Indian Sponge & Billet offers witness marginal fall of INR 100-300/MT on SteelMint’s daily price assessment.
The Industry participants have mentioned that, due to limited inquiries on holiday’s mood, the producers are forced to cut prices. However, their is less scope for major price corrections as trends are strong globally, they added.
Today’s price assessment for induction furnaces billet size 125×125 mm are reported at INR 32,000-36,000/MT (USD 493-555) ex-plant. Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,200-22,000/MT (USD 311-339); prices are ex-plant & excluding GST.
On 27th Feb 2018 (Tuesday) INR to USD exchange rate stood at INR 64.88 & BSE Sensex closed at 34,346 (-99).
Key Market Updates:
1. MMTC, a leading international trading company in India, has issued a tender for import of 15,000 MT Shredded scrap in bulk conforming to US ISRI code 211.The due date for bid submission is 16 Mar’18.
2. Vizag Steel also known as RINL has invited a tender for export of 11,008 MT billet to Nepal. The minimum offered quantity is 2,752 MT. The due date for bid submission 3rd Mar’18 which will valid till 10th Mar’18.
3. Vizag Steel (RINL) to export 15,000 MT Billet from Gangavaram port through vessel Captain George K and the expected date to board of ship is 28th Feb’18.
4. Indian sponge iron export offers to Bangladesh remain unchanged amid improved volumes. The price assessment for lumps of grade FeM 78-80, recorded at USD 388-390/MT CPT Benpole (dry land port of Bangladesh & India) and USD 405/MT CFR Chittagong, Bangladesh.
5. Raipur, Central India based Integrated plants offer reduced by INR 100/MT D-o-D, offering Sponge P-DRI at INR 19,700-19,800/MT & Sponge DR CLO grade at INR 21,800-22,000/MT ex-plant
6. Odisha based medium size sponge manufacturers reported firm offers; FeM 80 C-DRI (70:30 mix material) at INR 20,400-20,600/MT ex-plant & excluding GST.
7. BIOP Steels in South India has reduced sponge offers by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 20,500/MT & INR 21,000/MT ex-plant, Karnataka; an official reported.
8. Today, the big plants in Raipur & Durgapur have reduced Wire rod prices by INR 100-200/MT. Light size structure prices also declined by INR 200/MT in Raipur & Mumbai.
9. The billet manufactures in Gujarat – Ahmedabad indicates less scope for major price fall in local ship breaking scrap prices due to good demand and limited availability of scrap in local market.
Reference prices as on 27th February 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,000 | 21,900 | 22,100 | – 100 | 22,000 | 21,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | 0 | 20,600 | 21,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,200 | 21,100 | 21,300 | – 100 | 21,300 | 21,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | 0 | 20,900 | 20,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,950 | 20,900 | 21,000 | – 150 | 20,900 | 20,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,750 | 19,700 | 19,800 | – 50 | 20,100 | 20,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,900 | 19,800 | 20,000 | 0 | 20,100 | 19,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | – 100 | 20,900 | 20,400 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,250 | 35,200 | 25,300 | – 250 | 35,750 | 34,400 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 32,600 | 32,500 | 32,700 | – 100 | 32,500 | 31,700 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,500 | 31,400 | 31,600 | 0 | 31,300 | 31,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,000 | 32,000 | 32,100 | – 150 | 32,450 | 31,800 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,900 | 34,100 | – 200 | 34,700 | 34,000 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,800 | 34,200 | 0 | 34,500 | 33,500 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,000 | 32,800 | 33,200 | 0 | 33,000 | 34,000 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 36,000 | 35,900 | 36,100 | – 200 | 36,600 | 35,100 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 33,000 | 32,900 | 33,100 | – 200 | 33,000 | 32,200 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 32,200 | 32,100 | 32,300 | + 100 | 32,200 | 31,400 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32,700 | 32,600 | 32,800 | – 100 | 33,100 | 32,500 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 34,200 | 34,100 | 34,200 | – 200 | 34,900 | 34,200 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,500 | 34,300 | 34,700 | 0 | 35,000 | 34,000 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 33,000 | 32,800 | 33,200 | 0 | 33,200 | 34,000 | |
| TMT | Ex-Delhi/NCR | 12MM | 38,600 | 38,400 | 38,800 | 0 | 38,200 | 38,300 |
| Ex-Durgapur | 12MM | 37,300 | 37,100 | 37,500 | – 200 | 37,000 | 36,300 | |
| Ex-Raipur | 12MM | 36,100 | 35,900 | 36,300 | – 100 | 36,500 | 36,300 | |
| Ex-Mumbai | 12MM | 38,500 | 38,100 | 38,600 | – 200 | 39,500 | 38,800 | |
| Ex-Chennai | 12MM | 38,800 | 38,700 | 39,000 | 0 | 39,000 | 39,500 | |
| Ex-Hyderabad | 12MM | 38,500 | 38,300 | 38,700 | 0 | 39,000 | 37,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
Leave a Reply