steel Ltd in Central India offering Wire Rod (5.5 MM) at INR 38,500/MT, Ex-Mill & Excluding GST.
11. Central region – Raipur based Wire Rod manufactures are enhanced discount by INR 100-200/MT to INR 1,200-1,500/MT as per market participants.
12.South Region – Chennai market has noticed slight improvement and billet price working range has been observed around by INR 34,500-35,000/MT, ex-works & excluding GST.
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