Indian Sponge & Billet prices further fall today on poor trade activities, sponge prices decline by INR 200-700/MT & billet by INR 300-1,000/MT (USD 5-15).
During the day, major price fall in both products reported in Central region-Raipur by INR 600-700/MT followed by Hyderabad INR 1,000/MT in billets.
SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 31,200-34,800/MT (USD 490-546) ex-plant.
Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,600-21,700/MT (USD 324-341); prices are ex-plant & excluding GST.
Today (Wednesday, January 10, 2018) INR to USD exchange rate stood at INR 63.74 & BSE Sensex closed at 34,433 (-10).
Key Market Updates:
1. Vizag Steel had floated an export tender of 8,256 MT Billet & 5,504 MT Wire rod for Nepal, which expired on 2nd Jan 2018. The tender have been concluded, Billet at USD 510-515/MT & Wire rod at around USD 600/MT on ex-mill basis.
2. Indian sponge iron export offers increase by USD 10-15/MT W-o-W, price assessment for 80 FeM sponge lumps are at around USD 390-395/MT CPT Benapole (land port of Bangladesh and India)
3. Raipur, Central India based Integrated plants offers reduced by INR 600/MT D-o-D, offering Sponge P-DRI at INR 20,200-20,300/MT ex-plant
4. Odisha based medium size sponge manufacturers reduced offers by INR 200/MT; FeM 80 C-DRI (70:30 mix material) at INR 20,900-21,000/MT ex-plant & excluding GST.
5. BMM Ispat in South India has kept offers unaltered, offering FeM 80 P-DRI lumps at INR 20,100/MT ex-Bellary, Karnataka.
6. BIOP in South India has offered FeM 80 & 82 C-DRI lumps at INR 21,000/MT & 21,600/MT ex-plant, Karnataka. trade activities are weak at these offers; an official reported.
7. Durgapur based medium mills heard to have offered Wire rod for exports at around USD 600/MT, ex-mill. Chinese Wire rod export offers are reported at USD 590-600/MT CFR India for 5.5-6mm.
9. The light structure manufacturers in Raipur & Mumbai today reduced prices by INR 600-800/MT on falling billet prices and low inquiries.
10. Raipur Wire rod prices decline today by INR 400-500/MT and fresh offering INR 38000/MT Ex Mill Raipur with INR 1,200-1,500/MT discount.
11. Gujarat based Akshar TMT has reduced rebar offers by INR 400/MT D-o-D. The fresh offers are reported at INR 44,800/MT FOR & including GST at 18%, Size – 20 mm.
12. Rathi Steels, one of the big manufacturer for rebars in North India – Delhi has unchanged offers to INR 38,900/MT, size – 12 mm & excluding 18% GST.
13. Vizag Steel (RINL) increase rebar prices by INR 1,000/MT, Structure prices by INR 750/MT, Wire Rod prices by INR 1,000/MT recent released price circular by the company shows, w.e.f. 6th Jan’18.
Reference prices as on 10th January 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,700 | 21,600 | 21,700 | – 200 | 22,500 | 19,600 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 21,000 | 20,900 | 21,000 | – 200 | 21,800 | 19,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,400 | 21,300 | 21,500 | – 700 | 22,700 | 20,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,800 | 20,800 | 20,900 | – 100 | 20,900 | 18,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,700 | 20,600 | 20,700 | – 200 | 21,500 | 18,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,200 | 20,100 | 20,300 | – 650 | 21,700 | 19,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | – 200 | 20,400 | 17,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,200 | 20,100 | 20,300 | – 200 | 20,500 | 18,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,100 | 33,000 | 33,200 | – 400 | 34,300 | 31,300 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,400 | – 300 | 32,500 | 29,100 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,400 | 30,300 | 30,500 | – 600 | 31,900 | 27,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,900 | 30,800 | 31,000 | – 600 | 32,700 | 28,600 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,800 | 33,700 | 33,900 | – 200 | 35,300 | 31,600 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,250 | 34,000 | 34,500 | 0 | 33,500 | 30,500 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,800 | 34,000 | – 1,000 | 35,250 | 31,000 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 33,900 | 33,800 | 34,000 | – 300 | 34,800 | 31,800 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 31,700 | 31,600 | 31,800 | – 300 | 32,500 | 29,350 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 31,200 | 31,100 | 31,300 | – 500 | 32,500 | 28,500 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 31,800 | 31,700 | 31,900 | – 700 | 33,700 | 29,500 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,000 | – 300 | 35,500 | 31,800 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,750 | 34,750 | 35,000 | 0 | 34,000 | 31,000 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,000 | 33,800 | 34,000 | – 1,000 | 35,250 | 31,000 | |
| TMT | Ex-Delhi/NCR | 12MM | 38,200 | 38,000 | 38,400 | – 400 | 39,700 | 34,500 |
| Ex-Durgapur | 12MM | 35,500 | 35,300 | 35,700 | – 300 | 36,500 | 32,000 | |
| Ex-Raipur | 12MM | 35,600 | 35,400 | 35,800 | – 600 | 37,100 | 32,200 | |
| Ex-Mumbai | 12MM | 38,700 | 38,300 | 38,800 | – 500 | 38,800 | 34,600 | |
| Ex-Chennai | 12MM | 38,600 | 38,600 | 39,000 | 0 | 38,000 | 34,500 | |
| Ex-Hyderabad | 12MM | 37,200 | 37,000 | 37,200 | – 800 | 38,400 | 34,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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