Daily Update: Indian Sponge & Billet Market

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 31,100-34,800/MT (USD 448-501) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,700-20,200/MT (USD 269-291); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 19th April 2019 (Friday) INR to USD exchange rate stood at INR 69.40.

Raw Materials

-- Bhushan Steel crude steel production for the fiscal crossed 4 MnT, an increase of about 9.4% Y-o-Y.

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

Semi Finished

-- Mesco Steels in Jajpur(Odisha) has further raised pig iron prices by INR 500/MT to INR 28,000/MT ex-plant.

-- Aloke Steel Industries (Jharkhand) has offered Fem 78-80 C-DRI lumps at INR 19,800/MT & Sponge mix material (60:40) at INR 19,500/MT ex-plant.

-- Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 18,600-18,800/MT & Sponge DR CLO grade at INR 20,500-20,600/MT ex-plant.

-- Raigarh based Singhal Steel offered P-DRI at INR 18,000/MT & C-DRI at INR 19,000/MT ex-Raigarh, an official reported. Also, the company offers Billet at INR 31,100/MT ex-Raigarh.

-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 18,700/MT & Billet at INR 30,900/MT ex-plant.

-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 20,400/MT & Billet at INR 32,400-32,500/MT ex-plant.

-- BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 19,600/MT & 20,000/MT ex-plant, Karnataka; an official reported.

Wire Rod & Pipe

-- Blast furnace grade Wire rod(5.5-6.0 mm) offers in Jharkhand is hovering at INR 42,000/MT ex-plant.

-- Trade discounts in Raipur Wire rod unaltered at INR 1,500-1,600/MT, meanwhile basic prices being firm at INR 38,400/MT ex-Raipur & INR 37,000-38,000/MT ex-Durgapur.

-- Raipur, Central India based ERW pipe manufacturers offers reported at around INR 38,000/MT ex-plant & excluding GST. Offers unaltered for the day.

Rebar (12 mm)

-- Rathi Steels based in North region has unchanged their offers around INR 39,100/MT (ex-Delhi).

-- Raipur based - SPEED TMT has unchanged their offers at INR 36,100/MT.

-- Raigarh based Anjani Steels Ltd. (Radhe TMT) has kept offers unaltered at INR 36,000/MT.

-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) has unchanged their offers at INR 38,800/MT FoR.

-- West region based Bhagwati Ferro Metal (P) Ltd is offering at INR 37,100/MT.

-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is offering at INR 37,400/MT (down by INR 100/MT).

-- Mumbai based Vistar Metal Ind. Pvt. Ltd. (Vistar TMT) has unchanged their offers at INR 37,100/MT.

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