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Daily Update: Indian Sponge & Billet Market

Indian spot steel trade activities remains low as finished steel inventories observed more than the average basis with the mid sized mills. Participants being reported, limited inquiries from the local re-rollers for Billet & Sponge iron.

On daily assessment, the Rebar, Billet & Sponge iron prices fluctuated by INR 100-300/MT in major markets. Market expects, prices to remain volatile or slightly come down as rising finished steel stock may put pressure on Semis manufacturers.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 31,100-34,500/MT (USD 445-494) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,900-19,800/MT (USD 270-284); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 29th April 2019 (Monday) INR to USD exchange rate stood at INR 69.81.

-- BSE Sensex closed at 39,067(+336) on last day (Friday) & NSE Nifty50 index was closed at 11,754(+112) (Friday).

Raw Materials

-- Raipur (Central India) based pellet manufacturers have today reduced offers by INR 100/MT to INR 6,300/MT (ex-Raipur, GST extra) for Fe 63% grade.

-- According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 204.25/MT FoB Australia & USD 216.75/MT CNF India.

-- South African RB2 (5500 NAR) coal offers are assessed at USD 58.53/MT on FoB basis & USD 71.53/MT CNF India.

-- Melting scrap offers in Western India- Gujarat decline by INR 300/MT in a day trade activities

Semi Finished

-- RINL cancels an export tender for 30,000 MT billets due to low participation. The bid submission due date was 26 Apr’19 with offer validity till 03 May’19.

-- Neo Metaliks in Durgapur has maintained offers and reported steel grade pig iron at INR 28,800/MT.

-- Rashmi Metaliks in Durgapur, known as price trend setter, has offered Sponge P-DRI at INR 18,200/MT - Sources.

-- Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 18,700-18,800/MT & Sponge DR CLO grade at INR 20,600-20,800/MT ex-plant.

-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 19,000/MT & Billet at INR 31,000/MT ex-plant.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 19,000/MT ex-Bellary; an official reported.

-- BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 19,100/MT &  INR 19,500/MT ex-plant, Karnataka; an official reported.

-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 20,000-20,200/MT & Billet at INR 32,000/MT ex-plant.

Wire Rod & Pipe

-- Trade discounts in Raipur Wire Rod remain unaltered at INR 900-1,100/MT. Meanwhile basic prices for 5.5 mm being firm at INR 38,200/MT ex-Raipur & INR 36,700-37,500/MT ex-Durgapur.

-- Raipur, Central India based ERW pipe manufacturers offers reported at around INR 37,600-37,700/MT ex-plant & excluding GST. Offers decline by INR 200/MT.

-- Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 40,400/MT ex-plant & excluding GST.

-- Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 39,800/MT ex-plant. (basic & excluding GST).

Rebar (12 mm)

-- Raipur based - SPEED TMT is offering at INR 35,500/MT (down by INR 300/MT).

-- Real Ispat (GK TMT) is offering at INR 37,900/MT (down by INR 200/MT).

-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) has unchanged their offers at INR 38,500/MT FoR.

-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) is offering at INR 37,500/MT.

-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is offering at INR 37,200/MT.

-- South region based – VRKP Steel Industry Pvt Ltd – (VRKP TMT) is offering at INR 38,100/MT.

-- Chennai based Ponneri Steel Ind. (Triple Power) is offering at INR 38,200/MT.

Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis.

News No: 4452
Date: 2019/05/07 - 21:12
News Source: SteelMint

Indian  Sponge iron  Billet Market  Rebar  coal 

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