Indian Billet offers decline further and reached 6-month low due to seasonal weak demand. As per Industry participants, prices likely to remain under pressure over limited buying interest and improved supply. As per SteelMint’s daily assessment, the prices fall by INR 300-700/MT (USD 4-10).
Similarly Sponge iron offers also started to fall and on daily analysis it decline about INR 200/MT in major markets except in Durgapur where it slump near to INR 700/MT.
Today’s price assessment for induction furnaces billet in Indian market stood at INR 31,300-34,500/MT (USD 456-504) ex-plant. Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,900-21,200/MT (USD 275-309); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 12th July 2018 (Thursday) INR to USD exchange rate stood at INR 68.44
— BSE Sensex closed at 36,548(+282) on Thursday, as against last day (Wednesday) at 36,265(+26)
Raw material
— Rungta Mines, India’s largest private merchant miner, dispatched the highest quantity of iron ore at 1.99 MnT in June’18, surge by 4% as against 1.91 MnT in May’18.
— Essar Steel procured 0.66 MnT of iron ore in June’18 from NMDC’s Bailadila mines in Chhattisgarh via slurry pipeline, stood 22% down as against 0.85 MnT in May’18.
— Imported scrap offers to India for HMS 1&2 (80:20) Dubai origin containers stood at around USD 355/MT, CFR Nhava Sheva
Semi finished
— Indian induction grade billet export offers to Nepal is hovering at USD 460-465/MT ex-mill, Durgapur, Eastern India.
— Raipur, Central India based Integrated plants have reduced offers by INR 200/MT day-on-day and offering Sponge P-DRI at INR 19,200-19,400/MT ex-plant.
— Rashmi Metaliks in Durgapur has reduced Sponge prices by INR 500/MT today and quoted Sponge P-DRI at around INR 19,500/MT, Sources.
— BMM Ispat in South India (Karnataka) has reduced offers for FeM 80 P-DRI by INR 100/MT to INR 18,300/MT ex-Bellary, an official reported. And added offers fall due to limited demand amid weak climatic condition.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 19,400/MT & 19,800/MT ex-plant, Karnataka; an official reported. And added market under pressure over poor Inquiries.
Finish Long
— Jalna based rebar manufacturer Rajuri Steel Pvt Ltd decrease their offers by INR 500/MT on day basis & current offering rebar at INR 34,500/MT (28 mm), ex-work & excluding GST.
— Gujarat based Shreeyam Power & Steel Industries Ltd offering TMT at INR 43,600/MT (-400) from yesterday FoR & including GST at 18%, Size – 20 mm.
— Central region, Raipur based brand – SPEED TMT have decreased their prices by around INR 500/MT on day basis and current offering at INR 34,000/MT (28 mm), ex-work & excluding GST.
— East region based – Baba Smelter Pvt. Ltd has further reduced their Structure (Basic – 125, 150 Channel) offers by around INR 250/MT on day basis & current basic offering at INR 38,750/MT, ex-work & excluding GST.
— North region based Rathi Steels have decreased their prices by around INR 750/MT on day basis and offering 12 mm at INR 40,100-200/MT & excluding 18% GST.
— Wada, Mumbai based billet manufacturers have relished as prices steady due to better Rebar inquiries with clearer weather today and moreover power disruption in particular locations & shortage of scrap has been considered among few factors, as per participants.
Reference prices as on 12th July 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Mumbai | HMS(80:20) | 24,400 | 24,300 | 24,500 | 0 | 24,900 | 25,800 |
| Ex-Chennai | HMS(80:20) | 23,500 | 23,400 | 23,600 | 0 | 24,100 | 26,000 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,200 | 20,100 | 20,300 | – 700 | 21,800 | 23,200 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,700 | 20,600 | 20,800 | – 100 | 20,800 | 20,900 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,200 | 21,100 | 21,300 | – 100 | 21,800 | 22,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,900 | 18,800 | 19,000 | – 200 | 19,200 | 19,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,200 | 19,100 | 19,300 | – 600 | 20,800 | 22,000 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | – 200 | 19,900 | 20,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,300 | 18,200 | 18,400 | 0 | 18,500 | 19,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 18,700 | 18,600 | 18,800 | – 100 | 19,100 | 20,100 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,900 | 34,100 | – 700 | 36,100 | 38,600 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,400 | – 600 | 33,400 | 36,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,600 | 30,500 | 30,700 | – 400 | 32,100 | 35,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,800 | 30,700 | 30,900 | – 500 | 32,800 | 35,600 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 31,700 | 31,600 | 31,800 | 0 | 33,200 | 36,200 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 34,000 | 34,200 | 0 | 34,300 | 34,800 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,500 | 33,300 | 33,700 | – 200 | 33,700 | 35,500 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 34,500 | 34,400 | 34,600 | – 700 | 36,500 | 39,100 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 31,800 | 31,700 | 31,900 | – 600 | 33,800 | 36,500 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 31,300 | 31,200 | 31,400 | – 600 | 33,000 | 35,700 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 31,400 | 31,300 | 31,500 | – 600 | 33,750 | 36,700 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 32,000 | 31,900 | 32,100 | 0 | 33,450 | 36,400 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,500 | 34,500 | 34,700 | 0 | 34,800 | 35,300 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 33,750 | 33,500 | 34,000 | – 250 | 34,000 | 35,750 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 39,200 | 39,000 | 39,400 | – 500 | 40,800 | 43,300 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,500 | 36,300 | 36,700 | – 600 | 38,100 | 41,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,200 | 36,000 | 36,400 | – 500 | 38,300 | 41,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,500 | 36,100 | 36,600 | – 500 | 38,000 | 39,900 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 39,500 | 39,400 | 39,800 | 0 | 39,800 | 40,600 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 38,500 | 38,300 | 38,700 | 0 | 38,750 | 40,250 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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