Indian Sponge iron & Billet offers fall by INR 200-500/MT (USD 3-8) day on day. The slower trade activities resulting further price corrections in domestic market.
SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 30,700-34,600/MT (USD 475-538) ex-plant.
Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,800-20,800/MT (USD 308-324); prices are ex-plant & excluding GST.
On 6th Feb 2018 (Tuesday) INR to USD exchange rate stood at INR 64.34 & BSE Sensex closed at 34,195 (-561).
Key Market Updates:
1. Jindal Steel & Power Limited (JSPL) – India’s largest pellet exporter is offering 50,000 MT pellets for export. The material is likely to be shipped after 15 Feb’18
2. MMTC has issued a tender for purchase of 60,000 MT (approx) iron ore fines (0-10 mm) for supply to NINL Plant at Duburi, Odisha.The due date for submitting the offer is 23 Feb’18
3. Raipur, Central India based Integrated plants offer reduced by INR 200-300/MT D-o-D, offering Sponge P-DRI at INR 19,400-19,500/MT & Sponge DR CLO grade at INR 21,600-21,800/MT ex-plant
4. Rashmi Metaliks in Durgapur offered Sponge P-DRI at INR 19,800/MT with decline in prices about INR 200/MT day on day, sources report.
5. Indian Sponge iron export offers fall this week due to slump in domestic prices and consistent fall in global scrap prices. The latest offers are reported at USD 385-390/MT against last week assessment of USD 390-395/MT CPT Benapole port (land port of India & Bangladesh).
6. Monnet Ispat sold about 500-700 MT Sponge C-DRI (60:40) from its Raigarh based plants at INR 20,200/MT (ex-plant), the deal made a day back, officials from the company reported.
7. BMM Ispat in South India (Karnataka) has reduced offers for FeM 80 P-DRI by INR 100-200/MT to INR 19,200-19,300/MT ex-Bellary.
8. BIOP Steels in South India has reduced sponge offers by around INR 400/MT, offering FeM 80 & 82 C-DRI lumps at INR 20,400/MT & INR 20,800/MT ex-plant, Karnataka; an official reported. Sunvik Steels in Karnataka also reduced sponge prices by INR 400/MT; offering FeM 80 & 82 C-DRI are INR 20,400/MT and INR 20,800/MT.
9. Private pig iron producers in Eastern region reduced steel grade prices by INR 200-300/MT and latest offers are reported at INR 26,200/MT ex-Durgapur & ex-Bokaro.
10. Jindal Steel offering – Steel grade Pig iron at INR 28,000/MT (ex-Raigarh), Granulated Pig iron (panther shots) at INR 27,000/MT & Pooled iron at INR 26,000/MT, Odisha (ex-Angul).
11. Indian bulk billets exports recorded at 61,220 MT in Jan’18 against 60,070 MT in Dec’17, surge by 1.88% M-o-M.
12. Silico Manganese offers fall and are assessed at INR 68,000/MT (ex-Durgapur) and (ex-Raipur).
13. The Raipur based mills today reduced – Rebar, Structure & Wire prices by INR 300-500/MT due to poor inquiries and slump in billet prices.
Reference prices as on 6th February 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,800 | 20,700 | 20,900 | – 200 | 21,700 | 21,900 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,300 | 20,200 | 20,400 | – 200 | 21,000 | 21,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,700 | 20,600 | 20,800 | – 400 | 21,400 | 22,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,000 | 19,800 | 20,100 | 0 | 20,400 | 20,900 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,700 | 19,600 | 19,800 | – 300 | 20,600 | 20,900 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,500 | 19,400 | 19,600 | – 200 | 20,200 | 20,850 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | 0 | 19,700 | 20,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,600 | 19,500 | 19,700 | 0 | 20,400 | 20,400 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,700 | 33,600 | 33,800 | – 300 | 34,400 | 33,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 30,900 | 30,800 | 31,000 | – 300 | 31,700 | 31,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,000 | 29,900 | 30,100 | – 300 | 31,000 | 31,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,550 | 30,500 | 30,600 | – 450 | 31,800 | 31,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,500 | 33,400 | 33,600 | – 500 | 34,000 | 34,000 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 33,500 | 33,400 | 33,600 | 0 | 33,500 | 34,250 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 32,500 | 32,500 | 32,700 | – 500 | 34,000 | 35,000 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 34,600 | 34,500 | 34,700 | – 200 | 35,100 | 34,200 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 31,400 | 31,300 | 31,500 | – 300 | 32,200 | 32,000 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 30,700 | 30,600 | 30,800 | – 300 | 31,400 | 31,700 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 31,300 | 31,200 | 31,400 | – 500 | 32,500 | 32,500 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 33,700 | 33,700 | 33,800 | – 500 | 34,200 | 34,300 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,000 | 33,750 | 34,250 | 0 | 34,000 | 34,750 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 32,500 | 32,500 | 32,700 | – 500 | 34,000 | 35,000 | |
| TMT | Ex-Delhi/NCR | 12MM | 37,200 | 37,000 | 37,400 | – 200 | 38,300 | 38,600 |
| Ex-Durgapur | 12MM | 35,900 | 35,700 | 36,100 | – 300 | 36,300 | 35,800 | |
| Ex-Raipur | 12MM | 35,200 | 35,000 | 35,400 | – 400 | 36,300 | 36,200 | |
| Ex-Mumbai | 12MM | 38,500 | 38,000 | 38,600 | – 400 | 38,800 | 39,200 | |
| Ex-Chennai | 12MM | 38,500 | 38,300 | 38,700 | 0 | 39,500 | 38,600 | |
| Ex-Hyderabad | 12MM | 37,200 | 37,000 | 37,400 | 0 | 37,700 | 38,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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