Today, Indian Sponge iron prices moved downward by INR 100-200/MT as inquiries remained weak amid improved supply for the material. However, billet prices fluctuated by INR 100-300/MT.
SteelMint’s price assessment for induction furnaces billet size 125×125 mm are stood at INR 32,000-36,000/MT (USD 492-555) ex-plant. And the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,900-21,000/MT (USD 306-323); prices are ex-plant & excluding GST.
On 27th Mar 2018 (Tuesday) INR to USD exchange rate stood at INR 64.96 & BSE Sensex closed at 33,174(+107).
Key Market Updates:
1. Jindal SAW (Rajasthan) has reduced Pellet offers by INR 500/MT (USD 8). Offers for Fe 63% grade Pellets are assessed around INR 6,400/MT (delivered Kandla).
2. Rungta Mines – India’s largest private merchant miner produced 2.13 MnT Iron ore in Feb’18 as against 2.45 MnT in Jan’18, down 13% M-o-M.
3. Vizag Steel has invited a tender for export of 8,256 MT billet and 5,504 MT wire rod coils to Nepal. The due date for bid submission is 3rd Apr’18.
4. Salem Steel Plant (SSP), a unit of Steel Authority of India Limited (SAIL), a government of India undertaking had floated a global tender for purchase of around 20,000 MT Scrap.
5. Indian Sponge iron export price assessment for lumps of grade FeM 78-80, recorded at USD 360-365/MT CPT Benapole (dry land port of Bangladesh & India) and USD 380/MT CFR Chittagong, Bangladesh.
6. Raipur, Central India based Integrated plants offer reduced by INR 200/MT D-o-D, offering Sponge P-DRI at INR 19,300-19,400/MT & Sponge DR CLO grade at INR 21,400-21,600/MT ex-plant
7. Sponge C-DRI 79-80 FeM lumps prices in Mandi Gobindgarh – Punjab hovering at INR 24,800-25,000/MT FoR & excluding 18% GST.
8. Jharkhand – Jamshedpur based a renowned producer offered 80 FeM Sponge C-DRI (100% lumps) at INR 20,100/MT ex-plant & for exports at INR 20,800-20,900/MT, loaded to wagon & bag packing.
9. Odisha based medium size sponge manufacturers reported firm offers; FeM 80 C-DRI (70:30 mix material) at INR 20,000/MT & 100% lumps at INR 20,200-20,300/MT ex-plant & excluding GST.
10. Sunvik Steels in Karnataka has reduced Sponge prices by INR 300/MT; offering FeM 80 & 82 C-DRI are INR 20,900/MT and INR 21,300/MT. Also offering 8mm TMT at INR 52,500/MT (Incl. of 18% GST). All prices are ex-works
11. Local manufacturers in Raigarh are offering 60-14 Silico Manganese at around INR 69,000/MT ex-plant
12. Rathi Steels in North India – Delhi unchanged their price today and current offering at INR 39,250/MT, size – 12 mm & excluding 18% GST.
13. The suppliers in Raipur have raised trade discount on Wire rod to INR 1,2001-1,400/MT.
14. South India – Chennai based ARS Trusteel reported unchanged their prices against last day trades. The current offers for Rebar 12 MM around INR 43,500/MT & Billet at INR 36,000/MT ex-plant & excluding GST.
15. Gujarat based Akshar TMT has unchanged their offers on day basis & current offering rebar at INR 45,400/MT FoR & including GST at 18%, Size – 20 mm.
Reference prices as on 27th March 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,900 | 19,800 | 20,000 | – 200 | 21,300 | 22,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,900 | 19,800 | 20,000 | – 100 | 20,400 | 20,500 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,000 | 20,900 | 21,100 | – 200 | 21,650 | 21,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,300 | 20,200 | 20,400 | 0 | 21,000 | 20,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,500 | 18,400 | 18,600 | – 100 | 20,000 | 20,950 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,400 | 19,300 | 19,500 | – 200 | 19,900 | 19,750 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,700 | 19,600 | 19,800 | – 100 | 20,100 | 19,900 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | 0 | 20,700 | 20,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,100 | 35,000 | 35,200 | + 300 | 35,450 | 35,250 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 32,200 | 32,100 | 32,300 | 0 | 32,900 | 32,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,400 | + 100 | 31,600 | 31,500 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,950 | 31,900 | 32,000 | + 100 | 32,200 | 32,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,100 | 34,000 | 34,200 | 0 | 34,100 | 34,000 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 35,500 | 35,400 | 35,600 | 0 | 35,500 | 34,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,700 | 33,500 | 33,800 | 0 | 34,700 | 33,000 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 35,800 | 35,600 | 35,900 | + 300 | 36,200 | 36,000 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 32,600 | 32,500 | 32,700 | 0 | 33,300 | 33,000 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 32,200 | 32,100 | 32,300 | + 200 | 32,600 | 32,200 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32,800 | 32,700 | 32,900 | + 100 | 33,200 | 32,700 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 34,300 | 34,200 | 34,300 | 0 | 34,300 | 34,200 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 36,000 | 35,900 | 36,100 | 0 | 36,000 | 34,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,000 | 33,500 | 34,000 | 0 | 35,000 | 33,000 | |
| TMT | Ex-Delhi/NCR | 12MM | 38,000 | 37,800 | 38,200 | 0 | 38,800 | 38,600 |
| Ex-Durgapur | 12MM | 37,400 | 37,200 | 37,600 | 0 | 38,000 | 37,300 | |
| Ex-Raipur | 12MM | 36,800 | 36,600 | 37,000 | + 100 | 37,300 | 36,100 | |
| Ex-Mumbai | 12MM | 37,800 | 37,400 | 37,900 | – 200 | 37,900 | 38,500 | |
| Ex-Chennai | 12MM | 41,000 | 40,800 | 41,100 | + 200 | 41,000 | 38,800 | |
| Ex-Hyderabad | 12MM | 39,500 | 39,300 | 39,700 | 0 | 40,250 | 38,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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