In the week opening, Indian Semi-finished offers decline by INR 100-600/MT on limited inquiries. During the day billet prices registered sharp fall by INR 100-600/MT and majorly in West India – Maharashtra & Gujarat by INR 400-600/MT. Meanwhile, sponge offers registered marginal decline of INR 100-200/MT.
SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 27,900-30,800/MT (USD 429-474) ex-plant.
Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 17,900-20,100/MT (USD 277-312); prices are ex-plant & excluding GST.
Today (Monday, December 4, 2017) INR to USD exchange rate stood at INR 64.41 & BSE Sensex closed at 32,869 (+36).
Key Market Updates:
1. Chattisgarh based units increased Iron ore sourcing from NMDC by 36%. NMDC – India’s largest iron ore miner has supplied 204 rakes of iron ore from Chattisgarh mines in Nov’17 against 192 rakes in Oct’17. The miner had kept iron ore prices unchanged in Nov’17.
2. Imported scrap offers to India remain strong at USD 345/MT, CFR Nhava Sheva from UK origin Shreded scrap.
3. According to the market participants, the Ingot/Billet manufacturers in Raipur purchased steel grade Pig iron at INR 25,000/MT landed to plant which was at around INR 25,200/MT during last week.
4. Indian Sponge iron exports offers of FeM 80-82 lumps grade to Bangladesh assessed at around USD 330/MT, CPT Benapole (land port of India & Bangladesh).
5. Raipur, Central India based Integrated plants today reduced sponge offers by INR 100-200/MT, offering Sponge P-DRI at INR 18,700-18,800/MT ex-plant.
6. Durgapur based Rashmi Metaliks has maintained sponge offers at same levels at INR 18,200-18,300/MT for Sponge P-DRI, the sources reported.
7. BMM Ispat, one of the largest sponge producer in South India has kept offers unaltered for FeM 80 P-DRI at INR 17,500/MT ex-Bellary.
8. Gujarat based Akshar TMT has reduced rebar offers by INR 300/MT D-o-D. The fresh offers are reported at INR 40,200/MT FOR & including GST at 18%, Size – 20 mm. Kalika Steel Alloys in Jalna has offered 28mm rebars at INR 31,000/MT, the offers are stable compared to last day trade.
9. Trade discounts on Wire Rod & HB wire by Raipur, Central India based manufacturers are heard at INR 600-800/MT which was at INR 1,000-1,200/MT during last week.
10. Raipur – Central India based mills reduced light structure prices by INR 100-200/MT, however the heavy structure producers raised prices by INR 200/MT; D-o-D.
Reference prices as on 4th December 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19200 | 19200 | 19300 | +100 | 18450 | 18050 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18700 | 18600 | 18700 | 0 | 17900 | 17250 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20100 | 20000 | 20200 | -100 | 19600 | 18000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17900 | 17800 | 18000 | 0 | 17300 | 17200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 18100 | 18000 | 18200 | 0 | 17500 | 17600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18200 | 18100 | 18300 | +100 | 17400 | 17300 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18750 | 18700 | 18800 | -150 | 18200 | 16500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17500 | 17400 | 17600 | 0 | 17200 | 16900 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 18100 | 18000 | 18200 | 0 | 17550 | 17500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31200 | 31150 | 31250 | +250 | 30550 | 29500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 28700 | 28700 | 28800 | 0 | 27850 | 27050 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 27400 | 27400 | 27600 | -200 | 26550 | 26200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27600 | 27600 | 27700 | -400 | 27150 | 26400 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 30000 | 30000 | 30100 | -600 | 28800 | 26900 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 28500 | 28400 | 28600 | 0 | 28000 | 27000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 30200 | 30000 | 30300 | 0 | 29000 | 28000 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 31700 | 31600 | 31700 | +200 | 31000 | 30000 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 29100 | 29100 | 29200 | +100 | 28250 | 27400 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 28000 | 27900 | 28000 | -100 | 26900 | 26500 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 28550 | 28500 | 28700 | -150 | 27600 | 26900 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 30200 | 30200 | 30300 | -600 | 29000 | 27100 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 29000 | 28900 | 29100 | 0 | 28500 | 27500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 30200 | 30000 | 30200 | 0 | 29000 | 28000 | |
| TMT | Ex-Delhi/NCR | 12MM | 34700 | 34500 | 34900 | +200 | 34000 | 33300 |
| Ex-Durgapur | 12MM | 31700 | 31500 | 31900 | 0 | 31000 | 30500 | |
| Ex-Raipur | 12MM | 31500 | 31300 | 31700 | -200 | 30400 | 29700 | |
| Ex-Mumbai | 12MM | 33900 | 33500 | 34000 | 0 | 32100 | 30300 | |
| Ex-Chennai | 12MM | 32800 | 32800 | 33300 | +100 | 31800 | 31500 | |
| Ex-Hyderabad | 12MM | 33100 | 33000 | 33300 | 0 | 31800 | 30900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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