Daily Update: Indian Sponge & Billet Market
...
Today, Indian Semi-finished steel offers fluctuated by INR 100-300/MT D-o-D, the trade sentiments showed mix trends.
SteelMint's price assessments for induction furnaces billet size 125x125 mm are reported at INR 26,300-29,000/MT (USD 405-445) ex-plant.
Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 17,100-18,300/MT (USD 264-282); prices are ex-plant & excluding GST.
Today (Wednesday, November 22, 2017) INR to USD exchange rate stood at INR 64.91 & BSE Sensex closed at 33,561 (+83).
Key Market Updates:
1. Vizag Steel running low on iron ore inventories after disruption in railway line connecting NMDC mines
2. JSW Steel allocates 10,000 MT Billet (130mm,5SP) for export, last Friday, for December shipment at USD 450-455/MT FOB India, but JSW's expectation ascertained at USD 460-465/MT FOB, as per sources.
3. Indian sponge iron export offers to Bangladesh remain unchanged with limited trade activities. The latest offers are assessed at USD 315/MT CPT Benapole & USD 325-330/MT CFR Bangladesh.
4. Central India based Integrated plants have reduced Sponge offers by INR 100/MT D-o-D. Offering Sponge P-DRI & DR-CLO at INR 17,100-17200/MT & INR 19,100-19,300/MT ex-plant, basic price & excluding of GST at 18%.
5. In West Bengal - Durgapur, big manufacturers have kept sponge offers unaltered for the day; P-DRI at INR 16,800-17,000/MT & C-DRI at INR 17,700-17,900/MT ex-plant
6. Odisha based medium size sponge manufacturers reported firm offers; FeM 80 C-DRI (70:30 mix material) at INR 17,200-17,300/MT ex-plant & excluding GST. Further, C-DRI being offered by the manufacturers at the price range of INR 18,300-18,400/MT FoR Raipur.
7. An official in Monnet Ispat reported sponge iron offers remain under pressure over poor inquiries. And added no deals concluded since couple of days. While last offer of FeM 80 P-DRI remains at INR 16,700/MT(Raigarh) & INR 17,400/MT(Raipur). The both prices are ex-plant & excluding of GST.
8. BIOP in South India has reduced sponge offers by INR 200-300/MT, offering FeM 80 & 82 C-DRI lumps at INR 17,200/MT & 17,500/MT ex-plant, Karnataka.
9. Sunvik Steels in Karnataka has kept sponge offers unaltered; offering FeM 80 & 82 C-DRI are at INR 17,600/MT and INR 18,000/MT. Also offering 8mm TMT at INR 43,000/MT ( incl. of 18% GST). All prices are ex-works
10. Prakash Ferrous Industries Pvt. Ltd (Tirumala) based in Chennai has offered Rebar 12mm at INR 32,500/MT ex-plant & excluding GST.
Reference prices as on 22nd November 2017
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,800 | 17,700 | 17,900 | 0 | 18,000 | 17,200 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | - 100 | 17,200 | 16,100 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 18,300 | 18,200 | 18,300 | - 200 | 18,200 | 17,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | - 100 | 16,800 | 16,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,400 | 17,300 | 17,500 | - 100 | 17,100 | 17,000 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,900 | 16,800 | 17,000 | 0 | 17,100 | 16,400 |
| Ex-Jharsugda | Lumps, FeM 78%, +/-1 | 16,400 | 16,200 | 16,500 | NA | 16,000 | 15,000 | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 17,150 | 17,100 | 17,200 | - 100 | 16,950 | 15,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | - 100 | 16,600 | 16,600 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,400 | 17,300 | 17,500 | - 100 | 17,100 | 17,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,850 | 29,800 | 29,850 | + 150 | 29,750 | 28,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,300 | 27,200 | 27,400 | + 50 | 27,300 | 26,150 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,000 | 25,900 | 26,000 | 0 | 26,000 | 25,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,700 | 26,600 | 26,800 | + 300 | 26,550 | 25,650 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,800 | 27,700 | 27,900 | 0 | 27,400 | 26,400 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 27,500 | 27,250 | 27,500 | + 250 | 27,000 | 27,250 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 28,000 | 28,000 | 28,000 | 0 | 28,000 | 26,500 | |
| Billet | Ex-Mandi Gobindgarh | 125x125 mm, IS 2831 | 30,300 | 30,200 | 30,400 | + 100 | 30,200 | 28,900 |
| Ex-Durgapur | 125x125 mm, IS 2831 | 27,700 | 27,600 | 27,800 | + 50 | 27,600 | 26,550 | |
| Ex-Rourkela | 125x125 mm, IS 2831 | 26,300 | 26,200 | 26,400 | 0 | 26,400 | 25,700 | |
| Ex-Raipur | 125x125 mm, IS 2831 | 27,100 | 27,000 | 27,200 | + 200 | 27,150 | 26,150 | |
| Ex-Mumbai | 125x125 mm, IS 2831 | 28,000 | 27,900 | 28,100 | 0 | 27,600 | 26,600 | |
| Ex-Chennai | 125x125 mm, IS 2831 | 28,000 | 27,800 | 28,200 | + 100 | 27,500 | 27,750 | |
| Ex-Hyderabad | 125x125 mm, IS 2831 | 28,000 | 27,800 | 28,200 | 0 | 28,000 | 26,500 | |
| TMT | Ex-Delhi/NCR | 12MM | 33,300 | 33,100 | 33,500 | - 200 | 33,800 | 32,500 |
| Ex-Durgapur | 12MM | 30,600 | 30,400 | 30,800 | 0 | 30,700 | 29,700 | |
| Ex-Raipur | 12MM | 29,600 | 29,400 | 29,800 | 0 | 29,800 | 28,900 | |
| Ex-Mumbai | 12MM | 31,400 | 31,000 | 31,500 | - 100 | 30,900 | 29,900 | |
| Ex-Chennai | 12MM | 31,500 | 31,750 | 32,000 | + 200 | 31,000 | 31,500 | |
| Ex-Hyderabad | 12MM | 31,000 | 30,800 | 31,100 | 0 | 30,850 | 29,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
