Daily Update: Indian Sponge & Billet Market
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Indian billet and sponge prices remain slightly fluctuate by INR 100-400/MT on daily analysis amid mix trade activities.
On 26 October, SteelMint's price assessments for induction furnaces billet size 125x125 mm are reported at INR 25,500-27,500/MT (USD 394-424). Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,000-17,300/MT (USD 247-267); prices are ex-plant & excluding GST.
Today (Thursday, October 26, 2017) INR to USD exchange rate stood at INR 64.82 & BSE Sensex closed at 33,147 (+104).
Key Market Updates:
1. India's crude steel output stood at 8.2 MnT in Sept'17 increase by 2% against 8.04 MnT in Sept'16, as per World Steel Association.
2. Jindal Steel is offering Pooled iron at INR 21,300-21,500/MT & Granulated pig iron at INR 22,300-22,500/MT ex-plant, Odisha. The company is also offering discounts on bulk purchase around INR 200/MT.
3. Odisha based medium size sponge manufacturers reported firm offers; FeM 80 C-DRI (70:30 mix material) at INR 16,000-16,100/MT ex-plant & excluding GST.
4. Jharsugda based Shyam Metaliks has offered P-DRI at around INR 15,200-15,300/MT & Billet at INR 25,400/MT; ex-plant & excluding GST.
5. Jalna, Maharashtra purchased C-DRI lumps FeM 80% from Rourkela at INR 16,400-16,500/MT (ex-plant); freight to Jalna at INR 2,100/MT, the trade participants reported.
6. Central India - Raigarh based Monnet Ispat sold Sponge C-DRI (50:50 mix material) to Nepal during last week at around INR 16,200-16,300/MT (USD 250-252) on ex-plant basis, according to officials.
7. Maharashtra based Lloyd Metals had sold Sponge P-DRI (FeM 80) at INR 17,100/MT FoR Hyderabad & excluding GST, the officials reported.
8. Sunvik Steels in Karnataka kept sponge prices unaltered; offering FeM 80 & 82 C-DRI are INR 17,400/MT and INR 17,800/MT ex-plant
9. Shakti Ferro based in Chennai has offered billet at INR 27,500/MT & Rebar 12mm at INR 31,500/MT ex-plant & excluding GST.
10. Trade discounts on Wire Rod & HB wire reduced by Raipur, Central India based manufacturers from earlier INR 1,000-1,500/MT to current at INR 800-1,000/MT. Although, there is no discount by Durgapur-East based producers.
11. Indian Railways floats tender for purchase 13,700 MT Mild Steel Structures from the Integrated Steel plants having in house hot metal production & valid BIS license for re-rolling.
12. India tops the buyer list of scrapped ships in the world in the first 10 month's of 2017, followed by Bangladesh. In this period, 213 scrapped ships were bought by India and 147 by Bangladesh.
Reference prices as on 26th October 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,200 | 17,100 | 17,300 | 0 | 17,200 | NA |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,100 | 16,000 | 16,200 | 0 | 15,900 | 16,100 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,300 | 17,200 | 17,400 | + 200 | 16,900 | 16,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 17,000 | 0 | 16,450 | 16,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,000 | 16,900 | 17,100 | 0 | 16,700 | 17,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,400 | 16,300 | 16,500 | 0 | 16,400 | NA |
| Ex-Rourkela | Lumps, FeM 78%, +/-1 | 15,050 | 15,000 | 15,100 | + 50 | NA | 14,900 | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,950 | 15,900 | 16,000 | + 150 | 15,400 | 15,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | 0 | 16,250 | 16,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,000 | 16,900 | 17,000 | 0 | 16,700 | 17,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,500 | 28,450 | 28,500 | 0 | 28,350 | 27,900 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,150 | 26,100 | 26,200 | 0 | 26,000 | NA | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,100 | 25,000 | 25,200 | - 100 | 25,200 | 25,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,750 | 25,700 | 25,800 | + 100 | 25,450 | 25,650 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 26,750 | 26,700 | 26,800 | + 350 | 26,350 | 26,100 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,900 | 27,100 | - 250 | 27,000 | 27,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 26,500 | 26,500 | 26,500 | 0 | 26,750 | 26,750 | |
| Billet | Ex-Mandi Gobindgarh | 125x125 mm, IS 2831 | 29,000 | 28,900 | 29,000 | + 100 | 28,800 | 28,400 |
| Ex-Durgapur | 125x125 mm, IS 2831 | 26,600 | 26,500 | 26,700 | + 50 | 26,400 | NA | |
| Ex-Rourkela | 125x125 mm, IS 2831 | 25,600 | 25,500 | 25,600 | - 100 | 25,500 | 25,400 | |
| Ex-Raipur | 125x125 mm, IS 2831 | 26,300 | 26,200 | 26,400 | + 150 | 25,950 | 26,100 | |
| Ex-Mumbai | 125x125 mm, IS 2831 | 27,000 | 26,900 | 27,000 | + 400 | 26,550 | 26,300 | |
| Ex-Chennai | 125x125 mm, IS 2831 | 27,500 | 27,300 | 27,700 | - 250 | 27,500 | 27,500 | |
| Ex-Hyderabad | 125x125 mm, IS 2831 | 26,500 | 26,500 | 26,500 | 0 | 26,750 | 26,750 | |
| TMT | Ex-Mandi Gobindgarh | 12MM | 32,500 | 32,300 | 32,700 | 0 | 32,200 | 32,000 |
| Ex-Durgapur | 12MM | 29,700 | 29,500 | 29,900 | 0 | 29,600 | NA | |
| Ex-Raipur | 12MM | 29,100 | 28,900 | 29,300 | + 200 | 28,900 | 28,900 | |
| Ex-Mumbai | 12MM | 30,100 | 29,700 | 30,100 | + 200 | 29,900 | 29,900 | |
| Ex-Chennai | 12MM | 31,700 | 31,500 | 31,900 | + 200 | 30,900 | 31,500 | |
| Ex-Hyderabad | 12MM | 29,500 | 29,500 | 29,700 | 0 | 29,750 | 29,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
