Daily Update: Indian Sponge & Billet Market
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Today, Indian Semi finished market reported mix trends as sponge prices fluctuated by INR 100-200/MT while billet offers declined and majorly in South & West India by INR 200-500/MT (USD 3-8). According to the market participants, inquiries are slowdown which is turn price corrections.
SteelMint's price assessments for induction furnaces billet size 125x125 mm are reported at INR 32,100-36,200/MT (USD 495-559) ex-plant. Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,500-22,100/MT (USD 316-341); prices are ex-plant & excluding GST.
On 26th Feb 2018 (Monday) INR to USD exchange rate stood at INR 64.78 & BSE Sensex closed at 33,445 (+303).
Key Market Updates:
1. JSW Steel, India's largest private steel producer has offered gas based DRI (sponge iron) at INR 22,500-23,000/MT (USD 346-354) ex- Dolvi Maharashtra.
2. KIOCL has invited a tender for purchase of 200,000 DMT (dry metric tonne) Iron ore fines. The due date for bid submission is 7 Mar'18.
3. Shyam Sel has raised Silico Mangenese (grade 60-14) prices and are reported fresh offers at INR 72,000/MT ex-plant, Durgapur. Although, in the last week offers by other producers were assessed at INR 68,000-69,000/MT ex-plant.
4. According to sources in Durgapur, Rashmi Metaliks has kept offers unaltered at INR 21,100/MT for FeM 78 P-DRI.
5. During last Saturday (24th Feb), Durgapur based manufacturers concluded export deals to Nepal - for Wire rod (5.5-6.0mm) at USD 600/MT & MS Billet (100*100mm) at USD 512-515/MT on ex-mill basis.
6. Raipur, Central India based Integrated plants offered Sponge P-DRI at INR 19,800-19,900/MT (ex-plant) which was at INR 19,900-20,000/MT on 24th Feb'18.
7. A day before, Odisha based manufacturer, Mahavir Ferro Alloys sold billet in good quantity at INR 32,500/MT ex-plant. Thus, the company holds offer for today.
8. BMM Ispat in Karnataka has offered sponge P-DRI at INR 19,800/MT and Sunvik Steels sponge C-DRI lumps at INR 21,300/MT. Both offers for FeM 80, excluding GST & ex-plant basis.
9. BIOP Steels in South India has reduced sponge offers by around INR 100-200/MT; offering FeM 80 & 82 C-DRI lumps at INR 20,600/MT & INR 21,100/MT ex-plant, Karnataka; an official reported.
10. South India based Cauvery Iron & Steel offers FeM 80 P-DRI at INR 20,600/MT & billet at INR 33,000/MT. Also offering 28 MM Rebar at INR 36,000/MT. prices are ex-plant & excluding GST.
11. Melting scrap offers in Western India- Maharashtra & Gujarat rise by INR 200-400/MT in last couple of days.
12. Goa based plants have booked 20 ft containerized (20 MT loading) melting scrap at USD 355/MT from West Africa and arrival period would be approximate after couple of months.
13. Central India based Raipur Power and Steel Ltd offering Wire Rod (5.5 MM) at INR 38,200/MT, Ex-Mill & Excluding GST.
14. Rathi Steels in North India - Delhi has reduced their price by around INR 200-300/MT today and current offering at INR 39,900/MT, size - 12 mm & excluding 18% GST.
15. Today, Raipur based Wire Rod manufacturers unchanged their trade discount price at INR 1,200-1,500/MT as per trade participants.
Reference prices as on 26th February 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,100 | 22,000 | 22,200 | + 100 | 21,900 | 21,600 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | 0 | 20,500 | 21,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,300 | 21,200 | 21,400 | - 50 | 21,300 | 21,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | + 100 | 20,900 | 20,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,100 | 21,000 | 21,200 | + 100 | 20,800 | 20,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | - 100 | 20,000 | 20,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,900 | 19,800 | 19,900 | 0 | 20,200 | 19,900 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | - 100 | 20,900 | 20,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,500 | 35,400 | 35,600 | 0 | 35,500 | 34,300 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 32,700 | 32,600 | 32,800 | + 100 | 32,400 | 31,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,500 | 31,400 | 31,600 | 0 | 31,300 | 31,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,150 | 32,100 | 32,200 | - 100 | 32,300 | 31,800 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,200 | 34,100 | 34,300 | - 300 | 34,800 | 34,200 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,800 | 34,200 | - 200 | 34,500 | 33,500 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,000 | 32,800 | 33,200 | - 500 | 33,800 | 34,000 | |
| Billet | Ex-Mandi Gobindgarh | 125x125 mm, IS 2831 | 36,200 | 36,100 | 36,300 | 0 | 36,300 | 34,950 |
| Ex-Durgapur | 125x125 mm, IS 2831 | 33,200 | 33,100 | 33,300 | + 200 | 32,900 | 32,000 | |
| Ex-Rourkela | 125x125 mm, IS 2831 | 32,100 | 32,000 | 32,200 | + 100 | 32,000 | 31,500 | |
| Ex-Raipur | 125x125 mm, IS 2831 | 32,800 | 32,700 | 32,900 | 0 | 32,900 | 32,600 | |
| Ex-Mumbai | 125x125 mm, IS 2831 | 34,400 | 34,300 | 34,400 | - 300 | 35,000 | 34,400 | |
| Ex-Chennai | 125x125 mm, IS 2831 | 34,500 | 34,300 | 34,700 | - 200 | 35,000 | 34,000 | |
| Ex-Hyderabad | 125x125 mm, IS 2831 | 33,000 | 32,800 | 33,200 | - 500 | 34,000 | 34,000 | |
| TMT | Ex-Delhi/NCR | 12MM | 38,600 | 38,400 | 38,800 | 0 | 38,200 | 38,200 |
| Ex-Durgapur | 12MM | 37,500 | 37,300 | 37,700 | 0 | 37,000 | 36,000 | |
| Ex-Raipur | 12MM | 36,200 | 36,000 | 36,400 | 0 | 36,400 | 36,200 | |
| Ex-Mumbai | 12MM | 38,700 | 38,300 | 38,800 | - 200 | 39,500 | 39,300 | |
| Ex-Chennai | 12MM | 38,800 | 38,700 | 39,000 | 0 | 39,000 | 39,500 | |
| Ex-Hyderabad | 12MM | 38,500 | 38,300 | 38,700 | - 500 | 39,200 | 37,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
