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Daily Update: Indian Sponge & Billet Market

Spot steel trades improved gradually today and the prices recovered in major markets. Towards the beginning of day, the prices fell by INR 200-300/MT, although by the end of day it moved up by INR 300-500/MT in major markets.

Participants believe trades to further find support in near term as major industrialists are engaged in settling their accounts amid fiscal closing

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 30,600-34,300/MT (USD 442-496) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,700-19,800/MT (USD 270-286); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 29th March 2019 (Friday) INR to USD exchange rate stood at INR 69.22.

-- ICEX (Indian Commodity Exchange Ltd) Apr'19 contract for STEELLONG today open at INR 33,360/MT & last traded (IST 18:24) at INR 33,570/MT.

-- BSE Sensex closed at 38,672(+127) on Friday, as against last day (Thursday) at 38,545(+412).

-- NSE Nifty50 index was closed today at 11,623(+53).

Raw Materials

-- As per sources, Odisha’s Serajuddin mine has today announced discount of INR 600/MT on bulk bookings on the sale of 5-18mm iron ore lump at INR 4,000/MT ex-mines basis, including Royalty, DMF & NMET.

-- OMC cuts base price by INR 200/MT for upcoming Iron ore lumps e-auction for 397,000 MT on 04 Apr'19.

-- India-South Eastern coalfields Ltd (SECL) is likely to maintain its status of being the largest coal producer among the 8 coal producing units of CIL. SECL has produced 153.40 MnT coal in FY19 till 25 Mar'19, which was 12.85 MnT more than that MCL's output in the same period.

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

Semi Finished

-- MMTC cancels Pig iron export tender of 30,000 MT owing to high expectations, whose due date for submission of bids was till 26 Mar’19. As per sources the bids was heard at around USD 360/MT, FoB India.

-- Officials from Neo Metaliks, Durgapur reported weak demand for pig iron and the offers of steel grade at INR 27,700-27,800/MT ex-plant

-- Raipur, Central India based Integrated plants offers increased by INR 100/MT, offering Sponge P-DRI at INR 18,400-18,600/MT & Sponge DR CLO grade at INR 20,700-20,900/MT ex-plant.

-- BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 19,200/MT & 19,600/MT ex-plant, Karnataka; an official reported.

-- Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 80 & 82 P-DRI at INR 18,600/MT & INR 19,400/MT ex-plant, an official reported.

-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 19,400/MT & Billet at INR 32,000/MT ex-plant.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 18,400-18,500/MT ex-Bellary, offers decline by INR 200-300/MT from the last trade; an official reported.

Wire Rod & Pipe

-- Rashmi Metaliks in Kharagpur, eastern India has reduced wire rod offers by INR 200/MT to INR 36,400/MT ex-plant, as per sources.

-- The major rolling mills in Raipur i.e. Prakash Industries Ltd & Real Ispat heard to have offers Wire rod (5.5 mm) at INR 37,800/MT ex-plant. However trade discounts through the re-sellers reduced by INR 300/MT to INR 600-700/MT.

-- Wire rod export offers to Nepal by large mills (SAE 1008, 6mm) hovering at USD 560/MT & through the mid sized mills (Induction grade, 5.5 mm) at around USD 550-555/MT, CNF Raxaul border (Nepal).

-- Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 40,000/MT ex-plant & excluding GST.

-- Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 38,600/MT ex-plant. (basic & excluding GST). Offers decline by INR 400/MT D-o-D.

Rebar (12 mm)

-- Raipur based - SPEED TMT has offered at INR 35,700/MT.

-- Raigarh based N.R Ispat & Power Pvt. Ltd (N.R TMT) is current offering at INR 36,000/MT.

-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is offering at INR 38,500/MT FoR (down by INR 200/MT).

-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) has unchanged their offers at INR 37,500/MT.

-- Chennai based ARS Steel (ARS 500 D) has unchanged their offers at INR 40,400/MT.

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

News No: 4184
Date: 2019/04/04 - 14:39
News Source: SteelMint

Indian  Sponge  Billet  steel  coal 

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