Daily Update: Indian Sponge & Billet Market
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Today, Indian Billet & Sponge market observed price fluctuation of INR 100-200/MT in major markets except in South India, Hyderabad where billet prices up by INR 500/MT (USD 8).
SteelMint's price assessments for induction furnaces billet size 125x125 mm are reported at INR 26,500-28,500/MT (USD 410-441) ex-plant.
Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 17,000-18,100/MT (USD 263-280); prices are ex-plant & excluding GST.
Today (Wednesday, November 1, 2017) INR to USD exchange rate stood at INR 64.60 & BSE Sensex closed at 33,600 (+387).
Key Updates
1. Iron ore dispatches from NMDC's Chattisgarh mines fall in Oct'17 by about 30% (excluding Essar) as railway line connecting Andhra Pradesh had been damaged due to land slide. Manufacturers explore import options
2. JSW Steel expects Iron ore mining cap to be increased in Karnataka soon
3. SCCL has reported their lowest monthly coal production for FY18 in Oct'17, as production fell by 11% M-o-M to 4.04 MnT against 4.54 MnT in Sep'17
4. Chattisgarh based sponge iron units sourced 42 rakes from NMDC (C.G.) in Oct'17 compared to 27 rakes in Sept'17
5. Raipur based Integrated plants sponge offer remains unaltered, FeM 80 P-DRI at INR 16,600-16,700/MT ex-plant & excluding of GST at 18%.
6. In West Bengal - Durgapur, big manufacturers have kept sponge offers unaltered for the day; P-DRI at INR 17,100-17,200/MT & C-DRI at INR 18,000/MT ex-plant
7. Singhal Steel offered P-DRI at INR 16,200/MT ex-plant (Raigarh), an official reported. Also added few deals of billet concluded for Raipur at 27,000/MT FoR.
8. Sunvik Steels in Karnataka kept sponge prices unaltered; offering FeM 80 & 82 C-DRI are INR 17,700/MT and INR 18,100/MT ex-plant
9. Hyderabad based furnace owner have increased billet offers by INR 500/MT to INR 28,000/MT ex-plant
10. Today, Rathi Steels, one of the big manufacturer for rebars in North India has decreased prices about INR 500/MT (USD 11).
Reference prices as on 1st November 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,000 | 17,900 | 18,000 | 0 | 17,200 | 17,400 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,000 | 16,900 | 17,000 | 0 | 16,100 | 15,900 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 18,100 | 18,000 | 18,200 | - 100 | 17,100 | 16,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | + 100 | 16,800 | 16,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,700 | 17,500 | 17,800 | + 100 | 17,000 | 17,000 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,100 | 17,100 | 17,200 | - 100 | 16,400 | 16,500 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,650 | 16,600 | 16,700 | + 50 | 15,800 | 15,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,900 | 16,800 | 17,000 | 0 | 16,600 | 16,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,600 | 17,500 | 17,700 | + 100 | 17,000 | 17,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,400 | 29,300 | 29,500 | + 250 | 28,500 | 27,950 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,900 | 27,100 | 0 | 26,150 | 26,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,000 | 25,900 | 26,000 | 0 | 25,200 | 25,450 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,400 | 26,300 | 26,500 | - 100 | 25,650 | 25,950 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,400 | 27,300 | 27,500 | 0 | 26,400 | 25,900 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,900 | 27,100 | 0 | 27,250 | 27,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 28,000 | 28,000 | 28,500 | + 500 | 26,500 | 26,500 | |
| Billet | Ex-Mandi Gobindgarh | 125x125 mm, IS 2831 | 29,800 | 29,700 | 29,900 | + 200 | 28,900 | 28,400 |
| Ex-Durgapur | 125x125 mm, IS 2831 | 27,300 | 27,200 | 27,500 | - 100 | 26,550 | 26,500 | |
| Ex-Rourkela | 125x125 mm, IS 2831 | 26,500 | 26,400 | 26,600 | + 100 | 25,700 | 25,800 | |
| Ex-Raipur | 125x125 mm, IS 2831 | 27,000 | 27,000 | 27,100 | - 100 | 26,150 | 26,500 | |
| Ex-Mumbai | 125x125 mm, IS 2831 | 27,700 | 27,600 | 27,800 | 0 | 26,600 | 26,100 | |
| Ex-Chennai | 125x125 mm, IS 2831 | 27,500 | 27,300 | 27,700 | 0 | 27,750 | 27,500 | |
| Ex-Hyderabad | 125x125 mm, IS 2831 | 28,000 | 28,000 | 28,500 | + 500 | 26,500 | 26,500 | |
| TMT | Ex-Delhi/NCR | 12MM | 33,000 | 32,800 | 33,200 | - 700 | 32,500 | 31,700 |
| Ex-Durgapur | 12MM | 30,300 | 30,100 | 30,500 | 0 | 29,700 | 29,500 | |
| Ex-Raipur | 12MM | 29,700 | 29,500 | 29,900 | - 200 | 28,900 | 29,200 | |
| Ex-Mumbai | 12MM | 31,000 | 30,600 | 31,100 | 0 | 29,900 | 29,400 | |
| Ex-Chennai | 12MM | 31,700 | 31,500 | 31,900 | 0 | 31,500 | 31,500 | |
| Ex-Hyderabad | 12MM | 30,800 | 30,700 | 31,000 | + 300 | 29,500 | 29,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
