Indian Semis prices remains volatile on subdued trade inquiries. As per SteelMint assessment the prices of Billet & Sponge iron have fluctuated by INR 100-300/MT D-o-D.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 34,900-39,000/MT (USD 513-574) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,000-21,900/MT (USD 294-322); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 18th May 2018 (Friday) INR to USD exchange rate stood at INR 68.05
— BSE Sensex closed at 34,848(-300) on Friday, as against last day (Thursday) at 35,149(-238).
Key Updates
— Odisha – India’s largest iron ore producing state recorded 10% decrease in iron ore dispatches in Apr’18 to 5.28 MnT as against 5.87 MnT in Mar’18.
— Raipur, Central India based Integrated plants have reduced offers by INR 200/MT day-on-day and offering Sponge P-DRI at INR 19,600-19,800/MT ex-plant.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 21,000/MT & billet at INR 35,100-35,200/MT ex-plant. As per officials, trade activities average at the offer prices.
— Local manufacturers in Raigarh are offering 60-14 Silico Manganese at around INR 61,500-62,000/MT ex-plant
— Prakash Sponge, a prime grade sponge maker in Karnataka offered FeM 80 C-DRI lumps at INR 20,100/MT & billet at INR 35,200/MT ex-plant. An official reported, up-trend prevails in the market amid increase inquiries.
— BMM Ispat in Karnataka has offered sponge P-DRI at INR 19,200-19,300/MT and Sunvik Steels sponge C-DRI lumps at INR 20,400/MT. Both offers for FeM 80, excluding GST & ex-plant basis.
— Hyderabad, South India based steel manufacturers increased billet offers by INR 500/MT to INR 35,500/MT. Also offering FeM 80 P-DRI & 28 MM Rebar at INR 19,500-19,700/MT & INR 37,500/MT. prices are ex-plant & excluding GST.
— Rathi Steels in North India ( Delhi) have increased their prices by around INR 350/MT d-o-d basis and offering at INR 43,400/MT, size – 12 mm & excluding 18% GST. As per Co. associates prices may hike further due to shortage of raw material.
— Mumbai, Maharashtra based Guardian TMT have unchanged their rebar price today and current offering at INR 40,600/MT (12 mm) ex-work & excluding GST & SRMM (Ghasiram) structure prices increased by INR 100/MT; day on day basis.
— Raipur based medium scale producers have enlarged Rebar prices by around INR 300-500/MT from last couple of days amid strengthening billet but it couldn’t gathered enough attention from buyer’s end as trade price were slightly close to yesterday price and as per market sources current trade assessment at around INR 39,900-40,100/MT, ex-work & excluding GST.
— The suppliers in Raipur have reduced trade discount on Wire rod to INR 800-1,000/MT, size – 5.5 MM, earlier it was around INR 1,200-1,400/MT.
— East Region based Wire Rod manufacturers increased prices by around INR 200-300/MT on day basis amid hike in billet prices & current offering around INR 40,600-41,000/MT & as per market participant demand is on average basis only.
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