Indian Sponge & Billet prices remain on down trend today over poor inquiries with the manufacturers. The price fall during the day was observed by INR 100-600/MT in Billets & INR 100-300/MT in Sponge iron across major markets.
The major price fall in billet have noticed in Western India – Gujarat by INR 500-600/MT (USD 8-9), followed by INR 500/MT (USD 8) in Hyderabad, while in rest of markets it declined by INR INR 100-300/MT (up to USD 5).
SteelMint’s latest price assessment for induction furnaces billet size 125×125 mm are stood at INR 32,300-36,000/MT (USD 495-552) ex-plant.
Meanwhile, the coal based sponge (78-80 FeM) C-DRI price hovering at INR 20,400-21,700/MT (USD 313-333); prices are ex-plant & excluding GST.
On 21st Mar 2018 (Wednesday) INR to USD exchange rate stood at INR 65.20 & BSE Sensex closed at 33,136(+139).
Key Market Updates:
1. Raipur, Central India based Integrated plants offer for P-DRI reduced to INR 19,800-19,900/MT against last day at INR 19,900-20,000/MT ex-plant. Sponge DR CLO grade offers hovering at INR 21,800-22,000/MT ex-plant.
2. Rashmi Metaliks in Durgapur has cut sponge prices and are heard fresh offers for P-DRI at INR 19,700-19,800/MT ex-plant.
3. 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 32,600-32,700/MT ex-plant.
4. The small size sponge manufacturers in West Bengal & Odisha and few major producers in Central India stated limited inquiries resulting rise in inventories.
5. Indian steel export offers to Nepal unchanged this week by medium mills. The latest offers are reported for Billet at USD 508-510/MT & Wire rod 5.5mm at USD 590/MT ex-mill, Durgapur – East India.
6. Melting scrap offers in Western India – Gujarat & Maharashtra declined by INR 200/MT & INR 300-400/MT, respectively. It seems that local ship breaking scrap prices Gujarat may decline further due to low buying interest by Ingot/billet manufacturers.
7. Trade discount in Raipur Wire rod heard at around INR 1,000/MT which is slightly higher against last day (20 Mar).
Reference prices as on 21st March 2018
| Products | Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,200 | 21,100 | 21,300 | -100 | 21,100 | 22,100 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,300 | 20,200 | 20,400 | – 100 | 20,100 | 20,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,500 | 21,400 | 21,600 | -150 | 21,400 | 21,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,900 | 20,800 | 21,000 | -100 | 20,900 | 20,900 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,700 | 19,600 | 19,800 | -300 | 20,000 | 21,000 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | -100 | 19,750 | 20,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,100 | 20,000 | 20,200 | 0 | 20,100 | 20,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | -100 | 20,600 | 20,900 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,200 | 35,100 | 35,300 | -250 | 34,450 | 35,800 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 32,700 | 32,600 | 32,800 | -200 | 32,500 | 32,800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,600 | 31,500 | 31,700 | 0 | 31,200 | 31,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,000 | 32,000 | 32,100 | -200 | 31,850 | 32,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,900 | 34,100 | – 100 | 34,300 | 34,800 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 35,500 | 35,400 | 35,600 | 0 | 35,800 | 34,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 34,200 | 34,100 | 34,300 | -500 | 33,800 | 33,000 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 36,000 | 35,900 | 36,100 | -200 | 35,300 | 36,600 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 33,000 | 32,900 | 33,100 | -300 | 33,000 | 33,200 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 32,600 | 32,500 | 32,700 | 0 | 32,000 | 32,400 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32,900 | 32,800 | 33,000 | -300 | 32,750 | 33,300 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 34,200 | 34,100 | 34,300 | – 100 | 34,500 | 35,000 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 36,000 | 35,900 | 36,100 | 0 | 36,250 | 34,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,500 | 34,300 | 34,500 | -500 | 34,000 | 33,000 | |
| TMT | Ex-Delhi/NCR | 12MM | 38,800 | 38,600 | 39,000 | 0 | 38,000 | 38,500 |
| Ex-Durgapur | 12MM | 37,500 | 37,300 | 37,700 | -500 | 37,700 | 37,300 | |
| Ex-Raipur | 12MM | 36,800 | 36,600 | 37,000 | -500 | 36,400 | 36,700 | |
| Ex-Mumbai | 12MM | 37,900 | 37,500 | 38,000 | 0 | 38,200 | 39,200 | |
| Ex-Chennai | 12MM | 41,000 | 40,900 | 41,500 | 0 | 40,500 | 38,600 | |
| Ex-Hyderabad | 12MM | 40,000 | 39,800 | 40,200 | -250 | 39,500 | 38,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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