In the week opening, domestic sponge market observed slight price fluctuation of INR 100/MT, however due to limited inquiries billet offers fall sharply by INR 400-1,100/MT (USD 6-16) in major markets.
As per industry participants, the buyers remained cautious over uncertainty in the market, resulting thin spot trades. The standalone billet producers in East & Western regions also mentioned poor inquiries from domestic & exports as well.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 33,700-37,300/MT (USD 490-543) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,200-22,200/MT (USD 279-323); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 2nd July 2018 (Monday) INR to USD exchange rate stood at INR 68.75
— BSE Sensex closed at 35,264(-159) on Monday, as against last day (Friday) at 35,423(+385)
Raw material
— Odisha’s major merchant Iron ore miners like Rungta Mines, KJS Ahluwalia and Kaypee Enterprises have today announced hike in Iron ore prices by INR 300/MT in lumps and fines.
— Bhushan Power & Steel’s iron ore sourcing has recorded at 0.29 MnT in May’18, surge by 19% as against in Apr’18 at 0.25 MnT.
— MOIL raised manganese ore prices by 5% for Q2 over the prevailing prices since Jun’18 for Ferro Grade, Silico Manganese grade, and Fines.
Semi finished
— Tata Metaliks, India’s one of the largest foundry grade pig iron manufacturer has reduced its prices by INR 800/MT (USD 12) & fresh prices reported at INR 33,000/MT for high silicon, foundry grade Pig iron.
— Girdih based Atibir Industries, a Pig iron producer has kept offers firm amid average inquiries. The latest price reported at INR 29,000-29,500/MT ex-plant & excluding GST.
— Neo Metaliks in Durgapur – West Bengal has kept offers unaltered and are assessed at INR 29,500/MT ex-plant.
— SteelMint learned from market sources that Jindal Steel & Power Ltd (JSPL) resumed power supply to Raigarh (Chhattisgarh) based induction furnaces at power charges of INR 4/Unit for 5 years.
— Rashtriya Ispat Nigam Limited (RINL) – state owned steel maker under the Ministry of Steel, is heard to have concluded the 20,000 MT bloom (150*150mm) at around USD 510-515/MT, FoB India.
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 19,800-19,900/MT & Sponge DR CLO grade at INR 22,600-22,800/MT ex-plant
— As per participants, Rashmi Metaliks in Durgapur has rolled over Sponge prices and are assessed P-DRI at INR 21,200-21,300/MT.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 19,800/MT & 20,200/MT ex-plant, Karnataka, trade activities are weak at these offers; an official reported.
Finish Long
— Vizag Steel (RINL), one of the largest long steel producer in India has reduced Rebar prices by INR 500/MT for 8 to 16mm & INR 750/MT for 20-32mm, July deliveries.
— North Region based Rathi Steels have reduce their prices by around INR 600/MT on day basis and current offering rebar at INR 43,200/MT, size – 12 mm & excluding 18% GST.
— The suppliers in Raipur have slightly increased their trade discount on Wire rod and current hovering at INR 1,200-1,500/MT, size – 5.5 MM.
— Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT unchanged their prices on day basis and offering basic rebar at INR 36,700/MT, ex-work & excluding GST.
— Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT has reduce prices by around INR 100-200/MT on basic rebar and offered at INR 47,200/MT FoR & including GST at 18%, Size – 20 mm.
— South Region Based – VRKP Steel Industry Pvt Ltd – VRKP has unchanged their offers on day basis & current offering rebars at INR 49,500/MT (8 mm), ex-work & including GST.
— Shakti Ferro Alloys in Chennai, South Region has offered rebar at INR 40,000/MT (12 mm) & Billet at INR 35,000/MT on immediate payment term, ex-work & excluding GST.
— Kalika TMT offers 12-25mm rebars at around INR 38,800/MT ex-plant, Jalna (GST 18% extra).
Reference prices as on 2nd July 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Mumbai | HMS(80:20) | 25,000 | 24,900 | 25,100 | – 200 | 25,400 | 27,500 |
| Ex-Chennai | HMS(80:20) | 24,900 | 24,800 | 25,000 | 0 | 25,000 | 26,400 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,200 | 22,100 | 22,300 | – 100 | 22,300 | 22,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,800 | 20,700 | 20,900 | – 100 | 20,800 | 21,100 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,600 | 21,500 | 21,700 | + 50 | 21,500 | 21,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | 0 | 19,500 | 20,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,200 | 21,100 | 21,300 | – 100 | 21,300 | 21,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,850 | 19,800 | 19,900 | + 50 | 19,500 | 19,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,600 | 18,500 | 18,700 | 0 | 19,000 | 19,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,400 | 19,300 | 19,500 | – 100 | 19,800 | 20,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 36,800 | 36,700 | 36,900 | – 1,100 | 38,150 | 39,900 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,900 | 34,100 | – 800 | 35,000 | 36,900 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 33,000 | 33,000 | 33,200 | – 800 | 34,000 | 36,300 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 33,300 | 33,200 | 33,400 | – 700 | 34,100 | 36,450 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,100 | 34,000 | 34,200 | – 300 | 35,000 | 37,500 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,300 | 34,200 | 34,400 | – 400 | 34,700 | 35,800 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,700 | 33,600 | 33,800 | – 500 | 34,700 | 36,200 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 37,300 | 37,200 | 37,400 | – 1,100 | 38,600 | 40,600 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 34,500 | 34,400 | 34,600 | – 800 | 35,300 | 37,400 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 33,800 | 33,700 | 33,900 | – 600 | 34,700 | 36,800 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 34,300 | 34,200 | 34,400 | – 750 | 35,150 | 37,500 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 34,300 | 34,200 | 34,400 | – 350 | 35,200 | 37,800 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,800 | 34,700 | 34,900 | – 400 | 35,200 | 36,300 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | – 500 | 35,000 | 36,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 42,000 | 41,800 | 42,200 | – 400 | 42,800 | 44,600 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 39,300 | 39,100 | 39,500 | – 600 | 40,500 | 42,100 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 39,200 | 39,000 | 39,400 | – 200 | 39,800 | 42,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 38,600 | 38,200 | 38,700 | 0 | 39,100 | 41,300 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 39,800 | 39,600 | 40,000 | 0 | 40,300 | 41,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 39,250 | 39,000 | 39,500 | – 250 | 39,500 | 40,800 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research

Leave a Reply