In the week opening, Indian Sponge & Billet prices slightly increase by INR 100-300/MT in across major markets except in South India where the prices for both the products decline by INR 200-500/MT due to limited inquiries.
SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 31,500-35,400/MT (USD 495-556) ex-plant. Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,500-21,600/MT (USD 322-339); prices are ex-plant & excluding GST.
Today (Monday, January 29, 2018) INR to USD exchange rate stood at INR 63.68 & BSE Sensex closed at 36,283 (+232).
Key Market Updates:
1. Indian Pellet exports have seen a marked rise of 67% Y-o-Y to 9.68 MnT in CY’17 as against 5.79 MnT in CY’16
2. Indian Pellet manufacturer concludes 50,000 MT export deal to China for Mid Feb shipment at around USD 116.5-117/MT, CFR – Sources
3. Indian Pig iron export price assessment falls amid decline in global scrap prices, Price assessment around USD 380-385/MT FoB
4. Raipur, Central India based Integrated plants offer unaltered D-o-D, offering Sponge P-DRI at INR 20,100-20,200/MT ex-plant.
5. On 27th Jan, Saturday, Bajrang Steel & Power based in Raipur heard to have sold out about 5,000 MT Sponge iron in which Sponge P-DRI sold approximately 3,300 MT at the price of INR 20,000/MT ex-plant & excluding GST, the sources reported.
6. According to sources in Durgapur, Rashmi Metaliks has kept offers unaltered to INR 20,500-20,600/MT for FeM 78 P-DRI.
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. BIOP Steels in South India has reduced sponge offers by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 21,000/MT & INR 21,400/MT ex-plant, Karnataka; an official reported.
9. Western India, Gujarat based a producer concluded sponge iron export deal to Bangladesh at around USD 395/MT, CFR Chittagong. According to producer the deal take place during last week and quantity was at 1,000 MT.
10. SAIL (Steel Authority of India Ltd) has concluded 125*125mm billet export tender at around USD 520/MT, FoB India and the cargo is likely to be shipped to Sri Lanka.
11. Induction furnace grade billet export offers to Nepal are reported at USD 500-505/MT (ex-mill) Durgapur & around USD 380-385/MT for sponge, CPT Benapole (land port of India & Bangladesh).
12. Prakash Ferrous Industries based in Chennai has offered Rebar 12mm at INR 40,000/MT & Billet at INR 34,000/MT ex-plant & excluding GST. In the same place, rebar offers by Kamachi Steels had reported at INR 39,500/MT.
13. According to sources, the large producers have further raised long steel prices upto INR 1,000/MT (USD 15) during last week. The latest offers for 12mm rebars are heard at around INR 42,500-43,500/MT ex-Mumbai & excluding 18% GST.
14. Mumbai, Maharashtra based SRMM (Ghasiram) has kept structure offers unaltered for the day, also Guardian Rebar offers rolled over today. The big plants in Raipur & Durgapur have unaltered Wire rod offers on average inquiries.
Reference prices as on 29th January 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,600 | 21,500 | 21,700 | 0 | 21,700 | 21,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 21,000 | 20,900 | 21,100 | 0 | 20,800 | 20,900 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,400 | 21,300 | 21,500 | 0 | 21,300 | 22,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | – 100 | 20,700 | 20,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 21,000 | 21,000 | 21,100 | 0 | 21,300 | NA | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,600 | 20,500 | 20,600 | 0 | 20,700 | 20,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,200 | 20,100 | 20,300 | 0 | 20,100 | 21,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,900 | 19,800 | 20,000 | – 100 | 20,200 | 19,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | 0 | 21,000 | 20,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,300 | 34,200 | 34,400 | + 300 | 33,600 | 33,700 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,600 | 31,500 | 31,700 | + 100 | 31,300 | 31,200 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,000 | 30,900 | 31,100 | 0 | 30,800 | 30,600 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,800 | 31,700 | 31,900 | 0 | 31,400 | 32,100 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,200 | 34,100 | 34,300 | – 100 | 34,200 | 34,400 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 33,500 | 33,400 | 33,600 | 0 | 34,200 | 33,200 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 34,000 | 34,500 | – 250 | 34,500 | 34,500 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 34,950 | 34,900 | 35,000 | + 50 | 34,400 | 34,200 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 32,000 | 31,900 | 32,100 | + 100 | 31,800 | 31,700 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 31,500 | 31,400 | 31,600 | 0 | 31,400 | 31,300 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32,600 | 32,500 | 32,700 | 0 | 32,300 | 32,800 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 34,400 | 34,300 | 34,500 | – 100 | 34,400 | 34,600 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,000 | 34,000 | 34,200 | 0 | 34,800 | 33,700 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,000 | 34,000 | 34,500 | – 250 | 34,500 | 34,500 | |
| TMT | Ex-Delhi/NCR | 12MM | 38,200 | 38,000 | 38,400 | 0 | 38,700 | 38,200 |
| Ex-Durgapur | 12MM | 36,000 | 35,800 | 36,200 | 0 | 36,000 | 35,300 | |
| Ex-Raipur | 12MM | 36,200 | 36,000 | 36,400 | – 100 | 36,000 | 36,200 | |
| Ex-Mumbai | 12MM | 39,300 | 38,900 | 39,400 | 0 | 38,900 | 37,800 | |
| Ex-Chennai | 12MM | 39,500 | 39,300 | 39,700 | 0 | 39,250 | 37,600 | |
| Ex-Hyderabad | 12MM | 37,700 | 37,500 | 37,900 | + 250 | 37,700 | 37,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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