Indian billet and sponge prices remain slightly fluctuate by INR 100-300/MT on daily analysis amid mix trade activities.
SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 26,200-28,700/MT (USD 403-442) ex-plant.
Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,500-18,000/MT (USD 254-277); prices are ex-plant & excluding GST.
Today (Friday, November 10, 2017) INR to USD exchange rate stood at INR 65.19 & BSE Sensex closed at 33,314 (+63).
Key Market Updates
1. JSW Steel has increased its iron ore sourcing by 35 % M-o-M to 2.56 MnT in October 2017 against 1.89 MnT in September 2017.
2. NMDC Iron ore sales from its Chhattisgarh mines was recorded at 1.61 MnT in October and that from Karnataka stood at 0.58 MnT.
3. Vizag Steel, also known as RINL has reduced Steel grade Pig iron prices by INR 1,000/MT (USD 15) and the latest offers are assessed at INR 24,300/MT (USD 377) ex-plant & excluding GST.
4. Private Pig iron manufacturers in East India, Durgapur reported weak demand at the offer prices of INR 24,000/MT (steel grade).
5. SAIL’s IISCO plant heard to have concluded a rake deal for steel grade material at INR 23,000/MT ex-plant. Offers by Durgapur Steel Plant (DSP) are reported at around INR 23,200/MT ex-plant.
6. In West Bengal – Durgapur, big manufacturers have kept sponge offers unaltered for the day; P-DRI at INR 17,200/MT & C-DRI at INR 18,000/MT ex-plant.
7. Odisha based manufacturers offered; FeM 80 C-DRI lumps for Jalna, Maharashtra at INR 17,500/MT ex-plant & excluding GST; freight to Jalna at INR 2,100-2,200/MT, the trade participants reported.
8. Sunvik Steels in Karnataka has reduced sponge prices by INR 400/MT; offering FeM 80 & 82 C-DRI are INR 17,300/MT and INR 17,700/MT, ex-works.
9. Imported scrap offers to India remained mostly stable this week and are reported at USD 335/MT for Shredded grade UK origin.
10. Raipur – Central India based medium & small mills further cut rebar & structure offers by INR 100-200/MT due to low inquiries.
11. Steel Authority of India Ltd (SAIL) has registered 21% growth in net sales revenue which stood at INR 13,442 crore for the second quarter of FY17-18 (Q2FY18) as against INR 11,080 in the corresponding period of last fiscal.
Reference prices as on 10th 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 | 0 | 18,200 | 16,950 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | 0 | 17,200 | 15,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,600 | 17,500 | 17,700 | 0 | 18,200 | 16,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | – 250 | 17,400 | 16,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | – 100 | 17,800 | 16,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,200 | 17,100 | 17,300 | 0 | 17,300 | 16,150 |
| Ex-Jharsugda | Lumps, FeM 78%, +/-1 | 15,800 | 15,700 | 15,900 | 0 | NA | NA | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | + 200 | 16,700 | 14,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | – 200 | 17,100 | 16,250 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | – 100 | 17,600 | 16,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,700 | 29,700 | 29,800 | + 50 | 29,900 | 28,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,850 | 26,800 | 26,900 | – 50 | 27,050 | 25,800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,800 | 25,700 | 25,800 | – 200 | 26,300 | 25,150 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,900 | 25,800 | 26,000 | – 50 | 26,500 | 25,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 27,000 | 27,100 | + 50 | 27,100 | 26,200 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,750 | 27,250 | 0 | 27,250 | 27,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 27,250 | 27,000 | 27,500 | – 250 | 28,000 | 26,250 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 30,200 | 30,100 | 30,600 | + 100 | 30,300 | 28,400 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 27,250 | 27,200 | 27,300 | – 50 | 27,450 | 26,200 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 26,250 | 26,200 | 26,300 | – 50 | 26,600 | 25,450 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 26,450 | 26,400 | 26,500 | – 50 | 27,000 | 25,600 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 27,200 | 27,200 | 27,300 | 0 | 27,500 | 26,400 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 27,500 | 27,250 | 27,750 | 0 | 27,750 | 27,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 27,250 | 27,000 | 27,500 | – 250 | 28,000 | 26,250 | |
| TMT | Ex-Delhi/NCR | 12MM | 33,000 | 32,800 | 33,200 | 0 | 33,500 | 32,500 |
| Ex-Durgapur | 12MM | 30,400 | 30,200 | 30,600 | – 100 | 30,500 | 29,500 | |
| Ex-Raipur | 12MM | 29,300 | 29,100 | 29,500 | – 100 | 29,800 | 28,400 | |
| Ex-Mumbai | 12MM | 30,300 | 29,900 | 30,300 | 0 | 30,700 | 29,600 | |
| Ex-Chennai | 12MM | 31,000 | 31,000 | 31,300 | – 300 | 31,500 | 31,000 | |
| Ex-Hyderabad | 12MM | 30,300 | 30,000 | 30,500 | 0 | 30,800 | 29,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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