Daily Update: Indian Sponge & Billet Market
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Indian Semis prices volatile during the day on subdued trade inquiries. As per SteelMint assessment the prices of Billet have increased by INR 100-300/MT while sponge prices fell slightly by INR 100-200/MT in Central India, day-on-day.
The market participants stated, shortage of ready delivery materials (billet & rebars) have supported prices, however the trade volume thin currently than the last week.
The latest price assessment for induction furnaces billet in Indian market stood at INR 34,600-38,000/MT (USD 527-578) ex-plant. Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,500-22,100/MT (USD 312-336); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 17th Apr 2018 (Tuesday) INR to USD exchange rate stood at INR 65.65
-- BSE Sensex closed at 34,395(+89) on Tuesday, as against last day (Monday) at 34,305(+112).
Raw materials
-- Odisha's RP Sao mines may start iron ore production from this week. Mines was closed for almost last 2 years & has recently cleared the penalty on Supreme court's order. Mines have an EC limit of 5.7 MnT.
-- Melting scrap offers in Chennai, Southern India- Tamil Nadu rise by INR 600/MT in a week duration.
Semi finished
-- Raipur, Central India based Integrated plants offer unaltered, offering Sponge P-DRI at INR 20,100-20,200/MT ex-plant
-- Rashmi Metaliks in Durgapur has raised sponge prices by INR 700-800/MT and the current offers for P-DRI hovering at INR 20,500/MT - Sources.
-- Tata Metaliks, India's one of the largest foundry grade pig iron manufacturer has raised its prices by INR 600/MT (USD 10) & reported at INR 33,000/MT for high silicon, foundry grade Pig iron, ex-plant, Kharagpur.
-- East India, Durgapur based private pig iron producers have increased prices to INR 30,800-31,000/MT against last deals of INR 30,500/MT ex-plant. The prices increased in line with limited supply by most of merchant pig iron producers.
-- Odisha based sponge manufacturer sold FeM 80 C-DRI lumps to Jalna (Maharashtra) at INR 23,000-23,200/MT FoR Jalna.
-- BMM Ispat a price trend setter in South India sponge market has kept offers unaltered today and offering FeM 80 P-DRI lumps at INR 19,800-19,900/MT ex-Bellary, Karnataka.
-- BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 20,900/MT & INR 21,400/MT ex-plant, Karnataka; an official reported.
Finish Long
-- Rathi Steels in North India - Delhi have unchanged their price today and offering 12 mm rebars at INR 42,400/MT, excluding 18% GST.
-- Shakti Ferro Alloys in Chennai, South Region has increased their offers around INR 500/MT on day basis & offering Billet at INR 37,000/MT & Rebars at INR 42,000/MT with standard payment terms, ex-work & excluding GST.
-- North India - U.P based - Gallant Ispat Ltd has offered Rebars 12-25 mm at INR 41,100/MT ex-work & excluding GST.
-- South Region based - Prime Gold Int'l Ltd offering rebars at INR 42,000/MT (12 mm) ex-work & excluding GST.
-- East Region based - Shakambhari Ispat & Power Ltd has offered Wire Rod 5.5 mm at INR 40,500/MT ex-work & excluding GST. Further as per market sources, export offers being quoted to neighboring country at USD 620-625/MT (ex-works) but no deals has been noticed yet.
Reference prices as on 17th April 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Mumbai | HMS(80:20) | 26,200 | 26,100 | 26,300 | 0 | 26,000 | 25,400 |
| Ex-Chennai | HMS(80:20) | 26,300 | 26,200 | 26,400 | + 200 | 25,700 | 26,000 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,500 | 21,400 | 21,600 | + 400 | 20,500 | 21,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,900 | 20,800 | 21,000 | 0 | 20,600 | 20,400 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22,100 | 22,000 | 22,200 | 0 | 22,000 | 21,650 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | 0 | 20,500 | 21,000 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,200 | 20,100 | 20,300 | + 500 | 19,000 | 20,000 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,200 | 20,100 | 20,300 | 0 | 20,100 | 19,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,600 | 19,500 | 19,700 | - 200 | 19,800 | 20,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,800 | 20,700 | 20,900 | - 100 | 20,700 | 20,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 37,400 | 37,300 | 37,500 | + 200 | 36,800 | 35,450 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 34,800 | 34,700 | 34,900 | + 100 | 34,000 | 32,900 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 34,300 | 34,200 | 34,300 | + 300 | 33,000 | 31,600 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 34,900 | 34,800 | 35,000 | - 100 | 33,550 | 32,200 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 36,100 | 36,000 | 36,200 | + 300 | 35,500 | 34,100 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 36,800 | 36,700 | 36,900 | + 300 | 36,000 | 35,500 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 36,000 | 35,700 | 36,200 | + 300 | 35,200 | 34,700 | |
| Billet | Ex-Mandi Gobindgarh | 125x125 mm, IS 2831 | 38,000 | 37,800 | 38,100 | 0 | 37,400 | 36,200 |
| Ex-Durgapur | 125x125 mm, IS 2831 | 35,500 | 35,400 | 35,600 | + 100 | 34,500 | 33,300 | |
| Ex-Rourkela | 125x125 mm, IS 2831 | 34,700 | 34,600 | 34,800 | + 200 | 33,400 | 32,600 | |
| Ex-Raipur | 125x125 mm, IS 2831 | 35,600 | 35,500 | 35,700 | - 50 | 34,400 | 33,200 | |
| Ex-Mumbai | 125x125 mm, IS 2831 | 36,300 | 36,300 | 36,400 | + 200 | 35,700 | 34,300 | |
| Ex-Chennai | 125x125 mm, IS 2831 | 37,300 | 37,000 | 37,500 | + 300 | 36,500 | 36,000 | |
| Ex-Hyderabad | 125x125 mm, IS 2831 | 36,250 | 36,000 | 36,500 | + 250 | 35,500 | 35,000 | |
| TMT | Ex-Delhi/NCR | 12MM | 40,800 | 40,600 | 41,000 | + 200 | 40,100 | 38,800 |
| Ex-Durgapur | 12MM | 39,800 | 39,600 | 39,000 | 0 | 39,000 | 38,000 | |
| Ex-Raipur | 12MM | 39,300 | 39,100 | 39,500 | 0 | 38,200 | 37,300 | |
| Ex-Mumbai | 12MM | 40,100 | 39,700 | 40,200 | 0 | 39,600 | 37,900 | |
| Ex-Chennai | 12MM | 41,500 | 41,400 | 42,000 | + 100 | 41,000 | 41,000 | |
| Ex-Hyderabad | 12MM | 41,000 | 40,800 | 41,200 | 0 | 40,000 | 40,250 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
