In the week opening i.e. on 28th Aug’17, Indian domestic billet & Sponge prices increases by INR 100-450/MT (USD 2-7). Improved trade activities led to surge prices, as per the industry participants.
As per SteelMint’s price analysis, offers for induction furnaces grade billet (size 125×125) mm are reported at INR 26,250-28,750/MT (USD 410-450) ex-plant. Further, the coal based sponge C-DRI price assessment was at INR 17,700-19,000/MT (USD 276-296) ex-plant.
Key Market Updates:
1. RINL, also known as Vizag Steel increased domestic pig iron prices by INR 500/MT (USD 8) during last week; fresh offers for steel grade pig iron are assessed at INR 24,400/MT ex-plant & excluding of GST.
2.Jindal Steel kept offers unaltered; Pig iron at INR 25,200-25,300/MT (ex-plant, Raigarh), Granulated Pig iron at INR 23,300-23,500/MT & Pooled iron at INR 22,300-22,500/MT ex-plant, Angul (Odisha). The all prices basic & excluding of GST.
3. Sponge exports resumes from Indian ports. According to sources, a small quantity of sponge lumps being sold during last week to Bangladesh at USD 320/MT CPT Benapole port.
4. Raipur based Integrated plants offering sponge P-DRI at INR 17,600-17,700/MT which was at INR 17,300-17,400/MT on Saturday (26 Aug).
5. Durgapur, East India based big plants today have increased offers by INR 300-400/MT to INR 18,200-18,300/MT for FeM 78 C-DRI & for P-DRI the offers are evaluated at INR 17,200-17,300/MT; excluding of GST.
6. Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 17,800/MT & billet at INR 26,500/MT ex-plant.
7. Singhal Steel in Raigarh has offered C-DRI (0-20 mm) at INR 18,100-18,200/MT ex-plant, an official reported.
8. BMM Ispat one of the largest sponge manufacturer in South India has offered FeM 80 P-DRI lumps at INR 17,200/MT ex-Bellary, Karnataka.
9. Sunvik Steels in Karnataka has increase sponge prices by INR 300/MT; offering FeM 80 & 82 C-DRI are INR 17,700/MT and INR 18,100/MT ex-plant.
10. Indian Medium and small re-rollers have increase rebar prices following good demand amid rise in Ingot/billet offers.
Reference prices as on 28 August 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Change | 1W | 1M | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,600 | + 100 | 29,700 | 28,700 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,900 | + 350 | 27,050 | 25,550 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,250 | + 450 | 26,400 | 25,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,800 | + 300 | 26,600 | 26,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,800 | + 100 | 28,250 | 27,000 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 28,750 | 0 | 29,000 | 27,250 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 30,000 | + 100 | 29,900 | 28,900 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 27,250 | + 400 | 27,500 | 26,100 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 26,550 | + 450 | 26,700 | 25,450 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 27,300 | + 300 | 27,100 | 26,450 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 28,000 | 0 | 28,450 | 27,200 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 29,250 | 0 | 29,500 | 27,750 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,250 | + 450 | 18,400 | 17,250 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,700 | + 200 | 18,000 | 16,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 19,000 | + 300 | 19,000 | 17,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,700 | + 400 | 18,000 | 16,550 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,250 | + 450 | 17,500 | 16,300 |
| Ex-Rourkela | Lumps, FeM 78%, +/-1 | 16,700 | + 100 | 17,200 | NA | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 17,500 | + 100 | 18,000 | 16,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,400 | + 300 | 17,700 | 16,400 | |
| TMT | Ex-Delhi/NCR | 12MM | 33,350 | + 700 | 34,150 | 33,000 |
| Ex-Durgapur | 12MM | 29,800 | + 200 | 29,800 | 29,000 | |
| Ex-Raipur | 12MM | 29,900 | + 200 | 29,900 | 29,000 | |
| Ex-Mumbai | 12MM | 31,400 | 0 | 32,400 | 30,900 | |
| Ex-Chennai | 12MM | 33,000 | 0 | 33,000 | 31,700 |
Basic, ex-works prices & excluding of GST @ 18%
Source: SteelMint Research
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