Indian Sponge & Billet offers today increase further by INR 100-300/MT over strong inquiries, the market participants report to SteelMint.
For the day, SteelMint price assessment for induction furnaces billet size 125×125 mm are reported at INR 26,500-28,500/MT (USD 410-441) ex-plant. Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 17,000-18,100/MT (USD 263-280); prices are ex-plant & excluding GST.
Today (Thursday, November 2, 2017) INR to USD exchange rate stood at INR 64.61 & BSE Sensex closed at 33,573 (-27).
Key Market Updates
1. Today, JSPL had offered 50,000 MT pellets export deal via online auction. The material is likely to be shipped towards end Nov’17.
2. Coking coal prices continue to fall as Chinese mills cut production on Governments directive to control pollution.
3. Global scrap prices increase on tight supply and re-stocking done by mills before winters.
4. Indian sponge iron export offer increase by USD 5-10/MT (W-o-W) due to hike domestic offers. The fresh offers are reported at USD 315-320/MT CPT Benapole port, Bangladesh.
5. According to the sources, the Central India (Raipur) based Integrated plants have offers P-DRI at INR 16,600-16,700/MT & Sponge DR-CLO by medium size plants at INR 18,600-18,800/MT. Both prices are basic & excluding of GST at 18%.
6. West Bengal – Durgapur based Rashmi Metaliks heard to have increase sponge offers by INR 200/MT. The latest offers are reported at INR 17,300-17,400/MT for P-DRI & INR 18,200/MT for C-DRI.
7. Odisha based 100-300 TPD sponge manufacturers reported increase in offers by INR 100-200/MT; FeM 80 C-DRI (70:30 mix material) at INR 17,100-17,200/MT ex-plant & excluding GST.
8. BMM Ispat in South India has increased offers for FeM 80 P-DRI by INR 200-300/MT to INR 17,200/MT ex-Bellary, Karnataka.
9. Prakash Sponge, a prime grade sponge maker in Karnataka offered FeM 80 C-DRI lumps at INR 17,300-17,400/MT ex-plant.
10. SAIL’s IISCO plant heard to have booked a rake steel grade material for Howrah at INR 22,500/MT (ex-plant) during current week. The last deal was at similar prices for North India – Ludhiana.
11. Indian rebar exports increase in Oct’17 and recorded at 10,200 MT against at 5,000 MT during Sept’17.
Reference prices as on 2nd November 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,200 | 18,100 | 18,300 | + 200 | 17,200 | 17,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,100 | 17,000 | 17,100 | + 100 | 16,100 | 15,800 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 18,100 | 18,000 | 18,200 | 0 | 17,300 | 16,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,300 | 17,200 | 17,400 | + 200 | 16,800 | 16,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,700 | 17,500 | 17,800 | 0 | 17,000 | 16,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,400 | 17,300 | 17,500 | + 300 | 16,400 | 16,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | + 50 | 15,950 | 15,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | + 200 | 16,600 | 16,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,600 | 17,500 | 17,700 | 0 | 17,000 | 16,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,500 | 29,400 | 29,600 | + 100 | 28,500 | 27,700 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 27,000 | 27,100 | 0 | 26,150 | 25,900 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,100 | 26,100 | 26,200 | + 100 | 25,100 | 25,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,450 | 26,400 | 26,500 | + 50 | 25,750 | 25,650 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,250 | 27,200 | 27,300 | – 150 | 26,750 | 26,000 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 27,250 | 27,000 | 27,500 | + 250 | 27,000 | 27,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 28,000 | 28,000 | 28,300 | 0 | 26,500 | 26,500 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 30,000 | 29,900 | 30,000 | + 200 | 29,000 | 28,100 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 27,400 | 27,300 | 27,500 | + 100 | 26,600 | 26,400 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 26,500 | 26,400 | 26,600 | 0 | 25,600 | 25,650 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 27,000 | 26,900 | 27,100 | 0 | 26,300 | 26,250 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 27,600 | 27,600 | 27,700 | – 100 | 27,000 | 26,200 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 27,750 | 27,500 | 28,000 | + 250 | 27,500 | 27,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 28,000 | 28,000 | 28,300 | 0 | 26,500 | 26,500 | |
| TMT | Ex-Delhi/NCR | 12MM | 33,200 | 33,000 | 33,400 | + 200 | NA | 31,700 |
| Ex-Durgapur | 12MM | 30,500 | 30,300 | 30,800 | + 200 | 29,700 | 29,500 | |
| Ex-Raipur | 12MM | 29,800 | 29,600 | 30,000 | + 100 | 29,100 | 29,000 | |
| Ex-Mumbai | 12MM | 31,000 | 30,600 | 31,100 | 0 | 30,100 | 29,400 | |
| Ex-Chennai | 12MM | 31,700 | 31,500 | 31,900 | 0 | 31,700 | 31,500 | |
| Ex-Hyderabad | 12MM | 30,800 | 30,700 | 31,000 | 0 | 29,500 | 29,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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