Today, Indian Sponge iron offers fall slightly by INR 100/MT, while billet offers slump by INR 200-900/MT (USD 3-13) due to limited trade activities.
The market participants mentioned, as the inquiries are limited the producers are reluctant to cut prices in line to fetch bookings.
Further they added, domestic prices to remain under pressure as local supply increased following rise in inventories.
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 19,200-22,000/MT (USD 279-320); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 4th July 2018 (Wednesday) INR to USD exchange rate stood at INR 68.73
— BSE Sensex closed at 35,645(+266) on Wednesday, as against last day (Tuesday) at 35,378(+114)
Key Updates
— MMTC has issued a tender for purchase of 48,000 MT (approx) iron ore Fe 63.50% (Size 10-40 MM) for supply to NINL Plant at Duburi, Odisha. The due date for submission of bids is 24 July’18.
— JSW Steel’s iron ore purchases from Karnataka e-auctions stood at 1.06 MnT in Jun’18 up by 3% M-o-M compared to 1.03 MnT in May’18
— NMDC iron ore sales increased sharply by almost four-folds in Jun’18 & stood at 0.74MnT as against 0.20 MnT in May’18.
— Imported scrap offers to India for HMS 1&2 (80:20) Dubai origin containers stood at around USD 360/MT, CFR Nhava Sheva, down by USD 5/MT W-o-W
— Bokaro based Electro Steel has not offering pig iron due to none availability of material, as per officials. And the last deals reported at around INR 29,400/MT FoR Durgapur & on ex-plant basis at around INR 29,000/MT.
— Ludhiana, North India based trade participants reported steel & foundry grade pig iron offers at INR 31,600/MT & INR 33,300/MT on FoR basis & excluding 18% GST. Prices decline by INR 200-400/MT against our last assessment.
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 19,900-20,000/MT & Sponge DR CLO grade at INR 22,700-23,000/MT ex-plant
— Raigarh based Singhal Steel offered P-DRI at INR 19,600-19,700/MT ex- plant, an official reported. Also, the company is offering Billets to Raipur at INR 34,000/MT FoR.
— Odisha based manufacturer, Ganesh Metaliks has offered Billet at INR 33,300/MT at the opening of day (ex-plant).
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered billet at INR 33,200/MT ex-plant, an official reported. And also offering billet for exports at around USD 485/MT (ex-mill).
— BMM Ispat in Karnataka has offered sponge P-DRI at INR 18,400-18,500/MT and Sunvik Steels sponge C-DRI lumps at INR 20,000/MT. Both offers for FeM 80, excluding GST & ex-plant basis.
Reference prices as on 4th 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 | 0 | 25,400 | 27,500 |
| Ex-Chennai | HMS(80:20) | 24,100 | 24,000 | 24,200 | – 400 | 24,900 | 26,400 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,900 | 21,800 | 22,000 | – 100 | 21,900 | 22,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,800 | 20,700 | 20,900 | 0 | 20,700 | 21,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,800 | 21,700 | 21,900 | 0 | 21,300 | 22,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | 0 | 19,200 | 20,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,850 | 20,800 | 20,900 | – 50 | 20,900 | 21,300 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,950 | 19,900 | 20,000 | – 50 | 19,400 | 20,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,500 | 18,400 | 18,600 | 0 | 18,600 | 19,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | – 100 | 19,600 | 20,400 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 36,100 | 36,000 | 36,100 | – 300 | 37,550 | 39,650 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 33,500 | 33,400 | 33,600 | – 100 | 34,400 | 36,900 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 32,200 | 32,100 | 32,300 | – 500 | 33,600 | 36,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,900 | 32,800 | 33,000 | – 200 | 33,700 | 36,150 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,200 | 33,100 | 33,200 | – 400 | 34,500 | 37,200 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,300 | 34,200 | 34,400 | 0 | 34,300 | 36,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,700 | 33,600 | 33,800 | 0 | 33,700 | 36,200 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 36,500 | 36,400 | 36,700 | – 400 | 38,000 | 40,300 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | 0 | 34,800 | 37,350 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 33,100 | 33,000 | 33,200 | – 300 | 34,000 | 36,800 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 33,900 | 33,800 | 34,000 | – 200 | 34,700 | 37,300 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 33,500 | 33,400 | 33,500 | – 300 | 34,700 | 37,400 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,800 | 34,700 | 34,900 | 0 | 34,800 | 36,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | 0 | 34,000 | 36,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 41,200 | 41,000 | 41,400 | – 300 | 42,200 | 44,600 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 38,500 | 38,300 | 38,700 | – 100 | 39,600 | 42,000 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 38,300 | 38,200 | 38,500 | – 500 | 39,400 | 41,800 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 38,000 | 37,600 | 38,100 | – 200 | 38,400 | 41,300 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 39,800 | 39,600 | 40,000 | 0 | 40,000 | 41,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 38,750 | 38,500 | 39,000 | 0 | 39,000 | 41,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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