Indian domestic trade activities improved today and the prices have increase for Sponge iron by INR 100-500/MT & Billets upto INR 1,300/MT (USD 20).
During the day, billet prices rise sharply in Western India by INR 700-1,300/MT followed by Central, East & South regions by INR 300-700/MT amid healthy inquiries.
SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 31,500-35,000/MT (USD 495-550) ex-plant.
Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,700-22,000/MT (USD 352-346); prices are ex-plant & excluding GST.
Today (Friday, January 12, 2018) INR to USD exchange rate stood at INR 63.60 & BSE Sensex closed at 34,592 (+88).
Key Market Updates:
1. Indian iron ore production increased by about 8.36% for the duration Apr-Oct’17 to 108.66 MnT as against 100.28 MnT for Apr-Oct’16, according to the statistics released by Ministry of Mines.
2. JSW Steel has increased its iron ore sourcing by 10% to 8.5 MnT in Q3 FY’18 against 7.73 MnT in Q2 FY’18.
3. Raipur, Central India based Integrated plants offers increased by INR 200/MT D-o-D, offering Sponge P-DRI at INR 20,500-20,600/MT ex-plant
4. According to sources in Durgapur, Rashmi Metaliks today has increased offers by INR 400-500/MT to INR 21,000/MT for FeM 78 P-DRI.
5. Central India – Raigarh based Monnet Ispat offerred 1 rake (2500 MT) 80 FeM C-DRI to Guwahati based buyer at INR 20,800/MT on ex-plant basis. However, the deal yet to take place, an official reported.
6. Odisha based medium size sponge manufacturers have increased offers by INR 300/MT; FeM 80 C-DRI (70:30 mix material) at INR 20,900-21,100/MT ex-plant & excluding GST.
7. BMM Ispat in South India has kept offers unaltered, offering FeM 80 P-DRI lumps at INR 20,100/MT ex-Bellary, Karnataka.
8. BIOP Steels has offered FeM 80 & 82 C-DRI lumps at INR 21,300/MT & INR 21,700/MT ex-plant, Karnataka. trade activities are weak at these offers; an official reported.
9. Sunvik Steels in Karnataka has kept sponge offers unaltered; offering FeM 80 & 82 C-DRI are INR 17,600/MT and INR 18,000/MT.
10. Jindal Steel has increased steel grade pig iron prices by INR 500/MT to INR 28,500/MT ex-Raigarh. Meanwhile, Pooled iron offers reported firm at INR 25,500/MT and Panther shots (Granulated pig iron) at INR 26,500/MT ex-Angul, Odisha.
11. Raipur based big plants has increased Wire rod prices by INR 400/MT and offers at INR 38,100/MT. The trade discounts also reduced to INR 500-800/MT against last day at INR 1,200-1,500/MT, the market participants reported.
12. Today, Guardian TMT in Mumbai has increased prices by INR 800/MT and SRMM (Ghasiram) Structure prices by INR 700/MT. The local mills in the market reported healthy bookings amid sharp price rise.
13. Rathi Steels, one of the big manufacturer for rebars in North India – Delhi has remain unchanged their offers at INR 38,50-38,600/MT, size – 12 mm & excluding 18% GST.
14. Gujarat based Akshar TMT has increased rebar offers by INR 600-800/MT D-o-D. The fresh offers are reported at INR 45,200/MT FOR & including GST at 18%, Size – 20 mm.
15. Kalika Steel Alloys in Jalna has increased prices by INR 1,200/MT day on day and offered 28mm rebars at INR 36,200/MT ex-plant & excluding GST.
Reference prices as on 12th January 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,000 | 21,900 | 22,100 | + 500 | 22,200 | 20,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 21,000 | 20,900 | 21,100 | + 300 | 21,500 | 19,500 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,600 | 21,500 | 21,700 | + 200 | 22,400 | 20,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,700 | 20,600 | 20,800 | + 100 | 20,700 | 18,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,000 | 20,900 | 21,100 | + 500 | 21,200 | 19,000 |
| Ex-Jharsugda | Lumps, FeM 78%, +/-1 | 19,600 | 19,500 | 19,700 | + 100 | 20,500 | 18,400 | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | + 200 | 21,100 | 19,550 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,100 | 20,000 | 20,100 | + 200 | 20,200 | 18,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,400 | 20,300 | 20,500 | + 200 | 20,200 | 18,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,500 | 33,400 | 33,600 | + 400 | 34,000 | 31,700 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,700 | 31,600 | 31,800 | + 400 | 32,000 | 29,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,900 | 30,800 | 31,000 | + 700 | 31,300 | 28,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,600 | 31,500 | 31,700 | + 600 | 32,000 | 29,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,800 | 34,700 | 34,900 | + 1,300 | 34,500 | 31,900 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,800 | 34,000 | 0 | 34,000 | 31,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 34,500 | 34,300 | 34,700 | + 500 | 35,000 | 31,500 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 34,400 | 34,300 | 34,500 | + 400 | 34,500 | 32,200 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 32,000 | 31,900 | 32,100 | + 400 | 32,200 | 29,900 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 31,500 | 31,400 | 31,600 | + 500 | 32,100 | 29,100 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32,600 | 32,500 | 32,700 | + 800 | 32,900 | 29,900 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 35,000 | 35,000 | 35,100 | + 1,300 | 34,800 | 32,100 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,500 | 34,250 | 34,500 | 0 | 34,500 | 31,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,500 | 34,300 | 34,700 | + 500 | 35,000 | 31,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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