Indian Billet & Sponge Trade Log, 17 Aug

Domestic semi finished prices further increase upto INR 400/MT (USD 7). SteelMint's assessment showed price rise of INR 50-200/MT in billet & INR 100-400/MT in sponge against trade analysis on 16 Aug.

For the day, SteelMint’s price assessment for Induction furnace grade billet are at INR 26,900-29,000/MT (USD 420-454) and Sponge C-DRI (FeM 78-80) produced through coal route, the offers for material are evaluated at INR 18,000-19,200/MT (USD 281-300) ex-works & excluding of GST at 18%.

Trade Updates:

1. Raipur based Integrated plants offer remains unaltered, FeM 80 P-DRI at INR 18,100/MT ex-plant & excluding of GST at 18%.

2. Big plants in Durgapur, East India increases Sponge & Billet prices by INR 200/MT day on day. Today, the offers are reported - C-DRI at INR 18,600/MT, P-DRI at INR 17,600/MT & for Billet size 100*100 & 125*125 mm at INR 27,600-27,700/MT; basic & excluding of GST.

3. Odisha, Rourkela based small size Sponge manufacturers increases offers by INR 300-400/MT; FeM 80 C-DRI mix material are reported at INR 18,000-18,100/MT & 100% lumps at INR 18,300-18,500/MT; ex-plant & excluding of GST.

4. BMM Ispat in South India has offered FeM 80 P-DRI at INR 16,500/MT ex-Bellary, Karnataka.

5. Domestic Sponge iron prices in Raipur, Central India hit 2 1/2 years high level.

6. Melting Scrap offers in West & South India increase by INR 200-400/MT owing to short supply.

7. Odisha based a major merchant miner increase Iron ore prices by INR 300/MT for rest of Aug 2017 deliveries.

Indian sponge & billet reference prices as on 17 August 2017

Basic, ex-works prices & excluding of GST @ 18%
Source: SteelMint Research