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Daily Update: Indian Sponge & Billet Market

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16 Jan 2019, 18:16 IST

Daily Update: Indian Sponge & Billet Market

Indian Sponge iron & Billet prices slightly fall today by INR 100-200/MT owing to limited spot trades. As per industry participants, supply continue to remain strong, while demand is bearish.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 30,400-33,700/MT (USD 426-473) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,200-20,100/MT (USD 269-282); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 16th January 2019 (Wednesday) INR to USD exchange rate stood at INR 71.18.

-- ICEX (Indian Commodity Exchange Ltd) Feb'19 contract for STEELLONG today open at INR 32,990/MT & last traded (IST 18:12) at INR 32,910/MT.

-- BSE Sensex closed at 36,321(+2) on Wednesday, as against last day (Tuesday) at 36,318(+464).

-- NSE Nifty50 index was closed today at 10,890(+3).

Raw Materials

-- JSW Steel - India's largest steel maker recorded iron ore sourcing at 2.31 MnT in Dec'18, fall by 17% M-o-M as against 2.77 MnT in Nov'18.

-- Odisha's major merchant iron ore miner - Essel Mining and Industries has acquired Pro-Minerals Private Ltd. (PMPL) through corporate Insolvency resolution process recently, as per the sources.

Semi Finished

-- Vizag Steel concludes 15,000 MT Billet (150*150 mm, IS 2830 C20 MMn Gr A) ocean export tender at USD 414-417/MT, FoB India

-- Indian sponge iron export offers reduced by USD 5/MT W-o-W, price assessment for 80 FeM sponge lumps are at USD 315-320/MT CPT Benapole (dry land port of Bangladesh & India) and USD 335-340/MT CFR Chittagong, Bangladesh.

-- Pig iron prices in Central & Eastern India hit 10 month's low in Mid-Jan'19. The price assessment stood at INR 28,200/MT in Raipur & INR 27,300-27,500/MT in Durgapur.

-- Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 18,500-18,600/MT & Sponge DR CLO grade at INR 21,000-21,200/MT ex-plant.

-- Rashmi Metaliks in Durgapur has decreased sponge prices by around INR 100/MT and today offers for P-DRI heard at around INR 19,000/MT-Sources.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 18,700-18,800/MT ex-Bellary, offers incline by INR 100-200/MT from the last trade; an official reported.

-- BIOP Steels in South India has decreased sponge prices by INR 200/MT, offering FeM 80 & 82 C-DRI lumps at INR 19,500/MT & INR 19,900/MT ex-plant, Karnataka; an official reported.

-- ILC Iron & Steel, a prime grade sponge maker in Karnataka offered FeM 80 P-DRI at INR 19,000-19,200/MT ex-plant, an official reported.

-- Bellary, Karnataka based furnace owners offering billet at around INR 32,000/MT on ex-plant basis.

Finish Long

-- Raipur (Central India) based manufacturers kept offers at firm level, offering ERW pipe at around INR 36,800/MT; prices are ex-plant & excluding GST.

-- Mandi Gobindgarh, North India based ERW pipe manufacturers decreased prices by INR 200/MT & offers reported at around INR 39,800/MT ex-plant & excluding GST.

-- Hyderabad (South India) based manufacturer Hari Om Pipe Industries Ltd has offered ERW Pipe at around INR 39,500/MT ex-plant. (basic & excluding GST).

-- Raipur based Wire rod/HB Wire manufacturers/suppliers maintained trade discount of INR 1,000-1,300/MT; same as last day. Offers for 5.5 mm Wire rod hovering at INR 38,100/MT ex-Raipur & INR 36,500-36,800/MT ex-Durgapur.

Reference prices as on 16th January 2019

	Particular/Delivery	Size, Grade, Origin	Prices	Min	Max	Change	1W	1M
Scrap	Ex-Alang	HMS(80:20)	25,800	25,700	25,900	- 100	25,400	26,800
Scrap	Ex-Mumbai	HMS(80:20)	25,000	24,900	25,200	0	25,000	25,500
C-DRI	Ex-Durgapur	Mix, FeM 78%, +/-1	20,100	20,000	20,200	- 100	19,900	20,700
	Ex-Rourkela	Mix, FeM 80%, +/-1	19,400	19,300	19,500	0	19,200	20,300
	Ex-Raipur	Mix, FeM 80%, +/-1	20,100	20,000	20,200	- 50	20,000	21,600
	Ex-Bellary	Lumps, FeM 80%, +/-1	19,200	19,100	19,300	+ 100	19,300	20,300
P-DRI	Ex-Durgapur	Lumps, FeM 78%, +/-1	19,000	18,900	19,100	- 100	18,800	19,500
	Ex-Raipur	Lumps, FeM 80%, +/-1	18,550	18,500	18,600	- 100	18,450	20,000
	Ex-Bellary	Lumps, FeM 80%, +/-1	18,900	18,800	19,000	+ 200	18,800	19,800
	Ex-Hyderabad	Lumps, FeM 80%, +/-1	19,600	19,500	19,700	NA	19,600	20,700
Ingot	Ex-Mandi Gobindgarh	3.5 x 4.5 Inch, IS 2830	33,450	33,400	33,500	- 150	33,650	33,950
	Ex-Durgapur	3.5 x 4.5 Inch, IS 2830	30,550	30,500	30,600	- 150	30,350	30,900
	Ex-Rourkela	3.5 x 4.5 Inch, IS 2830	29,900	29,800	30,000	- 100	29,750	30,300
	Ex-Raipur	3.5 x 4.5 Inch, IS 2830	30,550	30,500	30,600	- 150	30,200	30,800
	Ex-Mumbai	3.5 x 4.5 Inch, IS 2830	33,050	33,000	33,100	+ 150	32,800	33,700
Billet	Ex-Mandi Gobindgarh	100x100 mm, IS 2831	33,700	33,600	33,800	- 100	33,950	34,100
	Ex-Durgapur	100x100 mm, IS 2831	30,950	30,900	31,000	- 250	30,800	31,300
	Ex-Rourkela	100x100 mm, IS 2831	30,400	30,300	30,500	- 100	30,200	30,600
	Ex-Raipur	100x100 mm, IS 2831	31,300	31,200	31,400	- 100	31,100	31,600
	Ex-Ahmedabad	100x100 mm, IS 2831	33,250	33,200	33,300	- 250	33,200	33,900
	Ex-Mumbai	100x100 mm, IS 2831	33,250	33,200	33,300	+ 150	33,000	33,900
	Ex-Hyderabad	100x100 mm, IS 2831	32,300	32,000	32,500	- 200	32,000	33,000
TMT	Ex-Delhi/NCR	12-25 MM, IS 1786- 500 Fe	37,200	37,100	37,400	0	36,700	37,900
	Ex-Durgapur	12-25 MM, IS 1786- 500 Fe	35,800	35,600	36,000	0	35,500	36,300
	Ex-Raipur	12-25 MM, IS 1786- 500 Fe	34,900	34,600	35,000	- 100	34,600	35,800
	Ex-Mumbai	12-25 MM, IS 1786- 500 Fe	36,400	36,100	36,600	0	36,100	37,200
	Ex-Hyderabad	12-25 MM, IS 1786- 500 Fe	36,700	36,500	36,900	- 300	36,500	37,000
Wire Rod	Ex-Durgapur	Wire Rod(5.5 MM)	36,700	36,500	36,900	- 100	36,700	37,400
Wire Rod	Ex-Raipur	Wire Rod(5.5 MM)	38,100	37,100	38,100	0	37,700	38,800