Indian domestic Sponge & Billet prices decline further on 26th March. The prices have registered fall of – billet by INR 200-400/MT & Sponge iron by INR 100-300/MT day-on-day.
The manufacturers in major markets reported limited inquiries and are forced to cut prices in line to attract buyers.
Today, the assessment for induction furnaces billet size 125×125 mm are stood at INR 32,000-36,000/MT (USD 494-556) ex-plant. And the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,000-21,200/MT (USD 309-327); prices are ex-plant & excluding GST.
On 26th Mar 2018 (Monday) INR to USD exchange rate stood at INR 64.81 & BSE Sensex closed at 33,066(+469).
Key Market Updates:
1. The state-run Coal India Limited (CIL) today organized a consumer awareness meet at its headquarters in Kolkata to change Non-coking coal pricing norms to GCV based w.e.f 1st Apr’18
2. Steel grade pig iron offers in Raipur reported at INR 29,500/MT (ex-plant), fall by INR 200-300/MT against last week at around INR 29,800/MT. Girdih based private producer has kept pig iron offers unaltered at around INR 28,500/MT ex-plant & excluding GST
3. Raipur, Central India based Integrated plants offer reduced by INR 100/MT D-o-D, offering Sponge P-DRI at INR 19,600-19,700/MT & Sponge DR CLO grade at INR 21,600-21,800/MT ex-plant.
4. The big plants in Durgapur today decreased sponge prices by INR 300/MT and offered P-DRI at around INR 18,500-18,700/MT.
5. Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,000-20,100/MT & billet at around INR 32,000/MT ex-plant.
6. Induction furnace grade billet 100×100, export offers to Nepal by Odisha based mills are reported at around USD 500/MT, ex-mill.
7. Singhal Steel offered P-DRI at INR 18,700/MT ex-plant (Raigarh), an official reported. Also offered billet At for Raipur at around INR 32,700/MT FoR.
8. BMM Ispat in South India (Karnataka) has reduced offers for FeM 80 P-DRI by INR 100/MT to INR 19,700-19,800/MT ex-Bellary, an official reported.
9. South India based Cauvery Iron & Steel offers FeM 80 P-DRI & billet at INR 20,800/MT & INR 34,000/MT. Also offering 28 MM Rebar at INR 37,000/MT. prices are ex-plant & excluding GST.
10. Bellary, Karnataka based furnace owners offering billet at INR 34,600-34,800/MT on ex-plant basis, offers decline by INR 300-400/MT against our last assessment.
11. As per sources, Chinese Wire rod export offers are hovering at USD 595/MT for 8mm & about USD 610/MT for 5.5mm, CNF India (east-coast) for Apr-May shipments.
12. Kalika Steel Alloys in Jalna increased prices by around INR 200/MT on day basis and current offering 28mm rebars at INR 35,500/MT, ex-plant & excluding GST.
13. Rathi Steels in North India – Delhi reduced their price yesterday and current offering at INR 39,250/MT, size – 12 mm & excluding 18% GST.
14. Raipur Power and Steel Ltd has offered Wire Rod (5.5 MM) at INR 38,100/MT, Ex-Mill & Excluding GST.
15. The medium steel plants in Jalna have increased rebar gauge parity by INR 300/MT in all sizes w.e.f. 26.03.18.
Reference prices as on 26th March 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,100 | 20,000 | 20,100 | – 300 | 21,300 | 22,100 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | 0 | 20,500 | 20,500 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,200 | 21,100 | 21,300 | – 100 | 21,600 | 21,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,300 | 20,200 | 20,400 | – 100 | 21,000 | 20,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,600 | 18,500 | 18,700 | – 300 | 20,000 | 21,100 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,600 | 19,500 | 19,700 | – 100 | 20,000 | 19,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | – 100 | 20,200 | 19,900 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,500 | 20,500 | 20,600 | – 100 | 20,700 | 20,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,800 | 34,700 | 34,800 | – 300 | 35,500 | 35,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 32,200 | 32,100 | 32,300 | – 200 | 32,900 | 32,700 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,200 | 31,100 | 31,200 | – 100 | 31,700 | 31,500 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,850 | 31,800 | 31,900 | – 150 | 32,300 | 32,150 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,100 | 34,000 | 34,200 | 0 | 34,200 | 34,200 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 35,500 | 35,400 | 35,600 | 0 | 35,500 | 34,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,700 | 33,500 | 33,800 | – 100 | 34,700 | 33,000 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 35,500 | 35,300 | 35,600 | – 400 | 36,200 | 36,200 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 32,600 | 32,500 | 32,700 | – 200 | 33,200 | 33,200 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 32,000 | 31,900 | 32,100 | – 300 | 32,700 | 32,100 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32,700 | 32,600 | 32,800 | – 200 | 33,200 | 32,800 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 34,300 | 34,200 | 34,400 | 0 | 34,400 | 34,400 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 36,000 | 35,900 | 36,100 | 0 | 36,000 | 34,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,000 | 33,500 | 34,000 | 0 | 35,000 | 33,000 | |
| TMT | Ex-Delhi/NCR | 12MM | 38,000 | 37,800 | 38,200 | – 300 | 38,800 | 38,600 |
| Ex-Durgapur | 12MM | 37,400 | 37,200 | 37,600 | 0 | 38,000 | 37,500 | |
| Ex-Raipur | 12MM | 36,700 | 36,500 | 36,900 | 0 | 37,400 | 36,200 | |
| Ex-Mumbai | 12MM | 38,000 | 37,600 | 38,100 | + 100 | 38,200 | 38,700 | |
| Ex-Chennai | 12MM | 40,800 | 40,700 | 41,000 | – 200 | 41,000 | 38,800 | |
| Ex-Hyderabad | 12MM | 39,500 | 39,300 | 39,700 | 0 | 40,250 | 38,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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