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Daily Update: Indian Sponge & Billet Market

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BigMint Bureau

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9 Jan 2018, 17:59 IST

Daily Update: Indian Sponge & Billet Market

Indian domestic Sponge & Billet prices remain on downtrend over low inquiries. The prices have registered fall of - billet by INR 100-700/MT (upto USD 11) & Sponge by INR 200-400/MT day on day.

The market participants mentioned that, as inquiries are limited the producers are forced to reduce prices in line to fetch deals.

SteelMint's price assessments for induction furnaces billet size 125x125 mm are reported at INR 31,700-35,000/MT (USD 498-550) ex-plant.

Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,900-22,100/MT (USD 328-347); prices are ex-plant & excluding GST.

Today (Tuesday, January 9, 2018) INR to USD exchange rate stood at INR 63.70 & BSE Sensex closed at 34,443 (+198).

Key Market Updates:

1. KIOCL has invited a tender for purchase of 200,000 DMT (dry metric tonne) Iron ore fines.

2. NMDC - India's largest iron ore miner recorded an increase in monthly production of iron ore by 28% in Dec'17 to 3.37 MnT as against 2.63 MnT in Nov'17.

3. Indian iron ore import moved down by 13% in CY'17 to 5.5 MnT against 6.33 MnT last year.

4. Raipur, Central India based Integrated plants offers reduced by INR 200/MT D-o-D, offering Sponge P-DRI at INR 20,800-21,000/MT ex-plant

5. Rashmi Metaliks an price trend setter in Durgapur-East India has reduced sponge prices by INR 100-200/MT to INR 21,000/MT for P-DRI, (Sources).

6. JSW Steel, India's largest private steel producer has raised its gas based DRI (sponge iron) offers by INR 2,000-2,500/MT, 10% (USD 31-39) for Jan 2018 deliveries. The latest offers are heard at INR 23,000/MT ex-dolvi, Maharashtra.

7. Odisha based medium size sponge manufacturers reduced offers by INR 200-300/MT; FeM 80 C-DRI (70:30 mix material) are assessed at INR 21,200-21,300/MT, ex-plant.

8. Monnet Ispat (Raipur) sold about 1,000 Sponge fines to a Raigarh based plant at INR 22,200/MT ex-plant. The deal made 2 days back, officials from Monnet Ispat reported.

9. BMM Ispat in South India has kept offers unaltered, offering FeM 80 P-DRI lumps at INR 20,100-20,200/MT ex-Bellary, Karnataka.

10. Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered 80 FeM P-DRI at INR 20,000-20,200/MT ex-plant.

11. South India based Cauvery Iron & Steel offers FeM 80 P-DRI & billet at INR 20,500/MT & INR 35,000/MT. Also offering 28 MM Rebar at INR 35,500/MT. prices are ex-plant & excluding GST.

12. Kalika Steel Alloys in Jalna reduced prices by INR 500/MT and offered 28mm rebars at INR 36,000/MT ex-plant & excluding GST.

13. Wire rod prices in Raipur & Durgapur decline today by INR 200-300/MT. The medium mills in Raipur also reduced structure & rebar prices by INR 200-300/MT on poor demand.

Reference prices as on 9th January 2018

	Particular/Delivery	Size, Grade, Origin	Prices	Min	Max	Change	1W	1M
C-DRI	Ex-Durgapur	Mix, FeM 78%, +/-1	21,900	21,800	22,000	- 200	22,100	19,300
	Ex-Rourkela	Mix, FeM 80%, +/-1	21,200	21,200	21,300	- 250	21,300	18,700
	Ex-Raipur	Mix, FeM 80%, +/-1	22,100	22,000	22,200	- 200	22,500	20,000
	Ex-Bellary	Lumps, FeM 80%, +/-1	20,900	20,800	21,000	+ 100	20,800	18,000
P-DRI	Ex-Durgapur	Lumps, FeM 78%, +/-1	20,900	20,800	21,000	- 200	21,100	18,300
	Ex-Raipur	Lumps, FeM 80%, +/-1	20,850	20,800	20,900	- 200	21,500	18,900
	Ex-Bellary	Lumps, FeM 80%, +/-1	20,200	20,100	20,300	0	20,400	17,600
	Ex-Hyderabad	Lumps, FeM 80%, +/-1	20,400	20,300	20,500	+ 200	20,300	18,000
Ingot	Ex-Mandi Gobindgarh	3.5 x 4.5 Inch, IS 2830	33,500	33,400	33,600	- 450	34,000	31,000
	Ex-Durgapur	3.5 x 4.5 Inch, IS 2830	31,600	31,500	31,700	- 500	32,200	28,700
	Ex-Rourkela	3.5 x 4.5 Inch, IS 2830	31,000	30,900	31,100	- 250	31,500	27,400
	Ex-Raipur	3.5 x 4.5 Inch, IS 2830	31,500	31,400	31,600	- 500	32,500	28,100
	Ex-Mumbai	3.5 x 4.5 Inch, IS 2830	34,000	33,900	34,100	- 800	35,000	30,600
	Ex-Chennai	3.5 x 4.5 Inch, IS 2830	34,250	34,000	34,500	0	33,500	30,000
	Ex-Hyderabad	3.5 x 4.5 Inch, IS 2830	35,000	34,700	35,000	0	35,000	30,300
Billet	Ex-Mandi Gobindgarh	125x125 mm, IS 2831	34,200	34,100	34,400	- 100	34,500	31,500
	Ex-Durgapur	125x125 mm, IS 2831	32,000	31,900	32,100	- 300	32,300	29,000
	Ex-Rourkela	125x125 mm, IS 2831	31,700	31,700	31,800	- 100	32,200	28,200
	Ex-Raipur	125x125 mm, IS 2831	32,500	32,500	32,700	- 400	33,400	29,100
	Ex-Mumbai	125x125 mm, IS 2831	34,300	34,200	34,300	- 700	35,200	30,800
	Ex-Chennai	125x125 mm, IS 2831	34,750	34,750	35,000	0	34,000	30,500
	Ex-Hyderabad	125x125 mm, IS 2831	35,000	34,700	35,000	0	35,000	30,300
TMT	Ex-Delhi/NCR	12MM	38,600	38,400	38,800	- 100	39,200	34,300
	Ex-Durgapur	12MM	35,800	35,600	36,000	- 300	35,800	31,800
	Ex-Raipur	12MM	36,200	36,000	36,400	- 300	36,800	31,700
	Ex-Mumbai	12MM	39,200	38,800	39,300	0	38,600	34,100
	Ex-Chennai	12MM	38,600	38,600	39,000	0	38,000	34,000
	Ex-Hyderabad	12MM	38,000	37,800	38,200	- 200	38,200	33,300