Indian Steel prices fall further on poor demand from domestic buyers amid improved supply. On day trade activities the Billet prices slump by INR 100-500/MT & majorly in Central & Eastern regions by INR 300-500/MT.
Meanwhile, Sponge iron prices declined by INR 100-300/MT amid piled up stock with the producers on improved productions. As per participants, presently the sellers are more in the market than the purchasers, this leads to significant fall in prices.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 34,500-37,800/MT (USD 475-521) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 22,900-25,400/MT (USD 315-350); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 26th September 2018 (Wednesday) INR to USD exchange rate stood at INR 72.63
— BSE Sensex closed at 36,542(-109) on Wednesday, as against last day (Tuesday) at 36,652(+347).
Raw Materials
— NMDC (C.G.) hikes iron ore prices for 2nd time in September. Baila lump up by INR 300/MT; fines by INR 200/MT & DR-CLO by INR 360/MT
— NMDC Kumaraswamy has increased fines (Fe 62.9%) base price by around INR 350/MT to around INR 2,968/MT (basic) against last assessment INR 2,633/MT
— South African RB2 (5500 NAR) coal offers are assessed at USD 77/MT on FoB basis & USD 92/MT CNF India.
— Melting scrap offers in Western India- Gujarat decline by INR 200-300/MT in a day trade activities.
— Local manufacturers in Raigarh are offering 60-14 Silico Manganese at around INR 70,000/MT ex-plant.
— Central India,Raigarh based mill owners reported, around 5 hours power cut continues by Jindal for Punjipatra region.
Semi Finished
— Jindal Steel has reduced prices by INR 300-500/MT and latest prices reported for Panther shots (Granulated pig iron) at INR 29,500/MT ex-plant, Odisha & Pig iron at INR 31,300/MT ex-plant, Raigarh.
— Indian induction grade Billet export offers to Nepal slump on falling domestic prices. The latest offers hovering at USD 480/MT loaded to rake, Odisha.
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 23,800-24,000/MT & Sponge DR CLO grade at INR 26,300-26,500/MT ex-plant.
— Raigarh based Singhal Steel offered P-DRI at INR 23,400/MT & C-DRI at INR 24,500/MT ex-Raigarh, an official reported. Also, the company offers Billet at INR 35,400/MT FoR Raipur.
— Odisha based medium size sponge manufacturers have reduced prices owing to weak demand. The latest offers for FeM 80 C-DRI (70:30 mix material) reported at INR 24,200-24,400/MT & P-DRI at INR 23,200/MT ex-plant & excluding GST.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 24,200-24,300/MT & Billet at INR 34,600-34,700/MT ex-plant.
— Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 80 P-DRI at around INR 23,400/MT ex-plant, an official reported.
— Prakash Sponge, a prime grade sponge maker in Karnataka offered FeM 80 C-DRI lumps at INR 24,400/MT & billet at INR 36,800/MT ex-plant. An official reported.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 24,300/MT & 24,800/MT ex-plant, Karnataka; an official reported.
Finish Long
— SAIL’s wire rod production increased sharply by 114% M-o-M in Aug’18 and stood at 22,000 MT.
— Hyderabad (South India) based Pipe manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered Electric Resistance Welded (ERW) Pipe which is made from strips of hot-rolled steel at INR 44,000/MT ex-plant. (basic & excluding GST).
— South India – Chennai based ARS Trusteel reduce their prices by INR 300/MT on day basis & current offering rebar at INR 44,300/MT (12 mm), ex-plant & excluding GST.
— Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT decreased their prices by INR 200/MT on day basis and current offering rebar at INR 47,600/MT (20 mm) FoR & including GST, Sponge P-DRI at 25,500/MT and Billet at INR 36,300/MT, excluding GST.
— Rathi Steels in North region decreased their offer by around INR 300-400/MT on day basis and current reported at INR 41,200/MT (12 mm), excluding GST.
— Central region, Raipur based brand – SPEED TMT unchanged their prices on day basis and current offering at INR 36,900/MT (28 mm), ex-work & excluding GST.
— The suppliers in Raipur kept trade discount more or less unchanged on wire rod and today’s discount at INR 900-1,200/MT.
— Mumbai, Maharashtra based SRMM (Ghasiram) unchanged structure prices on day basis and current offering 40 Angle at INR 42,000/MT, ex-work & excluding GST.
— Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT decreased their rebar prices by around INR 300/MT to INR 37,300/MT (28 mm), ex-work & excluding GST.
— East region based – Baba Smelter Pvt. Ltd has decreased their prices by INR 250/MT on day basis & current offering Structure (125,150 Channel) at INR 41,500/MT, ex-work & excluding GST.
Reference prices as on 26th September 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 27,600 | 27,500 | 27,700 | – 300 | 28,100 | 27,300 |
| Ex-Mumbai | HMS(80:20) | 27,900 | 27,700 | 28,000 | – 100 | 27,500 | 25,900 | |
| Ex-Chennai | HMS(80:20) | 27,300 | 27,200 | 27,500 | 0 | 26,200 | 24,900 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,900 | 22,800 | 23,000 | – 200 | 23,900 | 24,500 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 24,300 | 24,200 | 24,300 | – 300 | 25,100 | 24,500 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 25,400 | 25,300 | 25,500 | – 200 | 26,200 | 25,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 24,000 | 24,000 | 24,200 | 0 | 24,100 | 23,100 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,500 | 21,400 | 21,600 | – 300 | 22,600 | 23,300 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 23,800 | 23,700 | 23,900 | – 100 | 24,700 | 24,550 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 23,400 | 23,300 | 23,500 | 0 | 23,600 | 22,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 24,000 | 23,900 | 24,100 | – 100 | 24,200 | 22,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 36,500 | 36,400 | 36,600 | – 700 | 38,000 | 37,550 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 34,600 | 34,500 | 34,700 | – 400 | 36,100 | 36,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 33,700 | 33,600 | 33,800 | – 400 | 34,600 | 34,400 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,900 | 34,100 | – 550 | 35,000 | 34,600 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 36,200 | 36,100 | 36,300 | – 100 | 36,400 | 35,600 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 37,300 | 37,200 | 37,500 | – 200 | 37,500 | 36,800 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 36,700 | 36,600 | 36,800 | – 300 | 36,700 | 36,200 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 37,200 | 37,100 | 37,300 | – 600 | 38,500 | 38,100 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 35,100 | 35,000 | 35,200 | – 400 | 36,600 | 36,500 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 34,600 | 34,500 | 34,700 | – 300 | 35,700 | 35,400 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 35,000 | 34,900 | 35,100 | – 500 | 36,000 | 35,600 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 36,450 | 36,400 | 36,500 | – 100 | 36,700 | 35,850 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 37,800 | 37,700 | 38,000 | – 200 | 38,000 | 37,300 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 37,000 | 36,900 | 37,100 | – 300 | 37,000 | 36,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 40,000 | 39,800 | 40,100 | – 400 | 40,700 | 41,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 39,800 | 39,600 | 40,000 | – 300 | 40,800 | 40,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 38,900 | 38,700 | 39,100 | – 100 | 38,900 | 39,400 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 40,400 | 40,000 | 40,500 | 0 | 40,700 | 40,100 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 42,500 | 42,300 | 42,700 | – 200 | 42,300 | 41,200 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 40,500 | 40,300 | 40,700 | – 200 | 40,500 | 40,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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