The Indian Sponge & billet market today reported price fluctuation of INR 100-300/MT, after witnessing a significant price fall in last one week. The manufacturers in Central & East India reported improved inquiries.
SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 32,000-36,250/MT (USD 494-560) ex-plant.
Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,100-21,400/MT (USD 310-330); prices are ex-plant & excluding GST.
On 14th Mar 2018 (Wednesday) INR to USD exchange rate stood at INR 64.83 & BSE Sensex closed at 33,835(-21).
Key Market Updates:
1. Indian Iron ore importers turn active over falling global prices. Spot Iron ore prices in China have fallen sharply by 11% W-o-W to USD 68/MT, CFR China.
2. Iron ore dispatches from Odisha have witnessed a decline of 9% M-o-M in Feb’18 to 5.08 MnT as compared to 5.57 MnT in Jan’18
3. Indian Rail Wheel Factory Yelahanka invites tender for purchase of 50858 MT blooms. The due date for bid submission is 23rd Mar’18.
4. Raipur, Central India based Integrated plants offer unaltered, offering Sponge P-DRI at INR 19,700-19,800/MT ex-plant
5. Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,000/MT & billet at INR 32,000/MT ex-plant.
6. Odisha based market participants reported slowdown export inquiries as no fresh export deals. The last billet export deal to Nepal was concluded at about USD 515/MT ex-mill.
7. BMM Ispat in South India (Karnataka) has reduced offers for FeM 80 P-DRI by INR 100/MT to INR 20,000/MT ex-Bellary, an official reported.
8. In Raipur trade discount on Wire Rod decreased to INR 600-800/MT as per Industry participants.
9. Raipur Power and Steel Ltd offering Wire Rod (5.5 MM) at INR 38,000/MT & Iron Pellet at INR 6,600/MT ex-Mill & excluding GST.
10. Tulsyan NEC Steel (Tulsyan) based in Chennai has unchanged their price & current offering 12mm Rebars at INR 42,000/MT ex-plant & excluding GST.
11. Goa based plants have booked 20 ft containerized melting scrap at USD 355/MT, 20 MT loading from West Africa & arrival period would be approximate after couple of months.
12. East region, Durgapur based – Shakambhari Ispat & Power Ltd has offered Wire Rod 5.5 mm at INR 38,300/MT ex-work & excluding GST.
Reference prices as on 14th March 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,100 | 21,000 | 21,200 | 0 | 22,600 | 21,850 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,100 | 20,000 | 20,200 | – 100 | 20,700 | 20,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,400 | 21,300 | 21,500 | 0 | 21,700 | 21,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,900 | 20,800 | 21,000 | 0 | 21,300 | 20,900 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,000 | 19,900 | 20,000 | 0 | 21,500 | 20,850 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,750 | 19,700 | 19,800 | + 50 | 20,200 | 20,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,100 | 20,000 | 20,200 | 0 | 20,500 | 20,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | 0 | 21,000 | 20,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,450 | 34,400 | 34,500 | – 50 | 35,700 | 35,100 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 32,500 | 32,400 | 32,600 | 0 | 33,500 | 32,300 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,200 | 31,200 | 31,300 | + 100 | 32,300 | 31,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,850 | 31,800 | 31,900 | + 250 | 32,800 | 32,200 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,300 | 34,200 | 34,400 | + 100 | 35,000 | 34,900 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 35,800 | 35,500 | 36,000 | – 200 | 35,000 | 34,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,800 | 33,700 | 33,900 | 0 | 34,800 | 34,000 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 35,300 | 35,200 | 35,400 | 0 | 36,500 | 35,900 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 33,000 | 32,900 | 33,100 | + 100 | 33,900 | 32,800 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 32,000 | 31,900 | 32,100 | 0 | 33,000 | 31,800 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32,750 | 32,700 | 32,800 | + 250 | 33,600 | 32,900 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 34,500 | 34,400 | 34,600 | + 100 | 35,200 | 35,200 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 36,250 | 36,000 | 36,500 | – 250 | 35,500 | 34,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,000 | 34,000 | 34,200 | 0 | 35,000 | 34,000 | |
| TMT | Ex-Delhi/NCR | 12MM | 38,000 | 37,800 | 38,100 | 0 | 39,100 | 38,800 |
| Ex-Durgapur | 12MM | 37,700 | 37,500 | 37,900 | 0 | 38,500 | 36,900 | |
| Ex-Raipur | 12MM | 36,400 | 36,200 | 36,600 | + 100 | 37,000 | 36,600 | |
| Ex-Mumbai | 12MM | 38,200 | 37,800 | 38,300 | + 200 | 39,200 | 39,300 | |
| Ex-Chennai | 12MM | 40,500 | 40,500 | 41,000 | 0 | 40,000 | 38,700 | |
| Ex-Hyderabad | 12MM | 39,500 | 39,300 | 39,700 | 0 | 40,500 | 38,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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