Indian Semi-finished steel offers decline further due to poor inquiries, Sponge iron offers down by INR 100-400/MT & Billet upto INR 500/MT (USD 7.5), day-on-day.
The Industry participants mentioned that, trade activities remained weak and the buyers are waiting for clearer market direction.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 35,000-38,700/MT (USD 521-577). Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,700-22,300/MT (USD 293-332); all prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 8th May 2018 (Tuesday) INR to USD exchange rate stood at INR 67.11
— BSE Sensex closed at 35,216(+8) on Tuesday, as against last day (Monday) at 35,208(+292).
Raw materials
— NMDC is going to conduct an e-auction of 40,000 MT calibrated lump ore, 32,000 MT ROM, 60,000 MT iron ore lump and 48,000 MT iron ore fines from Chhattisgarh Mines. The Last date for submitting the required documents is 11 May 2018.
— NMDC Iron ore production hit 8-month low to 2.41 MnT in April 2018.
— MMTC invites tender for purchase of 10,000 MT iron Pellets on behalf of NINL. The due date for bid submission is 15th May’18.
— Melting scrap offers in Western India- Gujarat fall by INR 1,000/MT in a week, after record 4 years on 28 Apr 2018. The Ingot/Billet manufacturers also indicates further fall in local ship breaking scrap prices due to improved availability of imported scrap and also weak demand for local scrap owing to higher prices.
Semi finished
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 19,700-19,800/MT & Sponge DR CLO grade at INR 22,900-23,100/MT ex-plant.
— Jharkhand, Ramgarh based a big plant has offered Sponge C-DRI (60% lumps & 40% fines) at INR 21,200-21,400/MT, P-DRI at INR 20,000-20,200/MT & Billet at INR 36,000-36,200/MT ex-plant. As per officials, inquiries poor since yesterday, hence open quote awaited and in wait & watch mode.
— Durgapur based Rashmi Metaliks has reduced prices by about INR 400/MT and the latest quote heard for P-DRI at INR 21,000-21,100/MT & Billet at around INR 36,100-36,200/MT; excluding GST.
— Odisha based manufacturer, Ganesh Metaliks offered Billet at INR 35,600/MT ex-plant. As per officials inquiries average from domestic buyers.
— Govindam Sponge, an Odisha based plant offered FeM 80 C-DRI at INR 21,100/MT ex-plant.
— BMM Ispat in Karnataka has closed its P-DRI sales at the prices of INR 18,600-18,700/MT due to healthy bookings. Officials mentioned that they have sold about 5,000-6,000 MT P-DRI to Hyderabad.
— 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.
Finish Long
— Rathi Steels in North India – Delhi has further reduced prices by INR 500/MT day-on-day and latest price assessed at INR 42,500-42,600/MT, size – 12 mm & excluding 18% GST.
— The re-rollers in Central, East, South India stated poor inquiries. Although in West India – Maharashtra based mills stated good demand since last day and have raised prices by INR 200/MT in Rebars & Structures.
— The medium mills in Raipur – Central India who’s monthly rebar production about 8,000-15,000 MT, have offered Rebars (28mm) at INR 37,200-37,300/MT, however trades learned at around INR 37,100/MT; ex-plant & excluding GST.
— Wire rod prices reduced in Raipur by INR 200/MT & in Durgapur by INR 500-700/MT due to slump in billet prices and limited trades, manufacturers reported. Latest export offers to Nepal by Durgapur based mills are quoted at USD 610-615/MT (ex-mill) 5.5-6.0 mm & for commercial grade.
Reference prices as on 8th 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 | 26,400 | 25,700 |
| Ex-Mumbai | HMS(80:20) | 26,900 | 26,800 | 27,000 | 0 | 26,600 | 26,000 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,300 | 22,200 | 22,400 | – 400 | 22,900 | 20,500 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 21,000 | 20,900 | 21,100 | – 100 | 21,300 | 20,600 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22,000 | 21,900 | 22,100 | – 100 | 22,300 | 22,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,700 | 19,500 | 20,000 | 0 | 19,700 | 20,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,000 | 20,900 | 21,000 | – 300 | 21,500 | 19,000 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,750 | 19,700 | 19,800 | – 300 | 20,200 | 20,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,700 | 18,500 | 19,000 | – 100 | 18,900 | 19,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | – 200 | 19,700 | 20,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 38,000 | 37,900 | 38,100 | – 250 | 38,700 | 36,800 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 35,500 | 35,400 | 35,600 | – 500 | 36,500 | 34,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 34,600 | 34,500 | 34,700 | – 100 | 35,200 | 33,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 34,150 | 34,100 | 34,200 | – 250 | 35,000 | 33,550 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 36,200 | 36,100 | 36,300 | + 200 | 36,800 | 35,500 | |
| 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 | 35,200 | 35,100 | 35,300 | – 500 | 35,700 | 35,200 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 38,700 | 38,600 | 38,800 | – 300 | 39,400 | 37,400 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 36,000 | 35,900 | 36,100 | – 500 | 37,000 | 34,500 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 35,400 | 35,300 | 35,500 | – 100 | 35,700 | 33,400 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 35,400 | 35,300 | 35,500 | – 100 | 36,000 | 34,400 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 36,900 | 36,800 | 37,000 | + 300 | 37,000 | 35,700 | |
| 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 | 35,500 | 35,400 | 35,600 | – 500 | 36,000 | 35,500 | |
| TMT | Ex-Delhi/NCR | 12MM | 41,400 | 41,200 | 41,600 | – 500 | 41,700 | 40,100 |
| Ex-Durgapur | 12MM | 40,700 | 40,600 | 40,800 | – 400 | 41,300 | 39,000 | |
| Ex-Raipur | 12MM | 39,200 | 39,000 | 39,400 | – 200 | 39,700 | 38,200 | |
| Ex-Mumbai | 12MM | 40,600 | 40,200 | 40,700 | + 200 | 40,600 | 39,600 | |
| Ex-Chennai | 12MM | 41,400 | 41,200 | 41,600 | 0 | 41,000 | 41,000 | |
| Ex-Hyderabad | 12MM | 40,000 | 39,800 | 40,200 | – 500 | 40,500 | 40,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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