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Daily Update: Indian Sponge & Billet Market

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11 Oct 2018, 18:16 IST

Daily Update: Indian Sponge & Billet Market

Indian Steel prices fall further on limited trades. The manufacturers in Central, East & Southern regions stated, dull response at current offers, hence forced to cut prices.

As per daily assessment, the Billet prices have slump by INR 200-1,000/MT (USD 3-14) and major corrections was in South India - Hyderabad by INR 1,000/MT.

Meanwhile local sponge iron prices being fall by INR 100-500/MT amid poor off take and rising stock with the producers.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 33,300-36,900/MT (USD 450-499) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 22,300-23,400/MT (USD 301-316); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 11th October 2018 (Thursday) INR to USD exchange rate stood at INR 74.02

-- BSE Sensex closed at 34,001(-759) on Thursday, as against last day (Wednesday) at 34,760(+461).

-- NSE Nifty50 index was closed today at 10,234(-225).

Raw Materials

-- Bhushan Steel - a major integrated steel maker has recorded iron ore sourcing at 0.44 MnT in Sep'18, down by 15% M-o-M as against 0.51 MnT in Aug'18.

-- According to the latest assessment of Coking coal, spot prices of Australian Premium HCC have increased by around USD 14-15/MT W-o-W & assessed at USD 233-234/MT CNF India

-- Domestic melting scrap offers declined - Mumbai by INR 300/MT, Alang INR 600/MT, Chennai INR 100/MT, Hyderabad INR 400/MT, Mandi Gobindgarh & Ludhiana by INR 500-700/MT, as per SteelMint's daily assessment

Semi Finished

-- Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 22,000-22,100/MT & Sponge DR CLO grade at INR 24,400-24,600/MT ex-plant

-- In West Bengal - Durgapur, big manufacturers have decreased sponge prices by INR 300-400/MT D-o-D; offering P-DRI at INR 20,900-21,000/MT.

-- Odisha based manufacturer, KJS Ahluwalia offers Billet at INR 33,300/MT & Sponge mix material (FeM 80) at INR 22,300-22,400/MT ex-plant.

-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 22,500/MT & Billet at INR 33,500/MT ex-plant

-- BMM Ispat in South India (Karnataka) has reduced offers for FeM 80 P-DRI by INR 200-300/MT to INR 21,700-21,800/MT ex-Bellary, an official reported. And added offers fall due to limited demand amid festive season.

-- Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 80 P-DRI at INR 22,000-22,200/MT ex-plant, an official reported.

-- BIOP Steels in South India has decreased sponge prices by INR 300/MT, offering FeM 80 & 82 C-DRI lumps at INR 22,200/MT & INR 22,700/MT ex-plant, Karnataka; an official reported.

-- South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI & Billet at INR 22,000/MT & INR 34,500/MT. Also offering 28 MM Rebar at INR 36,000/MT. All prices are ex-plant & excluding GST.

Finish Long

-- JSW Steel's long steel output slightly down by 2% in Q2FY'19 and stood at 0.91 MnT against 0.93 MnT in Q1 FY'19. Whereas on Y-o-Y basis, its steel output surge by 17% in Q2 FY19 as compared to 0.77 MnT in Q2 FY18.

-- Vizag Steel (RINL) has exported about 5.25 lakh tonnes of steel in FY17-18, as per company's website.

-- Raipur Central India based ERW pipe manufacturers has reduced prices by INR 400/MT & offers reported at INR 40,600-40,800/MT. Prices are ex-plant & excluding GST.

-- Trade discounts on Wire rod through the Raipur based suppliers are more or less unchanged at INR 1,000-1,200/MT.

Reference prices as on 11th October 2018

	Particular/Delivery	Size, Grade, Origin	Prices	Min	Max	Change	1W	1M
Scrap	Ex-Alang	HMS(80:20)	26,700	26,600	26,800	- 600	26,700	27,800
	Ex-Mumbai	HMS(80:20)	25,800	25,600	26,000	- 300	26,100	NA
	Ex-Chennai	HMS(80:20)	26,700	26,500	26,900	- 100	26,800	NA
C-DRI	Ex-Durgapur	Mix, FeM 78%, +/-1	22,600	22,500	22,700	- 300	21,600	24,700
	Ex-Rourkela	Mix, FeM 80%, +/-1	22,500	22,400	22,600	- 200	22,300	25,100
	Ex-Raipur	Mix, FeM 80%, +/-1	23,400	23,300	23,500	- 400	23,500	26,400
	Ex-Bellary	Lumps, FeM 80%, +/-1	22,300	22,200	22,400	- 400	22,500	24,200
P-DRI	Ex-Durgapur	Lumps, FeM 78%, +/-1	21,000	20,900	21,100	- 300	20,200	23,700
	Ex-Raipur	Lumps, FeM 80%, +/-1	22,000	21,900	22,100	- 400	21,900	25,000
	Ex-Bellary	Lumps, FeM 80%, +/-1	21,700	21,600	21,800	- 400	21,900	23,700
	Ex-Hyderabad	Lumps, FeM 80%, +/-1	22,300	22,200	22,400	- 300	22,300	24,200
Ingot	Ex-Mandi Gobindgarh	3.5 x 4.5 Inch, IS 2830	36,100	36,000	36,200	- 500	35,000	38,000
	Ex-Durgapur	3.5 x 4.5 Inch, IS 2830	33,600	33,500	33,700	- 400	33,000	36,300
	Ex-Rourkela	3.5 x 4.5 Inch, IS 2830	32,700	32,600	32,800	- 300	31,800	34,800
	Ex-Raipur	3.5 x 4.5 Inch, IS 2830	33,000	32,900	33,100	- 500	32,200	35,100
	Ex-Mumbai	3.5 x 4.5 Inch, IS 2830	33,900	33,800	34,000	- 700	33,800	NA
	Ex-Chennai	3.5 x 4.5 Inch, IS 2830	35,500	35,500	35,700	- 200	36,200	NA
	Ex-Hyderabad	3.5 x 4.5 Inch, IS 2830	34,200	34,100	34,300	- 1,000	34,700	NA
Billet	Ex-Mandi Gobindgarh	125x125 mm, IS 2831	36,900	36,800	37,000	- 500	35,800	38,500
	Ex-Durgapur	125x125 mm, IS 2831	34,000	33,900	34,100	- 400	33,500	36,800
	Ex-Rourkela	125x125 mm, IS 2831	33,500	33,400	33,600	- 100	32,600	35,800
	Ex-Raipur	125x125 mm, IS 2831	33,900	33,800	34,000	- 500	33,000	36,100
	Ex-Ahmedabad	125x125 mm, IS 2831	34,700	34,600	34,800	- 500	34,500	36,250
	Ex-Mumbai	125x125 mm, IS 2831	34,200	34,100	34,300	- 600	34,100	NA
	Ex-Chennai	125x125 mm, IS 2831	36,000	36,000	36,200	- 200	36,700	NA
	Ex-Hyderabad	125x125 mm, IS 2831	34,500	34,400	34,600	- 1,000	35,000	NA
TMT	Ex-Delhi/NCR	12-25 MM, IS 1786- 500 Fe	39,400	39,300	39,600	0	38,200	40,000
	Ex-Durgapur	12-25 MM, IS 1786- 500 Fe	39,000	38,800	39,200	0	38,500	41,000
	Ex-Raipur	12-25 MM, IS 1786- 500 Fe	37,800	37,700	38,000	- 300	37,300	39,000
	Ex-Mumbai	12-25 MM, IS 1786- 500 Fe	39,100	38,700	39,200	0	38,700	40,800
	Ex-Chennai	12-25 MM, IS 1786- 500 Fe	41,200	41,000	41,400	- 200	41,800	NA
	Ex-Hyderabad	12-25 MM, IS 1786- 500 Fe	38,500	38,300	38,700	- 500	38,500	NA