In the week opening, domestic Sponge & Billet market observed price corrections of INR 100-500/MT due to low trade activities in major markets.
As per SteelMint’s assessment on 11th Sep’17, the prices for FeM 78-80 C-DRI sponge are reported at INR 17,600-18,600/MT (USD 275-290). While, induction furnaces billet (size 125×125 mm) are at INR 26,300-28,700/MT (USD 410-448) ex-works. All prices are ex-works & excluding of GST at 18%.
Coming to weekly price movement, the sponge offers down by INR 200-400/MT (USD 3-6) & Billet by INR 300-700/MT ( USD 5-11)
Trade Updates:
1. Raipur, Central India based Integrated plants have reduced sponge prices by INR 100/MT D-o-D, P-DRI offers are at INR 17,200-17,300/MT and DR-CLO grade (0-20 mm) offers by medium size plants are evaluated at INR 19,300-19,500/MT; ex-plant & excluding of GST.
2. Big plants in Durgapur, East India offered Sponge C-DRI at INR 17,800-17,900/MT, P-DRI at INR 16,900/MT & for Billet (size 100*100 & 125*125 mm) at INR 26,500-26,600/MT; basic & excluding of GST.
3. Singhal Steel has lowered offers; P-DRI at INR 16,600-16,700/MT ex-plant (Raigarh), an official reported. Also added few deals of billet concluded to Raipur at 27,000/MT FoR.
4. BMM Ispat in South India has rolled over P-DRI offers at INR 17,600/MT (FeM 80) ex-Bellary, Karnataka.
5. Sunvik Steels in Karnataka has kept sponge prices unaltered; offering FeM 80 & 82 C-DRI are INR 18,500/MT and INR 18,900/MT. Also offering 8mm TMT at INR 43,000/MT ( incl. of 18% GST). All prices are ex-works
6. Sponge offers for FeM 80 C-DRI lumps are similar currently in Rourkela (East India) & Bellary (South region) at around INR 17,800-18,000/MT ex-plant & excluding of GST.
7. Indian domestic prices slightly fall due to declinning Sponge & Billet prices in the country
8. Indian domestic pig iron prices have hit 3 years high, the basic (steel) grade pig iron are assessed at INR 25,500-26,000/MT ex-Raipur & INR 25,000/MT ex-Durgapur.
9. The Petcoke imports in India rise by 20.39% M-o-M in Aug’17 against 1.03 MnT in Jul’17 & stood at 1.24 MnT.
10. South African RB2 (5500 NAR) coal offers are prevailing at USD 83-85/MT CNF India.
Reference prices as on 11 September 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,800 | – 200 | 18,300 | 18,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,700 | 0 | 17,800 | 17,500 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 18,600 | – 100 | 19,000 | 19,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,800 | 0 | 17,750 | 17,450 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,900 | – 200 | 17,300 | 17,300 |
| Ex-Rourkela | Lumps, FeM 78%, +/-1 | 16,450 | – 50 | 16,700 | NA | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 17,300 | – 100 | 17,600 | 17,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,500 | + 50 | 17,450 | 17,400 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,750 | – 150 | 29,600 | 29,550 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,200 | – 200 | 26,900 | 26,800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,800 | – 100 | 26,100 | 26,350 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,500 | – 200 | 26,800 | 26,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,600 | – 200 | 27,800 | 28,500 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 28,000 | 0 | 28,250 | 28,250 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 29,200 | – 200 | 30,000 | 29,700 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 26,550 | – 250 | 27,250 | 27,300 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 26,300 | 0 | 26,500 | 26,600 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 26,950 | – 150 | 27,300 | 26,950 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 27,800 | – 200 | 28,000 | 28,700 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 28,500 | 0 | 28,750 | 28,750 | |
| TMT | Ex-Delhi/NCR | 12MM | 32,000 | NA | 32,300 | 33,600 |
| Ex-Durgapur | 12MM | 29,700 | – 100 | 29,900 | 29,700 | |
| Ex-Raipur | 12MM | 29,800 | – 100 | 30,000 | 29,200 | |
| Ex-Mumbai | 12MM | 30,900 | – 200 | 31,100 | 32,100 | |
| Ex-Chennai | 12MM | 32,500 | 0 | 32,500 | 32,250 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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