Daily Update: Indian Sponge & Billet Market

Indian domestic Sponge & Billet prices increase by INR 200-600/MT (USD 3-9) on 8th August, Tuesday.

“The prices surge in line with improved trades amid short supply for the materials”, the trade participants reported.

As per SteelMint’s price analysis, offers for induction furnaces billet size 125×125 mm are reported at INR 26,500-28,500/MT (USD 414-445) ex-plant.

Further, the coal based sponge FeM 78-80 C-DRI price assessment was at INR 17,500-19,000/MT (USD 273-297) ex-plant.

Coming to weekly price movement, the sponge offers increased by INR 800-1,500/MT (USD 12-24) & billet by INR 500-1,400/MT (USD 7-22).

Market Updates:

1. According to the sources, Integrated plants in Central India – Raipur have sold out good quantities of pellet sponge at INR 17,600-17,800/MT for which the offers increased at INR 17,900-18,000/MT ex-plant & excluding of GST at 18%

2. In Durgapur, big manufacturers have increased sponge offers by INR 200-300/MT to INR 18,300/MT for FeM 78 C-DRI & INR 17,300/MT for same grade P-DRI.

3. Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 17,500/MT & billet at INR 26,500/MT ex-plant.

4. BMM Ispat in South India has increased offers for FeM 80 P-DRI lumps by INR 500/MT to INR 17,300-17,400/MT ex-Bellary, Karnataka.

5. Sunvik Steels in Karnataka has increased offers by INR 400/MT; offering FeM 80 & 82 sponge C-DRI lumps are INR 17,600/MT & INR 18,000/MT ex-plant, respectively.

6. ILC Iron & Steel, a 350 TPD sponge manufacturer from Karnataka sold FeM 80 P-DRI lump at INR 17,300/MT ex-plant.

Indian sponge & billet reference prices as on 8 August 2017

Basic, ex-works prices & excluding of GST @ 18%
Source: SteelMint Research