Daily Update: Indian Sponge & Billet Market
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Indian billet & sponge prices today decline marginally by INR 50-200/MT in major producing markets.
According to the manufacturers, due to holiday's mood there are limited inquiries, so the price continue to fall. But it is expected in the coming days that the prices might get stabilise as it is bottomed out levels.
SteelMint's price assessments for induction furnaces billet size 125x125 mm are reported at INR 25,400-27,500/MT (USD 390-423) ex-plant.
Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 15,250-16,600/MT (USD 234-255); prices are ex-plant & excluding GST.
Coming to weekly price movement, the sponge offers down by INR 100-200/MT (USD 1-3) & Billet by INR 100-400/MT ( USD 1-6)
Today (Friday, October 13, 2017) INR to USD exchange rate stood at INR 64.94 & BSE Sensex closed at 32,182 (+348).
Key Updates
1. Prakash Industries is planning to further expand its Steel plant capacity to 1.2 MnT per annum, with the commissioning of 6th Sponge Iron Kiln by Sep'18.
2. Vizag Steel, has floated a tender for export of 15,000 MT Billets (90*90 MM) & 30,000 MT Blooms (150*150 MM) for ocean markets, And also invited a tender for export of 5,504 MT billet (IS2830 grade) to Nepal.
3. Raipur, Central India based Integrated plants offered Sponge P-DRI at INR 14,800/MT ex-plant, According to the sources, few deals also concluded to Jalna (Maharashtra) at INR 14,600-14,700/MT (ex-plant) on immediate payment basis.
4. Nagpur, Maharashtra based producer offered P-DRI at INR 15,200/MT ex-plant.
5. Odisha based medium size sponge manufacturers reported firm offers; FeM 80 C-DRI (70:30 mix material) at INR 15,600-15,800/MT ex-plant & excluding GST.
6. Sunvik Steels in Karnataka kept sponge prices unaltered; offering FeM 80 & 82 C-DRI are INR 16,700/MT and INR 17,100/MT ex-plant
7. Indian domestic pig iron offers remain under pressure & plunged by INR 500/MT (USD 8) W-o-W over low inquiries due to falling steel prices in the country.
Reference prices as on 13 October 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,950 | 16,900 | 17,000 | - 50 | 17,000 | 17,400 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 15,700 | 15,600 | 15,800 | - 100 | 15,700 | 17,100 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | - 200 | 16,500 | 18,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | + 50 | 16,400 | 17,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | 0 | 16,700 | 17,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,150 | 16,100 | 16,200 | + 50 | 16,200 | 16,450 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 14,800 | 14,700 | 14,900 | - 50 | 15,000 | 16,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,250 | 16,200 | 16,300 | + 50 | 16,200 | 17,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,700 | 16,500 | 17,000 | 0 | 16,600 | 17,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,000 | 28,000 | 28,100 | - 100 | 27,800 | 28,600 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 25,800 | 25,700 | 25,900 | 0 | 25,700 | 26,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,150 | 25,100 | 25,200 | - 50 | 25,050 | 25,400 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,000 | 24,900 | 25,000 | - 300 | 25,450 | 26,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 26,200 | 26,100 | 26,300 | + 200 | 25,900 | 26,800 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,750 | 27,250 | 0 | 27,000 | 27,750 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 26,250 | 26,000 | 26,500 | 0 | 26,500 | 27,500 | |
| Billet | Ex-Mandi Gobindgarh | 125x125 mm, IS 2831 | 28,400 | 28,300 | 28,500 | - 100 | 28,100 | 29,000 |
| Ex-Durgapur | 125x125 mm, IS 2831 | 26,200 | 26,200 | 26,300 | - 100 | 26,050 | 26,450 | |
| Ex-Rourkela | 125x125 mm, IS 2831 | 25,450 | 25,400 | 25,500 | - 50 | 25,500 | 25,800 | |
| Ex-Raipur | 125x125 mm, IS 2831 | 25,600 | 25,500 | 25,700 | - 200 | 26,000 | 27,000 | |
| Ex-Mumbai | 125x125 mm, IS 2831 | 26,400 | 26,300 | 26,400 | + 200 | 26,100 | 27,000 | |
| Ex-Chennai | 125x125 mm, IS 2831 | 27,500 | 27,400 | 27,600 | 0 | 27,500 | 28,000 | |
| Ex-Hyderabad | 125x125 mm, IS 2831 | 26,250 | 26,000 | 26,500 | 0 | 26,500 | 27,500 | |
| TMT | Ex-Delhi/NCR | 12MM | 32,500 | 32,400 | 32,600 | 0 | 31,600 | 31,700 |
| Ex-Durgapur | 12MM | 29,500 | 29,300 | 29,700 | 0 | 29,400 | 29,500 | |
| Ex-Raipur | 12MM | 28,400 | 28,200 | 28,600 | - 200 | 28,800 | 29,800 | |
| Ex-Mumbai | 12MM | 29,600 | 29,200 | 29,700 | + 100 | 29,300 | 30,700 | |
| Ex-Chennai | 12MM | 31,000 | 30,900 | 31,100 | 0 | 31,200 | 32,000 | |
| Ex-Hyderabad | 12MM | 29,100 | 29,000 | 29,200 | + 200 | 29,500 | 30,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
