In the week opening, domestic Sponge iron & Billet offers fluctuated by INR 100-300/MT D-o-D, the trade sentiments remained moderate during the day.
SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 26,150-28,550/MT (USD 400-436) ex-plant.
Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,600-17,900/MT (USD 254-274); prices are ex-plant & excluding GST.
Today (Monday, November 13, 2017) INR to USD exchange rate stood at INR 65.41 & BSE Sensex closed at 33,033 (-281).
Key Market Updates
1. Essar Steel has increased its iron ore & pellet sourcing by 8% M-o-M to 1.02 MnT in Oct’17 compared to 0.95 MnT in Sept’17. Further, on Y-o-Y it surge by 7% in Oct’17 against 0.96 MnT during same month last year.
2. According to sources it is heard that Rajasthan based pellet maker – Jindal SAW is going for a maintenance shutdown towards the month of Jan’18.
3. Steel grade Pig iron offers by the Manufacturer in Raipur – Central India are reported at INR 25,250/MT ex-plant, while through traders it sold at around INR 25,000/MT.
4. MMTC’s export tender of 15,000 MT Steel grade Pig Iron has received poor response. According to market participants the tender received bids at around USD 330/MT, FoB.
5. Raipur, Central India based Integrated plants offers unaltered, offering Sponge P-DRI at INR 16,500/MT ex-plant
6. Odisha based medium size sponge manufacturers reported firm offers despite limited inquires. Offers for FeM 80 C-DRI (70:30 mix material) reported at INR 17,000-17,100/MT and for lumps at INR 17,400-17,500/MT ex-plant & excluding GST.
7. BMM Ispat in South India (Karnataka) has increased offers by INR 300/MT. The latest offers are reported at INR 16,500-16,600/MT ex-Bellary for FeM 80 P-DRI,
8. Rashmi Metaliks, known as big supplier for sponge iron in Durgapur has reduced sponge offers by INR 100/MT, according to trade participants. The latest offers are heard at INR 17,100/MT for P-DRI & INR 17,900-18,000/MT for C-DRI. Billet offers also reduced by small manufacturers by INR 100/MT to INR 27,200/MT FOR & INR 27,000/MT (ex-plant) for outside state based buyers.
9. Rathi Steels in Delhi has further increase rebar prices by INR 500/MT to INR 34,700-34,800/MT (12mm) but the trade activities remained weak due to ban on construction works, an official reported.
10. Raipur – Central India based medium and small re-rollers have unaltered rebar & structure offers despite poor inquiries, SteelMint learnt from market sources.
Reference prices as on 13th November 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,900 | 17,800 | 18,000 | – 100 | 18,050 | 17,200 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,000 | 17,000 | 17,100 | 0 | 17,250 | 15,750 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,900 | 17,800 | 18,000 | + 100 | 18,000 | 16,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | + 100 | 17,200 | 16,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | 0 | 17,600 | 16,700 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,100 | 17,000 | 17,200 | – 100 | 17,300 | 16,400 |
| Ex-Jharsugda | Lumps, FeM 78%, +/-1 | 15,700 | 15,600 | 15,800 | – 100 | 16,000 | NA | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | + 50 | 16,500 | 15,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,400 | 16,400 | 16,500 | + 100 | 16,900 | 16,150 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | 0 | 17,500 | 16,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,450 | 29,400 | 29,500 | – 100 | 29,500 | 28,300 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,800 | 26,800 | 26,900 | – 100 | 27,050 | 26,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,800 | 25,700 | 25,800 | 0 | 26,200 | 25,250 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,100 | 26,100 | 26,200 | 0 | 26,400 | 25,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,300 | 27,300 | 27,400 | + 200 | 26,900 | 26,200 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,750 | 27,250 | 0 | 27,000 | 27,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 27,500 | 27,500 | 27,500 | + 250 | 28,000 | 26,500 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 29,900 | 30,000 | 30,100 | – 200 | 30,000 | 28,700 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 27,200 | 27,100 | 27,200 | – 50 | 27,400 | 26,400 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 26,150 | 26,100 | 26,200 | – 100 | 26,500 | 25,550 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 26,700 | 26,600 | 26,800 | + 50 | 26,900 | 25,950 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 27,550 | 27,500 | 27,600 | + 250 | 27,100 | 26,400 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 27,500 | 27,250 | 27,750 | 0 | 27,500 | 27,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 27,500 | 27,500 | 27,500 | + 250 | 28,000 | 26,500 | |
| TMT | Ex-Delhi/NCR | 12MM | 33,300 | 33,100 | 33,500 | 0 | 33,300 | 32,800 |
| Ex-Durgapur | 12MM | 30,500 | 30,300 | 30,700 | 0 | 30,500 | 29,600 | |
| Ex-Raipur | 12MM | 29,400 | 29,200 | 29,600 | 0 | 29,700 | 28,800 | |
| Ex-Mumbai | 12MM | 30,700 | 30,300 | 30,800 | + 200 | 30,300 | 29,700 | |
| Ex-Chennai | 12MM | 31,000 | 31,000 | 31,500 | 0 | 31,500 | 31,000 | |
| Ex-Hyderabad | 12MM | 30,500 | 30,400 | 30,500 | + 200 | 30,900 | 29,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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