Indian Billet & Sponge Trade Log, 23 Aug

Today, domestic Semi-finished offers further corrected, Sponge by INR 100-300/MT & Billet by INR 100-500/MT amid slower trade activities in major trade markets.

Sharp fall in billet offers of INR 500/MT reported in South India-Hyderabad, while in rest of markets both sponge & billet offers decline by INR 100-300/MT.

As per SteelMint’s price assessment on 23rd Aug’17, prices are reported at INR 17,600-18,800/MT (USD 275-294) for FeM 78-80 C-DRI sponge, while induction furnaces billet (size 125×125 mm) are at INR 26,300-29,500/MT (USD 410-461) ex-works. All prices are ex-works & excluding of GST at 18%.

Key Updates

1. According to sources, Integrated plants in Raipur are offering sponge P-DRI at INR 17,600-17,700/MT ex-plant, while few small size manufacturers are offering same material at INR 17,500-17,600/MT FOR and DR-CLO grade sponge at INR 19,200-19,400/MT ex-plant & excluding of GST.

2. Durgapur based big manufacturers reduced sponge offers by INR 100/MT; offering FeM 78 C-DRI at INR 18,200/MT & P-DRI at INR 17,300/MT, basic & excluding of GST.

3. Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 17,500-17,600/MT & billet at INR 26,500/MT ex-plant.

4.Sunvik Steels in Karnataka kept sponge prices unaltered; offering FeM 80 & 82 C-DRI are INR 17,900/MT and INR 18,300/MT ex-plant

5. Shakti Ferro based in Chennai has offered billet at INR 29,500/MT ex-plant (excluding GST at 18%)

6. Indian Coal Production increased by 2% Y-o-Y in H1 CY17 to 351.7 MnT.

7. Odisha, East India based Serajuddin Mines Further Hike Iron Ore Prices by INR 100-200/MT. Prior to this the miner had raised lump prices by INR 300/MT and fines by INR 200/MT on 18 Aug’17.

8. Today, melting scrap prices in Western India – Maharashtra & Gujarat down by INR 100-300/MT.

Indian sponge & billet reference prices as on 23 August 2017

Basic, ex-works prices & excluding of GST @ 18%
Source: SteelMint Research