Daily Update: Indian Sponge & Billet Market

As per assessment, the Rebar & Billet prices surged by INR 100-200/MT in Central & Eastern India, however in same proportion fall being observed in Western region. Moreover in Southern India, the manufacturers have maintained offers firm on moderate response.

In context to Sponge iron, the mills in Central region, Raipur are strengthening their prices on account of short supply as most of integrated plants didn't have stock.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 31,200-34,900/MT (USD 450-504) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,900-20,000/MT (USD 273-289); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 3rd May 2019 (Friday) INR to USD exchange rate stood at INR 69.2

-- ICEX (Indian Commodity Exchange Ltd) Jun'19 contract for STEELLONG today open at INR 34,080/MT & last traded (IST 18:21) at INR 34,120/MT.

-- BSE Sensex closed at 38,963(-18) on Friday, as against last day (Thursday) at 38,981(-50).

-- NSE Nifty50 index was closed today at 11,712(-12).

Trade updates - Raw materials

-- Indian Iron ore imports in Apr’19 have been recorded at 367,500 MT, witnessed 27% increase compared to 289,258 MT in Mar’19.

-- Indian Ferro Silicon prices falls in the domestic market due to low demand. Offers hovering at INR 71,000-72,000/MT Ex-Guwahati.

Semi finished

-- Jindal Steel is offering steel grade pig iron at INR 28,200/MT ex-Raigarh & Panther shots(granulated pig iron) at INR 26,700-26,800/MT ex-plant, Angul, Odisha.

-- As per sources, Mesco Steels has reduced steel grade pig iron prices at INR 27,100-27,200/MT ex-Jajpur, Odisha.

-- Govindam Sponge, an Odisha based plant offered FeM 80 sponge C-DRI mix material at INR 19,000/MT ex-plant.

-- East India, Odisha based manufacturer, Mahavir Ferro Alloys offered Billet at INR 31,000/MT ex-plant as per officials.

-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 18,900/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 increased sponge prices by INR 100-200/MT, offering FeM 80 & 82 C-DRI lumps at INR 19,200/MT & INR 19,700/MT ex-plant, Karnataka; an official reported.

Finished long

-- Trade discounts in Raipur Wire rod more or less firm today at INR 900-1,100/MT, however basic prices increased by INR 200/MT to INR 38,100/MT. Similarly in Durgapur prices moved up by INR 200-300/MT to INR 37,000-37,800/MT ex-plant.

-- Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 39,700/MT ex-plant. (basic & excluding GST).

-- Raipur, Central India based ERW pipe manufacturers increased prices by INR 200-300/MT & offers reported at around INR 38,000-38,200/MT ex-plant & excluding GST.

-- As per sources, Rashmi Metaliks in khragpur (Durgapur) has temporary hold sales for Wire rod due to limited availability.