Indian Sponge & Billet prices fall further by INR 100-500/MT as per SteelMint’s daily price assessment. The manufacturers stated limited trade inquires resulting continuous fall in domestic prices.
Today, the assessment for induction furnaces billet size 125×125 mm are stood at INR 32,000-36,000/MT (USD 492-554) ex-plant. And the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,000-21,200/MT (USD 308-326); prices are ex-plant & excluding GST.
On 23rd Mar 2018 (Friday) INR to USD exchange rate stood at INR 64.95 & BSE Sensex closed at 32,596(-409).
Key Market Updates:
1. 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
2. Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,100/MT & billet at INR 32,300/MT ex-plant.
3. Odisha based medium size sponge manufacturers reported firm offers; FeM 80 C-DRI (70:30 mix material) at INR 19,900-20,100/MT ex-plant & excluding GST. According to officials, major deals for North-east regions.
4. Central India based Monnet Ispat offered 80 FeM P-DRI at INR 18,700/MT ex-Raigarh. Also offering sponge fines from its Raipur based unit at INR 20,700-20,800/MT ex-plant. The officials stated less demand on falling steel prices globally.
5. Singhal Steel offered P-DRI at INR 18,600/MT ex-plant (Raigarh), an official reported. Also added, few deals of billet concluded for Raipur at INR 32,500-32,600/MT FoR.
6. BIOP Steel in South India has kept offers unaltered, offering FeM 80 & 82 C-DRI lumps at INR 20,800/MT & 21,300/MT ex-plant, Karnataka; an official reported.
7. BMM Ispat in South India (Karnataka) has reduced offers for FeM 80 P-DRI by INR 200/MT to INR 19,800/MT ex-Bellary, an official reported.
8. South India based Cauvery Iron & Steel offers FeM 80 P-DRI & billet at INR 20,600/MT & INR 34,000/MT. Also offering 28 MM Rebar at INR 37,000/MT. prices are ex-plant & excluding GST.
9. Local manufacturers in Raigarh are offering 60-14 Silico Manganese at around INR 69,000/MT ex-plant
10. Indian imported scrap offers moved up by USD 5/MT W-o-W basis. Shredded scrap offers from UK and USA origins assessed at around USD 400-405/MT, CFR Nhava Sheva
11. Rathi Steels in North India – Delhi reduced their price today by around INR 500/MT and current offering at INR 39,500/MT, size – 12 mm & excluding 18% GST.
12. Shakti Ferro Alloys in Chennai, South Region has unchanged their offers on day basis & current offering Billet at INR 36,000/MT & Rebars 12mm at INR 41,000/MT, ex-work & excluding GST.
13. Prakash Ferrous Industries Pvt. Ltd (Tirumala) based in Chennai has unchanged their offers on day basis & current offering Rebar 12mm at INR 41,500-42,000/MT ex-plant & excluding GST.
Reference prices as on 23rd March 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,400 | 20,300 | 20,500 | – 400 | 21,300 | 22,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,000 | 20,000 | 20,100 | – 100 | 20,400 | 20,600 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,200 | 21,100 | 21,300 | – 100 | 21,600 | 21,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,500 | – 200 | 21,000 | 20,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,900 | 18,800 | 19,000 | – 300 | 20,000 | 21,000 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,600 | 19,500 | 19,700 | – 100 | 19,900 | 20,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,900 | 19,800 | 20,000 | – 200 | 20,100 | 20,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,500 | 20,500 | 20,600 | – 100 | 20,800 | 20,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,900 | 34,800 | 35,000 | 0 | 35,000 | 35,650 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 32,000 | 31,900 | 32,100 | – 300 | 32,700 | 32,700 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,200 | 31,100 | 31,300 | – 100 | 31,600 | 31,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,800 | 31,700 | 317,800 | 0 | 32,250 | 32,400 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,900 | 33,800 | 34,000 | – 100 | 35,000 | 34,700 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 35,500 | 35,400 | 35,600 | 0 | 35,500 | 34,200 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,800 | 33,500 | 34,000 | – 400 | 34,300 | 33,500 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 35,600 | 35,400 | 35,700 | – 100 | 35,800 | 36,400 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 32,500 | 32,400 | 32,600 | – 300 | 33,200 | 33,200 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 32,100 | 32,000 | 32,200 | – 200 | 32,500 | 32,200 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32,700 | 32,600 | 32,800 | – 50 | 33,100 | 33,000 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 34,100 | 34,000 | 34,200 | – 100 | 35,100 | 34,900 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 36,000 | 35,900 | 36,100 | 0 | 36,000 | 34,700 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | – 500 | 34,500 | 33,500 | |
| TMT | Ex-Delhi/NCR | 12MM | 38,300 | 38,100 | 38,500 | – 500 | 38,300 | 38,800 |
| Ex-Durgapur | 12MM | 37,300 | 37,100 | 37,500 | – 100 | 38,000 | 37,500 | |
| Ex-Raipur | 12MM | 36,500 | 36,300 | 36,700 | – 100 | 37,200 | 36,500 | |
| Ex-Mumbai | 12MM | 37,900 | 37,500 | 38,000 | 0 | 38,500 | 39,200 | |
| Ex-Chennai | 12MM | 41,000 | 40,900 | 41,100 | 0 | 40,700 | 38,800 | |
| Ex-Hyderabad | 12MM | 39,500 | 39,300 | 39,700 | – 500 | 40,000 | 39,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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