Indian domestic Sponge iron & Billet prices increase by INR 100-400/MT (upto USD 6)
Indian domestic steel prices increase amid improved demand however heavy rainfalls in some states keeps over all demand subdued.
As per SteelMint’s price analysis, offers for induction furnaces grade billet of size 125×125 mm are reported at INR 26,500-29,400/MT (USD 414-460) ex-plant. Coal based sponge iron of grade FeM 78-80 price assessment was at INR 17,800-19,000/MT (USD 278-297) ex-plant.
Market Updates:
1. SAIL increased steel grade Pig iron prices from it’s IISCO, Burnpur unit & DSP, Durgapur unit by INR 1,500-1,700/MT(USD 23-27); fresh offers by the sources are reported at INR 25,000-25,200/MT ex-plant & excluding of GST.
2. According to trade participants, TATA Metaliks has raised Foundry grade pig iron prices to INR 28,200/MT ex-Kharagpur, West Bengal
3. RINL, also known as Vizag Steel has increased domestic pig iron prices by INR 400/MT (USD 6.5) for Sept’17; fresh offers for steel grade pig iron are at INR 24,800/MT ex-plant, Vizag & excluding of GST.
4. Recent tender of 3,500 MT by SAIL’s Rourkela received good response and total quantity have been sold out at a bid price of INR 24,000/MT ex-plant & excluding of GST.
5. Integrated plants in Central India – Raipur have increase pellet sponge offers to INR 17,600/MT which was at INR 17,300-17,400/MT on 02nd Sept.
6. Market participants report power cut at Jindal’s industrial park based in Raigarh (Chattisgarh) , where most of the induction furnaces are located. This has resulted fall in ingot and billet in the region.
7. Essel Mining an Odisha based merchant miner increased its iron ore prices by INR 300/MT for Sept’17.
8. BMM Ispat in South India has increased offers for FeM 80 P-DRI lumps by INR 200/MT to INR 17,400/MT ex-Bellary, Karnataka.
9. Sunvik Steels in Karnataka has increased offers by INR 300/MT; offering FeM 80 & 82 sponge C-DRI lumps are INR 17,700/MT & INR 18,100/MT ex-plant, respectively.
Reference prices as on 4 September 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,300 | + 200 | 18,250 | 18,050 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,800 | + 200 | 17,700 | 17,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 19,000 | + 200 | 19,000 | 18,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,750 | + 250 | 17,700 | 17,100 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,300 | + 200 | 17,250 | 17,050 |
| Ex-Rourkela | Lumps, FeM 78%, +/-1 | 16,700 | + 200 | 16,700 | NA | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 17,600 | + 300 | 17,500 | 17,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,450 | + 250 | 17,400 | 16,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,600 | + 400 | 29,600 | 29,300 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,900 | + 100 | 26,900 | 26,500 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,100 | + 200 | 26,250 | 25,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,800 | + 250 | 26,800 | 26,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,800 | – 250 | 27,800 | 27,600 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 28,250 | 0 | 28,750 | 27,500 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 29,600 | 0 | 29,900 | 29,500 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 27,100 | 0 | 26,850 | 26,900 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 26,250 | 0 | 26,100 | 26,000 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 27,050 | + 200 | 27,000 | 27,000 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 28,300 | – 50 | 28,000 | 27,800 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 28,750 | 0 | 29,250 | 28,000 | |
| TMT | Ex-Delhi/NCR | 12MM | 32,300 | 0 | 33,350 | 33,300 |
| Ex-Durgapur | 12MM | 29,900 | + 100 | 29,800 | 29,700 | |
| Ex-Raipur | 12MM | 30,000 | + 300 | 29,900 | 29,300 | |
| Ex-Mumbai | 12MM | 31,100 | – 300 | 31,400 | 31,200 | |
| Ex-Chennai | 12MM | 32,500 | 0 | 33,000 | 31,800 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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