Indian Semi finished prices slump in the week opening – due to fall in spot trade volumes, the market participants mentioned. As per SteelMint assessment the prices of Sponge iron have declined by INR 100-300/MT while Billets upto INR 500/MT (USD 7.5).
Further, the re-rollers (Structure & rebar manufacturers) in Central, East & West India also stated poor inquiries from the stockiest & end user segments. However, it was also observed that the producers are running out of stock due to earlier healthy bookings.
The latest price assessment for induction furnaces billet in Indian market stood at INR 35,200-39,100/MT (USD 523-582) ex-plant. Meanwhile, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,700-22,700/MT (USD 293-338); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 7th May 2018 (Monday) INR to USD exchange rate stood at INR 67.20
— BSE Sensex closed at 35,208(+292) on Monday, as against last day (Friday) at 34,915(-187).
Raw materials
— BRPL stood the largest pellet exporter for the month of Apr’18 at 0.16 MnT, accounting 27% of total exports share.
— NMDC – India’s largest iron ore miner recorded significant decline in Apr’2018 production. The production recorded at 2.41 MnT, down 42% M-o-M against 4.18 MnT in Mar 2018
Semi finished
— Neelachal Ispat Nigam Ltd (NINL), India’s largest and state owned steel grade pig iron manufacturer & exporter has reduced pig iron prices by INR 1,000/MT (USD 15). The latest offers for Steel (N1) grade material are assessed at INR 30,000/MT (USD 462) & for Foundry (N2) grade at INR 31,000/MT (USD 477), ex-Cuttack, Odisha.
— Jindal Steel offering Granulated Pig iron (Panther shots) at INR 30,200/MT ex-plant, Odisha & Pig iron (Steel grade) at INR 31,200/MT ex-plant, Raigarh.
— Durgapur based Neo Metaliks has reported latest offers for steel grade Pig iron at around INR 32,200-32,400/MT & Foundry grade at INR 34,000/MT, ex-plant.
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 20,000-20,100/MT & Sponge DR CLO grade at INR 23,100-23,300/MT ex-plant
— Rashmi Metaliks in Durgapur has offered Sponge P-DRI at INR 21,300-21,400/MT, according to sources.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 21,100/MT & Billet at INR 35,600/MT ex-plant.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 20,300/MT & INR 20,700/MT ex-plant, Karnataka; an official reported.
Finished Steel
— Rathi Steels in North India – Delhi have decreased their prices by around INR 550/MT d-o-d basis and current offering at INR 43,000/MT, size – 12 mm & excluding 18% GST.
— Gujarat based Akshar TMT has reduced their price by around INR 200/MT d-o-d basis & offered basic rebar at INR 48,300/MT FoR & including GST at 18%, Size – 20 mm.
— Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT has offered basic rebar around INR 48,100/MT FoR & including GST at 18%, Size – 20 mm.
— Mumbai, Maharashtra based Guardian TMT have decrease their rebar price by INR 500/MT and current offering INR 40,400/MT (12 mm) ex-work & excluding GST.
— West Region based Bhagwati Ferro Metal (P) Ltd offering basic Rebar at INR 37,200/MT for Mumbai, ex-work & excluding GST.
Reference prices as on 7th May 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Chennai | HMS(80:20) | 26,500 | 26,400 | 26,600 | 0 | 26,300 | 25,700 |
| Ex-Mumbai | HMS(80:20) | 26,900 | 26,800 | 27,000 | – 200 | 26,500 | 26,000 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,700 | 22,600 | 22,800 | – 100 | 22,900 | 20,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 21,100 | 21,000 | 21,200 | – 200 | 21,200 | 20,500 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22,100 | 22,000 | 22,200 | – 100 | 22,300 | 21,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,700 | 19,500 | 20,000 | 0 | 19,700 | 20,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,300 | 21,200 | 21,400 | – 100 | 21,500 | 18,800 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,050 | 20,000 | 20,100 | – 100 | 19,950 | 19,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,800 | 18,600 | 19,000 | 0 | 18,900 | 19,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | – 100 | 19,700 | 20,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 38,250 | 38,200 | 38,300 | – 150 | 38,500 | 36,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 36,000 | 35,900 | 36,100 | – 150 | 36,400 | 33,700 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 34,700 | 34,600 | 34,800 | – 100 | 35,100 | 32,500 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 34,400 | 34,300 | 34,500 | – 200 | 35,000 | 33,200 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 36,000 | 35,900 | 36,100 | – 300 | 36,600 | 35,600 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 36,500 | 36,400 | 36,600 | 0 | 36,500 | 36,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 35,700 | 35,600 | 35,800 | 0 | 35,700 | 34,700 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 39,000 | 38,900 | 39,100 | – 100 | 39,200 | 37,100 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 36,500 | 36,400 | 36,600 | – 100 | 36,900 | 34,200 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 35,500 | 35,400 | 35,600 | – 200 | 35,600 | 33,000 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 35,500 | 35,400 | 35,600 | – 200 | 36,000 | 33,900 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 36,600 | 36,500 | 36,700 | – 200 | 36,800 | 35,800 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 37,000 | 36,900 | 37,100 | 0 | 37,000 | 36,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 36,000 | 35,900 | 36,100 | 0 | 36,000 | 35,000 | |
| TMT | Ex-Delhi/NCR | 12MM | 41,900 | 41,700 | 42,100 | – 500 | 41,600 | 39,900 |
| Ex-Durgapur | 12MM | 41,100 | 40,900 | 41,300 | – 100 | 41,000 | 38,700 | |
| Ex-Raipur | 12MM | 39,400 | 39,200 | 39,600 | – 100 | 39,700 | 37,600 | |
| Ex-Mumbai | 12MM | 40,400 | 40,000 | 40,500 | – 500 | 40,600 | 39,600 | |
| Ex-Chennai | 12MM | 41,400 | 41,200 | 41,600 | 0 | 41,000 | 41,000 | |
| Ex-Hyderabad | 12MM | 40,500 | 40,300 | 40,700 | 0 | 40,500 | 40,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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