Indian steel prices remained down trend on demand concern and as per daily assessment the prices have corrected by INR 100-1,000/MT with major drop of INR 1,000/MT in southern region, Hyderabad.
As per participants, buyers are cautious presently and holding future booking due to unclear market trends on constant fall in spot prices.
The Rebar prices plunged by INR 100-700/MT, Billet by INR 100-1,000/MT & Sponge iron by INR 200-400/MT day on day, in major markets.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 27,100-30,500/MT (USD 367-414) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 17,300-18,900/MT (USD 234-256); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 13th March 2020 (Friday) INR to USD exchange rate stood at INR 73.73.
— ICEX (Indian Commodity Exchange Ltd) Apr’20 contract for STEELLONG today open at INR 29,020/MT & last traded (IST 18:28 hrs) at INR 29,050/MT.
— BSE Sensex closed at 34,103(+1325) on Friday, as against last day (Thursday) at 32,778(-2,919).
— NSE Nifty50 index was closed today at 10,023(+433) & Nifty Metal at 1,917(+116).
Key Trades
— According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 161.75/MT FoB Australia & USD 171.9/MT CNF India.
— Silico Manganese (60-14) deals learned at around INR 59,500-60,000/MT ex-Raipur.
— Indian mid scale mills export offers to Nepal drop by USD 5/MT to USD 365/MT for Billet & USD 415-420/MT for Wire rod, ex-mill at Durgapur. Buyers looking further drop in prices, hence there was no major deals.
— Neo Metaliks in Durgapur has further reduced steel grade pig iron price by INR 300-400/MT to INR 26,000/MT ex-plant.
— Bokaro based Electrosteel is offering steel grade pig iron at around INR 26,000/MT ex-plant, as per market sources.
— Raipur based sponge manufacturers have remain cuts P-DRI offer by INR 300/MT to INR 18,000/MT ex-plant & about 1,500-2,000 MT deals reported on ex-plant & FoR basis from Raigarh.
— Billet deals learned at INR 27,700/MT FoR Raipur from Raigarh based manufacturers.
— Odisha based sponge supplier sold around 1,000 MT FeM 80 C-DRI lumps to Jalna (Maharashtra) at around INR 19,700-19,800/MT FoR Jalna.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 17,300-17,400/MT ex-Bellary.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 17,800/MT & INR 18,200/MT ex-plant, Karnataka; an official reported
— Trade discounts in Raipur wire rod firm at around INR 800/MT by resellers, however base price drop by INR 400/MT to INR 31,500/MT ex-plant. Deals learned at INR 30,700-31,100/MT ex-Raipur & Rs 31,100-200/MT ex-Durgapur.
— ERW Pipe Manufacturers have decreased offers by INR 300-500/MT to INR 32,500-32,700/MT ex-Raipur, INR 35,200/MT ex-Mandi Gobindgarh & INR 32,700-32,800/MT ex-Rourkela
Reference prices as on 13th March 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 23,000 | 22,900 | 23,100 | – 800 | 23,400 | 23,500 |
| Ex-Mumbai | HMS(80:20) | 23,100 | 23,000 | 23,200 | – 300 | 23,500 | 22,400 | |
| Ex-Chennai | HMS(80:20) | 22,000 | 21,900 | 22,300 | – 200 | 22,100 | 21,600 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,450 | 18,400 | 18,500 | – 350 | 19,000 | 19,400 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,300 | 17,200 | 17,400 | – 400 | 18,100 | 18,750 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 18,900 | 18,800 | 19,000 | – 200 | 19,250 | 19,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,600 | 17,500 | 17,700 | – 200 | 18,100 | 18,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,500 | 17,400 | 17,600 | – 350 | 18,100 | 18,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,000 | 17,900 | 18,100 | – 300 | 18,350 | 18,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,300 | 17,200 | 17,400 | – 300 | 17,900 | 18,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,900 | 17,700 | 18,000 | – 200 | 18,400 | 19,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,000 | 29,900 | 30,100 | – 650 | 31,300 | 31,200 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,900 | 27,100 | – 500 | 27,800 | 28,650 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,900 | 26,800 | 27,000 | – 350 | 27,800 | 27,900 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27,350 | 27,300 | 27,400 | – 450 | 28,350 | 28,450 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 29,700 | 29,600 | 29,800 | – 300 | 30,500 | 29,700 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 30,200 | 30,100 | 30,300 | – 700 | 31,500 | 31,600 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 27,500 | 27,400 | 27,600 | – 500 | 28,400 | 29,150 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 27,200 | 27,100 | 27,300 | – 350 | 28,000 | 28,150 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 27,750 | 27,700 | 27,800 | – 450 | 28,650 | 28,800 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 29,500 | 29,400 | 29,700 | – 600 | 30,000 | 30,700 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 30,100 | 30,000 | 30,200 | – 300 | 31,000 | 30,100 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 30,500 | 30,400 | 30,600 | – 100 | 30,800 | 30,700 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 28,500 | 28,400 | 28,600 | – 1,000 | 30,000 | 30,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 33,900 | 33,700 | 34,100 | – 200 | 34,600 | 35,100 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 31,800 | 31,600 | 32,000 | – 300 | 32,400 | 33,000 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 31,800 | 31,700 | 31,900 | – 400 | 32,900 | 33,000 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 32,000 | 31,900 | 32,100 | – 300 | 32,600 | 32,700 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 36,000 | 35,800 | 36,100 | – 100 | 36,300 | 34,800 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 34,800 | 34,600 | 35,000 | – 500 | 35,100 | 34,100 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 34,700 | 34,600 | 35,000 | – 100 | 34,900 | 35,100 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 33,300 | 33,200 | 33,400 | – 700 | 34,500 | 34,400 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 31,200 | 31,100 | 31,500 | – 300 | 31,800 | 32,500 |
| Ex-Raipur | Wire Rod(5.5 MM) | 31,100 | 30,700 | 31,500 | – 400 | 31,900 | 32,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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