Indian Sponge & billet offers today decline by INR 100-500/MT (USD 1-8) on limited inquiries. The trade participants mentioned that the re-rollers in major markets are in wait and watch mode and are waiting for clear market directions.
SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 31,700-35,000/MT (USD 495-546). Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 21,000-22,200/MT (USD 328-347); prices are ex-plant & excluding GST.
Today (Thursday, January 18, 2018) INR to USD exchange rate stood at INR 63.82 & BSE Sensex closed at 35,260 (+178).
Key Market Updates:
1. Coal India Ltd (CIL) has recorded total coal dispatch of 42.1 MnT to the power plants during Dec’17, surge by 6% Y-o-Y against 39.7 MnT in Dec’16.
2. Raipur-Central India based Integrated plants today reduced offers by INR 200/MT to INR 20,700-20,800/MT for FeM 80 P-DRI, ex-plant.
3. Rashmi Metaliks in Durgapur has offered Sponge P-DRI at INR 21,000-21,100/MT with decline offers by INR 200/MT day on day, sources reported.
4. Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 21,200/MT & billet at INR 31,700/MT ex-plant.
5. Odisha based Ganesh Metaliks offered Billet at INR 31,700-31,800/MT ex-plant. trade activities are slow at these offers an official reported.
6. BMM Ispat in South India (Karnataka) has reduced offers for FeM 80 P-DRI by INR 400-500/MT to INR 20,500-20,600/MT ex-Bellary, official reported.
7. BIOP Steel in South India has kept offers unaltered, offering FeM 80 & 82 C-DRI lumps at INR 22,300/MT & 22,800/MT ex-plant, Karnataka.
8. Indian sponge iron export offers slightly decline by USD 5-8/MT (W-o-W). The latest offers are assessed at USD 390-395/MT CPT Benapole (land port of India & Bangladesh).
9. Melting scrap offers in Western India- Maharashtra & Gujarat fall by INR 200-300/MT D-o-D owing to weak semis prices.
10. Jamshedpur based Adhunik Alloys has offered Sponge P-DRI at INR 20,700/MT & Billet at INR 32,000/MT FoR (landed) Durgapur. Iron pellets being offered by the company at INR 6,000/MT ex-plant, Jamshedpur.
11. Mumbai based Guardian TMT, a price trend setter has rolled over rebar prices for the day. However, in Raipur small mills have reduced offers for rebars by INR 300-400/MT & Structure by INR 200/MT.
Reference prices as on 18th January 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22000 | 22000 | 22100 | -400 | 21500 | 20100 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 21000 | 20900 | 21100 | -300 | 20700 | 19700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22100 | 22000 | 22200 | -200 | 21400 | 21000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 21700 | 21700 | 21800 | -100 | 20600 | 19100 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20900 | 20800 | 21000 | -400 | 20500 | 19100 |
| Ex-Jharsugda | Lumps, FeM 78%, +/-1 | 20000 | 20000 | 20100 | -200 | 19500 | 19100 | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20700 | 20600 | 20800 | -400 | 20300 | 20000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20600 | 20500 | 20700 | -200 | 19900 | 18400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 21200 | 21000 | 21400 | 0 | 20200 | 19000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33500 | 33400 | 33600 | -400 | 33100 | 32000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31800 | 31700 | 31900 | -300 | 31300 | 29800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31000 | 31000 | 31100 | -200 | 30200 | 28700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31700 | 31600 | 31900 | -300 | 31000 | 30300 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34500 | 34400 | 34500 | -300 | 33500 | 32400 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34500 | 34250 | 34500 | +500 | 34000 | 31500 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 35000 | 34800 | 35200 | 0 | 34000 | 32750 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 34400 | 34300 | 34500 | -400 | 34000 | 32500 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 32200 | 32100 | 32300 | -300 | 31600 | 30100 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 31700 | 31700 | 31800 | -100 | 31000 | 29500 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32700 | 32600 | 32800 | -300 | 31800 | 31200 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 34700 | 34600 | 34800 | -300 | 33700 | 32600 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 35000 | 34750 | 35000 | +500 | 34500 | 32000 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 35000 | 34800 | 35200 | 0 | 34000 | 32750 | |
| TMT | Ex-Durgapur | 12MM | 36200 | 36000 | 36400 | -200 | 35500 | 32800 |
| Ex-Raipur | 12MM | 36400 | 36200 | 36600 | -400 | 35600 | 34000 | |
| Ex-Mumbai | 12MM | 39300 | 38900 | 39400 | 0 | 38200 | 35800 | |
| Ex-Chennai | 12MM | 39250 | 39200 | 39500 | +750 | 38500 | 35500 | |
| Ex-Hyderabad | 12MM | 38200 | 38000 | 38400 | 0 | 36700 | 35750 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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