Today, Billet & Sponge offers further fall – Central India by INR 100-300/MT & in East region by INR 50-200/MT. The slower trade activities resulted further correction in offers.
However, in South & Western India the producers have maintain offers firm despite thin trade activities.
As per SteelMint’s assessment on 11th July 2017, the prices for FeM 78-80 C-DRI sponge are reported at INR 17,450-18,8000/MT (USD 272-293).
While, induction furnaces billet (size 125×125 mm) are at INR 26,500-28,500/MT (USD 413-444) ex-works. Excluding GST at 18%.
Key Updates
1. Central India based manufacturers reduced P-DRI offers around INR 200/MT to INR 17,500/MT basic price & excluding of GST at 18%. The offers are declining from past 2 days.
2. In West Bengal – Durgapur, big manufacturers have further reduced their offers by INR 150/MT each; P-DRI at INR 16,800-16,900/MT & C-DRI at INR 17,800-17,900/MT.
3. Odisha based medium size sponge manufacturers reported firm offers for FeM 80 C-DRI 70:30 mix material at INR 17,500-17,700/MT ex-plant & excluding of GST at 18%.
4. Sunvik Steels in Karnataka kept sponge prices stable; offering FeM 80 & 82 C-DRI are INR 17,600/MT and INR 18,000/MT ex-plant.
5. Vizag Steel Billet Export Tender Concludes Above USD 35/MT. According to market sources report to SteelMint, the billet (90*90 mm, IS 2830 C20 MMN GR A) has been concluded at USD 480-485/MT, FoB India.
Indian sponge & billet reference prices as on 11 August 2017
| Particular/Delivery | C-DRI | D-o-D | W-o-W | Billet | D-o-D | W-o-W |
| Ex-Raipur | 18,800 | 600 | 900 | 26,900 | -350 | 200 |
| Ex-Durgapur | 17,850 | -150 | 0 | 27,000 | -50 | 300 |
| Ex-Rourkela | 17,450 | -50 | 450 | 26,500 | 0 | 500 |
| Ex-Bellary | 17,450 | 0 | 650 | 28,000 | 0 | 750 |
| Ex-Ahmedabad | – | – | – | 28,500 | 100 | 800 |
| Ex-Mumbai | – | – | – | 28,400 | -50 | 500 |
Basic, ex-works prices & excluding of GST @ 18%
Source: SteelMint Research
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