On daily basis, Sponge & billet offers increase marginally by INR 100-300/MT in pan India except in South region – Hyderabad where billet offers decline by INR 500/MT.
According to producer sources in Hyderabad poor off take in long products resulted price fall in billets.
As per SteelMint’s assessment on 25th Oct, the prices for FeM 78-80 C-DRI sponge are reported at INR 16,000-17,200/MT (USD 246-265). While, induction furnaces billet (size 125×125 mm) are at INR 25,600-27,800/MT (USD 394-428). All prices are ex-works & excluding GST.
Today (Wednesday, October 25, 2017) INR to USD exchange rate stood at INR 64.91 & BSE Sensex closed at 33,042 (+435).
Key Market Updates:
1. Indian Iron ore movement down by 18% M-o-M in Sept’17 to 9.93 MnT against 12.09 MnT in Aug’17.
2. Jindal SAW (Rajasthan) increased pellet offers by INR 250/MT. Offers for Fe 63% grade pellets are assessed around INR 6,400/MT (delivered Kandla) against last assessment of INR 6,150/MT.
3. Indian sponge iron export offers to Bangladesh remain unchanged despite low trade & reported at USD 310-315/MT CPT Benapole port & USD 320-325/MT CFR Chittagong, Bangladesh.
4. According to trade participants, the Central India (Raipur) based Integrated plants have offers P-DRI at INR 15,800/MT while few deals for outstations have concluded near to INR 15,600-15,700/MT. Sponge DR-CLO offers by medium size plants are reported at INR 17,800-18,000/MT. Both prices are basic & excluding of GST.
5. The sources reported, Rashmi Metaliks in Durgapur today has increased offers by INR 100/MT to INR 16,400-16,500/MT for P-DRI.
6. BIOP Steels in South India has kept offers unaltered, offering FeM 82 C-DRI lumps at INR 17,100/MT ex-plant, Karnataka.
7. A day before, Prakash Sponge, a prime grade sponge maker in Karnataka sold FeM 80 C-DRI lumps at INR 17,100/MT ex-plant. According to officials, major deals for Kerela & Hindupur.
8. Melting scrap offers in Western India – Maharahstra & Gujarat increased by INR 300-500/MT on daily basis.
9. Supreme court’s order to ban Petcoke usage in Delhi/NCR w.e.f 1 Nov’17.
10. Induction furnace grade billet offers for Nepal are reported at USD 402-405/MT ex-mill, Durgapur (West Bengal) & USD 400/MT ex-mill, Rourkela (Odisha).
Reference prices as on 25th October 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,200 | 17,100 | 17,300 | + 200 | 17,200 | NA |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,100 | 16,000 | 16,200 | + 100 | 15,900 | 16,150 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | + 100 | 16,900 | 16,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 17,000 | – 100 | 16,450 | 16,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,000 | 16,900 | 17,100 | – 100 | 16,700 | 17,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,400 | 16,300 | 16,500 | + 100 | 16,400 | NA |
| Ex-Rourkela | Lumps, FeM 78%, +/-1 | 15,000 | 15,000 | 15,100 | 0 | NA | 15,000 | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,800 | 15,700 | 15,900 | + 150 | 15,400 | 15,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | – 100 | 16,250 | 16,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,000 | 16,900 | 17,000 | – 100 | 16,700 | 17,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,500 | 28,400 | 28,500 | + 50 | 28,350 | 28,150 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,150 | 26,100 | 26,200 | + 150 | 26,000 | NA | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,200 | 25,100 | 25,300 | + 100 | 25,200 | 25,250 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,650 | 25,600 | 25,700 | + 100 | 25,450 | 25,850 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 26,400 | 26,300 | 26,500 | + 100 | 26,350 | 26,300 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 27,250 | 27,000 | 27,500 | 0 | 27,000 | 27,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 26,500 | 26,500 | 26,500 | – 600 | 26,750 | 26,500 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 28,900 | 28,900 | 29,000 | + 200 | 28,800 | 28,500 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 26,550 | 26,500 | 26,600 | + 150 | 26,400 | NA | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 25,700 | 25,600 | 25,800 | + 250 | 25,500 | 25,500 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 26,150 | 26,100 | 26,200 | + 50 | 25,950 | 26,300 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 26,600 | 26,600 | 26,700 | 0 | 26,550 | 26,500 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 27,750 | 27,500 | 28,000 | 0 | 27,500 | 27,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 26,500 | 26,500 | 26,500 | – 600 | 26,750 | 26,500 | |
| TMT | Ex-Delhi/NCR | 12MM | 32,500 | 32,300 | 32,700 | 0 | 32,600 | 31,700 |
| Ex-Durgapur | 12MM | 29,700 | 29,500 | 29,900 | + 200 | 29,600 | NA | |
| Ex-Raipur | 12MM | 28,900 | 28,700 | 29,100 | + 100 | 28,900 | 29,050 | |
| Ex-Mumbai | 12MM | 29,900 | 29,500 | 30,000 | 0 | 29,900 | 30,100 | |
| Ex-Chennai | 12MM | 31,500 | 31,000 | 32,000 | 0 | 30,900 | 31,500 | |
| Ex-Hyderabad | 12MM | 29,500 | 29,500 | 29,700 | – 500 | 29,750 | 29,250 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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