Today, Indian Sponge & Billet prices fluctuated by INR 100-200/MT in major markets, except in Hyderabad Southern region where billet prices surge by INR 500/MT (USD 8) on improved trade activities.
SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 32,800-36,400/MT (USD 504-560) ex-plant.
Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,600-22,600/MT (USD 317-348); prices are ex-plant & excluding GST.
On 6th Mar 2018 (Tuesday) INR to USD exchange rate stood at INR 64.92 & BSE Sensex closed at 33,317 (-429).
Key Market Updates:
1. RINL’s Iron ore sourcing has decreased from NMDC Bailadila mines by 23% M-o-M in Feb’18 to 150 rakes as compared to 196 rakes in Jan’18
2. Indian Iron ore export hit 10 months high in February 2018 and recorded at 2 MnT
3. Indian sponge iron export offers increase further by USD 5-10/MT W-o-W, price assessment for 80 FeM sponge lumps are at USD 395-400/MT CPT Benpole (dry land port of Bangladesh & India) and USD 415-420/MT CFR Chittagong, Bangladesh.
4. Indian domestic Pig iron prices hit 6-yrs high on supply issues. SteelMint’s price assessment for Steel grade pig iron stood at INR 30,500-31,000/MT ex-Raipur & INR 29,500-30,000/MT ex-Durgapur/Odisha, excluding GST.
5. Raipur, Central India based Integrated plants offer unaltered, offering Sponge P-DRI at INR 20,300-20,400/MT ex-plant
6. Rashmi Metaliks in Durgapur has reduced sponge prices by INR 100/MT and are reported P-DRI at INR 21,500-21,600/MT & C-DRI at INR 22,600-22,700/MT.
7. Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,800/MT & billet at INR 33,000/MT ex-plant.
8. BIOP Steels in South India has increased sponge prices by around INR 300/MT, offering FeM 80 & 82 C-DRI lumps at INR 21,500/MT & INR 22,000/MT ex-plant, Karnataka; an official reported.
9. South India based Cauvery Iron & Steel offers FeM 80 P-DRI & billet at INR 21,200/MT & INR 35,000/MT. Also offering 28 MM Rebar at INR 38,000/MT. prices are ex-plant & excluding GST.
10. Shakti Ferro Alloys in Chennai, South Region has offered Rebar at INR 39,000/MT (12 mm) & Billet at INR 35,000/MT ex-plant & excluding GST.
11. Goa based plants have booked 20 ft containerized melting scrap at USD 365/MT, 20 MT loading from West Africa & arrival period would be approximate after couple of months. For the same yesterday deals were concluded at USD 360/MT.
12. Rathi Steels in North India – Delhi has unchanged their price today and offering 12 mm at INR 40,300/MT, excluding GST.
13. The steel mills in Gujarat are indicates slight fall in local scrap prices (ship breaking) as trades inquiries are not supported.
14. Jalna, Maharashtra based Roopam Steels has rolled over rebar offers at INR 36,800/MT basic (28mm), ex-plant & excluding GST.
Reference prices as on 6th March 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,600 | 22,500 | 22,700 | – 100 | 22,000 | 20,800 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,900 | 20,800 | 21,000 | 0 | 20,500 | 20,300 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,600 | 21,500 | 21,700 | 0 | 21,200 | 20,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 21,300 | 21,200 | 21,400 | + 200 | 20,600 | 20,000 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,500 | 21,400 | 21,600 | – 100 | 20,950 | 19,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,350 | 20,300 | 20,400 | – 50 | 19,750 | 19,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,400 | 20,300 | 20,400 | + 100 | 19,900 | 19,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 21,000 | 20,900 | 21,100 | 0 | 20,500 | 19,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,700 | 35,600 | 35,800 | – 200 | 35,250 | 33,700 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 33,500 | 33,400 | 33,600 | – 50 | 32,600 | 30,900 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 32,300 | 32,200 | 32,400 | + 100 | 31,500 | 30,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,800 | 32,700 | 32,900 | – 200 | 32,000 | 30,550 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 35,300 | 35,200 | 35,400 | 0 | 34,000 | 33,500 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,500 | 34,400 | 34,600 | 0 | 34,000 | 33,500 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 34,800 | 34,700 | 34,900 | + 600 | 33,000 | 32,500 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 36,500 | 36,400 | 36,600 | – 200 | 36,000 | 34,600 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 33,900 | 33,800 | 34,000 | – 100 | 33,000 | 31,400 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 32,900 | 32,800 | 33,000 | + 100 | 32,200 | 30,700 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 33,600 | 33,500 | 33,700 | – 100 | 32,700 | 31,300 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 35,500 | 35,400 | 35,600 | 0 | 34,200 | 33,700 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 35,000 | 34,900 | 35,200 | 0 | 34,500 | 34,000 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 35,000 | 34,800 | 35,200 | + 500 | 33,000 | 32,500 | |
| TMT | Ex-Delhi/NCR | 12MM | 39,100 | 38,900 | 39,300 | 0 | 38,600 | 37,200 |
| Ex-Durgapur | 12MM | 38,300 | 38,100 | 38,500 | 0 | 37,300 | 35,900 | |
| Ex-Raipur | 12MM | 37,000 | 36,800 | 37,200 | 0 | 36,100 | 35,200 | |
| Ex-Mumbai | 12MM | 39,200 | 38,800 | 39,300 | 0 | 38,500 | 38,500 | |
| Ex-Chennai | 12MM | 39,600 | 39,500 | 39,800 | + 100 | 38,800 | 38,500 | |
| Ex-Hyderabad | 12MM | 40,500 | 40,300 | 40,700 | + 500 | 38,500 | 37,200 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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