On daily basis, no major change in Indian sponge market. While, billet market reported a price corrections of INR 100-200/MT in large producing states.
“Purchase by re-rollers end gradually declines on production cuts”, the trade participants in Central India reported.
As per SteelMint’s assessment, the prices for FeM 78-80 C-DRI sponge are reported at INR 16,300-17,500/MT (USD 254-274).
While, induction furnaces billet (size 125×125 mm) are at INR 25,400-28,000/MT (USD 398-438) ex-works. All prices are ex-works & excluding of GST at 18%.
Key Updates
1. According to the sources, the Central India based manufacturers have offers C-DRI at INR 17,500/MT & INR 16,500/MT for P-DRI. Both prices are basic & excluding of GST at 18%.
2. In Durgapur, big manufacturers have increased sponge offers by INR 100/MT to INR 17,400-17,500/MT for FeM 78 C-DRI & INR 16,400-16,500/MT for P-DRI
3. Singhal Steel offered C-DRI (0-20 mm) at INR 16,500/MT ex-plant (Raigarh), an official reported. Also added few deals of billet concluded for Raipur at 26,200-26,300/T FoR.
4. Sunvik Steels in Karnataka kept sponge prices unaltered; offering FeM 80 & 82 C-DRI are INR 16,700/MT and INR 17,000/MT ex-plant
5. CIL increased their E-auction sales by 32% in the first quarter of FY18
Indian sponge & billet reference prices as on 2 August 2017
| Particulars | C-DRI | D-o-D | W-o-W | Billet | D-o-D | W-o-W |
| Ex-Raipur | 17,500 | 0 | +500 | 26,200 | -150 | +300 |
| Ex-Durgapur | 17,500 | +100 | +100 | 26,200 | 0 | 0 |
| Ex-Rourkela | 16,300 | -50 | +300 | 25,400 | -150 | +100 |
| Ex-Bellary | 16,600 | 0 | +300 | 27,300 | 0 | 0 |
| Ex-Ahmedabad | – | – | – | 28,000 | 0 | +400 |
| Ex-Mumbai | – | – | – | 27,200 | 0 | +550 |
Basic, ex-works prices & excluding of GST @ 18%
Source: SteelMint Research
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