In the week opening, domestic Semi-finished market observed slight price fluctuation of INR 100-300/MT amid thin trade activities in major trade markets.
As per SteelMint’s price assessment on 24 July 2017, prices are reported at INR 15,500-16,800/MT (USD 240-260) for FeM 78-80 C-DRI sponge, while induction furnaces billet (size 125×125 mm) are at INR 25,000-27,750/MT (USD 387-430) ex-works. All prices are ex-works & excluding of GST at 18%.
Key Updates
1. Rashmi Metaliks offers for FeM 78 C-DRI at INR 16,500/MT, according to the sources based in Durgapur.
2. Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 15,500/MT & billet at INR 24,800-24,900/MT ex-plant.
3. BMM Ispat in South India has increased offers of FeM 80 P-DRI lumps by INR 100/MT to INR 15,900/MT ex-Bellary, Karnataka.
4. Sunvik Steels in Karnataka kept sponge prices unaltered; offering FeM 80 & 82 C-DRI are INR 16,300/MT and INR 16,700/MT ex-plant
5. Steel grade Pig iron prices increase further in Durgapur & Giridih by INR 500/MT (USD 8).
6. Ferrous Scrap offers in Indian market strengthen on higher sponge, pig iron & global scrap offers.
Indian sponge & billet reference prices as on 24 July 2017
| Particular/Delivery | C-DRI | D-o-D | W-o-W | Billet | D-o-D | W-o-W |
| Ex-Raipur | 16,800 | 0 | +100 | 25,800 | -100 | +300 |
| Ex-Durgapur | 16,400 | +50 | +800 | 25,900 | +100 | +700 |
| Ex-Rourkela | 15,500 | +100 | +300 | 25,000 | 0 | +550 |
| Ex-Bellary | 16,100 | 0 | +400 | 26,700 | 0 | +500 |
| Ex-Ahmedabad | – | – | – | 27,750 | -100 | +850 |
| Ex-Mumbai | – | – | – | 26,800 | +100 | +600 |
Basic, ex-works prices & excluding of GST @ 18%
Source: SteelMint Research
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