On daily assessment, Sponge offers in major Indian markets remain on down trend & corrected by INR 100-300/MT. However, in same proportion Billet offers rise in Central & East India.
Presently, SteelMint’s price assessment for induction furnaces billet size 125×125 mm are reported at INR 25,800-28,500/MT (USD 403-445). While, 78-80 FeM sponge C-DRI price assessment was at INR 17,000-18,000/MT (USD 266-282). All prices are ex-plant & excluding GST.
Today (Friday, September 15, 2017) INR to USD exchange rate stood at 64.08 & BSE Sensex closed at 32,272(+30).
Key Updates
1. India Iron ore lump fetches higher bids in NMDC Chhattisgarh auction, bids received for DR-CLO went up by around INR 540/MT.
2. Odisha govt temporarily suspends Iron ore dispatches from Serajuddin mines owing to stock verification.
3. Pig iron export prices in India have crossed the levels of 3 years high in recent tender floated by MMTC on behalf of NINL for export of 30,000 MT pig iron. According to market participants the company has concluded the tender at USD 380/MT, FoB India.
4 Imported Ferrous Scrap offers to India stable amid subdued bookings. The offers stood – HMS (80:20) for Dubai Origin at USD 315-320/MT & Shredded scrap by USA at USD 345 /MT, CFR Nhava Sheva port.
5. Sponge iron prices in Raipur slip by INR 100/MT D-o-D. SteelMint’s Pellet based sponge (P-DRI) offers were assessed at INR 16,700/MT & DR-CLO based sponge iron offers at INR 18,600-18,800/MT ex-works & excluding GST.
6. BMM Ispat in South India has reduced offers for FeM 80 P-DRI lumps by INR 300-400/MT to INR 17,000-17,100/MT ex-Bellary, Karnataka.
7. Sunvik Steels in Karnataka has reduced offers by INR 400-600/MT; offering FeM 80 & 82 sponge C-DRI lumps are INR 17,700/MT & INR 17,900/MT ex-plant, respectively.
8. Durgapur selling billet to Mandi Gobindgarh, Punjab at INR 26,300-26,400/MT ex-plant, freight via road around INR 2,300/MT.
9. Raigarh based induction furnaces have to cut down their billet and ingot production by about 40-50% owing to power cuts by JSPL for Punjipatra area.
Reference prices as on 15 September 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,400 | + 50 | 18,200 | 18,500 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,100 | – 100 | 17,800 | 18,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 18,000 | – 100 | 18,700 | 19,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,400 | – 200 | 17,800 | 18,000 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,450 | + 100 | 17,200 | 17,600 |
| Ex-Rourkela | Lumps, FeM 78%, +/-1 | 15,800 | – 100 | 16,600 | 17,300 | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,700 | – 100 | 17,500 | 18,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,100 | – 300 | 17,500 | 17,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,600 | + 150 | 29,250 | 30,100 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,000 | + 100 | 26,500 | 27,200 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,400 | 0 | 26,050 | 26,550 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,500 | + 100 | 26,850 | 26,950 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 26,800 | – 400 | 27,800 | 28,650 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 27,750 | 0 | 28,000 | 29,000 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 29,000 | + 100 | 29,700 | 30,300 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 26,450 | + 150 | 26,900 | 27,650 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 25,800 | 0 | 26,350 | 27,000 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 27,000 | + 200 | 27,200 | 27,400 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 27,000 | – 400 | 28,000 | 28,850 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 28,000 | 0 | 28,500 | 29,500 | |
| TMT | Ex-Delhi/NCR | 12MM | 31,700 | + 200 | 32,000 | 34,150 |
| Ex-Durgapur | 12MM | 29,500 | 0 | 29,800 | 29,800 | |
| Ex-Raipur | 12MM | 29,800 | + 200 | 29,900 | 30,200 | |
| Ex-Mumbai | 12MM | 30,700 | – 200 | 31,300 | 32,400 | |
| Ex-Chennai | 12MM | 32,000 | – 250 | 32,500 | 33,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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