Indian Sponge & Billet offers today decline marginally by INR 100-300/MT (USD 1-5) due to low inquiries in finished steel products.
SteelMint’s price assessment for induction furnaces billet size 125×125 mm are reported at INR 26,300-28,300/MT (USD 405-435) ex-plant.
Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 17,000-18,000/MT (USD 262-277); prices are ex-plant & excluding GST.
On Tuesday, November 7, 2017, INR to USD exchange rate stood at INR 65.04 & BSE Sensex closed at 33,370 (-360).
Key Market Updates
1. On yearly basis, Indian bulk pig iron exports increase four times in the duration of Jan-Oct’17. Indian exports were recorded at 500,000 MT during Jan-Oct’17 which was 120,000 MT during Jan-Oct’16.
2. According to customs data, Indian ferrous scrap imports down by 25% M-o-M at 0.39 MnT in Aug’17 against 0.52 MnT in Jul’17.
3. Central India (Raipur) based Integrated plants have offers P-DRI at INR 16,400/MT. The buying interest by the sources are reported at INR 16,200-16,300/MT ex-plant & excluding GST at 18%.
4. The medium size sponge manufacturers in Odisha, offers sponge C-DRI mix material at INR 17,200-17,300/MT and deals have been reported at INR 17,000-17,100/MT ex-plant.
5. According to the manufacturers, sponge supply to Raigarh resumed post Jindal Steel resumed power supply to the Punjipatra, Raigarh based Inductions.
6. Singhal Steel offered P-DRI at INR 16,200-16,300/MT ex-plant, Raigarh. The company also sold billet at INR 26,800/T FoR Raipur, the officials reported.
7. BMM Ispat in South India has reduced offers for FeM 80 P-DRI by INR 200-300/MT to INR 16,900-17,000/MT ex-Bellary, Karnataka.
8. According to market participants, JSW Steel, India’s largest private steel producer has reduced gas based DRI prices by INR 500/MT (USD 8). The latest offers are heard at INR 18,000-18,500/MT (USD 278-287) ex-Dolvi, Maharashtra.
9. Indian bulk billet exports moved up by 4.68% to 132,220 MT in the month of Oct’17 against 126,300 MT in Sep’17.
10. Gujarat based induction furnace concludes 5,000 MT Billet export deal at around USD 485/MT CFR South East Asia (in containers).
11. Polaad Steels based in Jalna has kept Rebar (28mm) offers stable at INR 27,700/MT ex-plant. According to the officials, during last week a billet export deal for 1,600 MT (size 160*160 mm) being concluded for POD (Jeddah/Riyadh) at USD 435/MT (INR 28,000) FOB India.
12. Shakti Ferro in Chennai, South Region has reduced Rebar offers by INR 300/MT to INR 31,200/MT. Also, Rathi Steels in North India, Delhi has cut rebar prices by INR 300/MT to INR 33,700-33,800/MT. The both offers are ex-works & for 12mm rebars.
Reference prices as on 7th November 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,000 | 17,900 | 18,100 | – 50 | 18,000 | 17,050 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,150 | 17,000 | 17,300 | – 100 | 17,000 | 15,800 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,800 | 17,700 | 17,900 | – 200 | 18,200 | 16,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,000 | 17,000 | 17,100 | – 200 | 17,000 | 16,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,500 | 17,400 | 17,600 | – 100 | 17,600 | 16,700 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,200 | 17,100 | 17,300 | – 100 | 17,200 | 16,150 |
| Ex-Jharsugda | Lumps, FeM 78%, +/-1 | 16,000 | 15,800 | 16,200 | 0 | NA | NA | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,400 | 16,400 | 16,500 | – 100 | 16,600 | 15,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | – 100 | 16,900 | 16,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,500 | 17,400 | 17,500 | 0 | 17,500 | 16,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,500 | 29,450 | 29,550 | 0 | 29,150 | 28,400 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,950 | 26,900 | 27,000 | – 100 | 27,000 | 25,850 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,000 | 25,900 | 26,000 | – 200 | 26,000 | 25,300 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,200 | 26,100 | 26,300 | – 200 | 26,500 | 25,550 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 26,600 | 26,500 | 26,700 | – 300 | 27,400 | 25,900 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 27,000 | 27,250 | 0 | 27,000 | 27,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 28,000 | 28,000 | 28,000 | 0 | 27,500 | 25,500 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 30,000 | 29,900 | 30,100 | 0 | 29,600 | 28,800 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 27,400 | 27,300 | 27,500 | 0 | 27,400 | 26,250 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 26,350 | 26,300 | 26,400 | – 150 | 26,400 | 25,550 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 26,700 | 26,600 | 26,800 | – 200 | 27,100 | 26,100 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 26,800 | 26,700 | 26,800 | – 300 | 27,700 | 26,100 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 27,500 | 27,500 | 27,750 | 0 | 27,500 | 27,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 28,000 | 28,000 | 28,000 | 0 | 27,500 | 25,500 | |
| TMT | Ex-Delhi/NCR | 12MM | 33,000 | 32,800 | 33,200 | – 300 | 33,700 | 32,500 |
| Ex-Durgapur | 12MM | 30,500 | 30,300 | 30,800 | 0 | 30,300 | 29,500 | |
| Ex-Raipur | 12MM | 29,600 | 29,400 | 29,800 | – 100 | 29,900 | 28,900 | |
| Ex-Mumbai | 12MM | 30,100 | 29,700 | 30,200 | – 200 | 31,000 | 29,100 | |
| Ex-Chennai | 12MM | 31,300 | 31,100 | 31,500 | – 200 | 31,700 | 31,000 | |
| Ex-Hyderabad | 12MM | 30,800 | 30,600 | 31,000 | – 100 | 30,500 | 28,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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