Indian Billet & Sponge iron prices fall further on limited trades. The producers have stated fewer inquiries from the re-rollers due to poor off take in finished steel products.
As per daily assessment, the Billet prices fall by INR 200-500/MT & Sponge iron by INR 100-400/MT. The major price fall in Billet recorded in Hyderabad by INR 500/MT followed by Central & Eastern India by INR 200-300/MT.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 33,500-37,300/MT (USD 458-510) ex-plant. Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 22,000-23,200/MT (USD 300-317); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 24th October 2018 (Wednesday) INR to USD exchange rate stood at INR 73.17.
— BSE Sensex closed at 34,033(+186) on Wednesday, as against last day (Tuesday) at 33,847(-287).
— NSE Nifty50 index was closed today at 10,224(+77).
Raw Materials
— Jindal Steel concludes 50,000 MT pellet export deal at around USD 139-140/MT CFR China, which is equivalent to USD 127-128/MT FoB India and INR 8100-8200/MT ex-plant.
— Odisha based iron ore miners have further increased discounts of INR 100-200/MT in addition to the previous discounts so as to escalate buying interest. Present trade reference prices for regular quantity is around 5-18mm lumps at INR 5,700/MT & fines at INR 3,000/MT ex-mines.
— NMDC (C.G.) Iron ore rake movement increased by 54% in Sep’18, supplied 241 rakes of iron ore as against 157 rakes in Aug’18.
— South African RB2 (5500 NAR) coal offers are assessed at USD 73/MT on FoB basis & USD 89/MT CNF India.
— Melting scrap offers in Western India- Gujarat declined by INR 500/MT in a day trade activities.
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 1,300/MT (USD 18). The latest offers for Steel (N1) grade material are assessed at INR 28,900/MT (USD 393), ex-Cuttack, Odisha.
— Atibir Industries based in Jharkhand has sold steel grade pig iron at around INR 29,500/MT FoR Durgapur, as per officials. However offers through the local suppliers in Durgapur hovering at INR 29,500-30,000/MT Ex-Plant.
— Jindal Steel is offering Steel grade Pig iron at INR 30,000/MT ex-plant, Raigarh & Granulated Pig iron (panther shots) at INR 29,000/MT ex-plant, Odisha.
— Raipur based mills largely sourcing Sponge & Billet from Raigarh. Today few deals reported for Sponge P-DRI at around INR 21,300-21,400/MT & Billet around INR 34,000/MT FoR Raipur.
— Raigarh based Singhal Steel offered P-DRI at INR 20,900/MT & C-DRI at INR 22,400/MT ex-Raigarh, an official reported. Also, the company offers Billet at INR 34,000/MT FoR Raipur.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 22,300/MT & 22,800/MT ex-plant, Karnataka; an official reported.
— South India based Amoda Iron & Steel Ltd is offering FeM 80 C-DRI lump at INR 22,500/MT ex-plant (Hyderabad).
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 22,400/MT & Billet at INR 34,200/MT ex-plant.
— South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI at INR 22,000/MT & Billet INR 34,500/MT. Also offering rebar at INR 36,000/MT (28 mm). All prices are ex-plant & excluding GST.
Finish Long
— Raipur based Fortune Metallics has reduced rebar prices by INR 500/MT day-on-day and latest offers stood at INR 36,500/MT (28 mm), ex-plant.
— Mandi Gobindgarh, North India based ERW pipe manufacturers have decreased prices by INR 500/MT & reported at around INR 43,700/MT ex-plant & excluding GST.
— Raipur based wire rod suppliers have increased trade discount and today’s discount at about INR 900-1,500/MT.
— Vizag Steel (RINL) has observed sharp increase in Wire rod production by 25% M-o-M and stood at 71,000 MT in Sep’18, as per JPC.
— Rathi Steels in North region decreased their prices and offering rebar at INR 40,800-900/MT (12 mm), excluding GST.
— Central region, Raipur based brand – SPEED TMT decrease their prices by INR 500/MT on day basis and offering at INR 35,200/MT (28 mm), ex-work & excluding GST.
— Gujarat based, Keyur Ispat Ltd decreased their prices by INR 400/MT on day basis and offering rebar at INR 44,800/MT (20 mm) FoR & including GST.
— Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd (Shree Om) TMT decreased their rebar prices by INR 200/MT on day basis and offering at INR 35,400/MT (28 mm), ex-work & excluding GST.
— West region based – Vistar TMT current offering rebar at INR 34,800/MT (28 mm), ex-work & excluding GST.
— Jalna based rebar manufacturer Rajuri Steel Pvt Ltd unchanged their prices on day basis and offering basic rebar at INR 35,700/MT, ex-work & excluding GST.
Reference prices as on 24th October 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 27,000 | 26,900 | 27,100 | – 500 | 27,100 | 27,600 |
| Ex-Mumbai | HMS(80:20) | 25,700 | 25,600 | 25,800 | 0 | 25,500 | 27,900 | |
| Ex-Chennai | HMS(80:20) | 26,500 | 26,500 | 26,800 | + 100 | 26,100 | 27,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 23,200 | 23,100 | 23,300 | – 200 | NA | 22,900 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 22,200 | 22,100 | 22,200 | – 400 | 22,200 | 24,300 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 23,000 | 22,900 | 23,100 | – 300 | 23,200 | 25,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 22,000 | 21,900 | 22,100 | – 200 | 21,800 | 24,000 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,700 | 21,600 | 21,800 | – 200 | NA | 21,500 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 21,400 | 21,300 | 21,400 | – 300 | 21,700 | 23,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 21,300 | 21,200 | 21,400 | – 100 | 21,000 | 23,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 22,000 | 21,900 | 22,000 | 0 | 21,800 | 24,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 36,500 | 36,400 | 36,600 | – 200 | 36,500 | 36,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 34,100 | 34,000 | 34,200 | – 200 | NA | 34,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 33,000 | 32,900 | 33,100 | – 400 | 32,900 | 33,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 33,300 | 33,200 | 33,400 | – 250 | 33,500 | 34,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,700 | 33,600 | 33,800 | 0 | 34,000 | 36,200 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 35,000 | 35,000 | 35,200 | – 300 | 35,300 | 37,300 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 34,200 | 34,100 | 34,300 | – 500 | 34,900 | 36,700 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 37,300 | 37,200 | 37,400 | – 200 | 37,300 | 37,200 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 34,600 | 34,500 | 34,700 | – 200 | NA | 35,100 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 33,600 | 33,500 | 33,700 | – 300 | 33,500 | 34,600 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 34,100 | 34,000 | 34,200 | – 300 | 34,450 | 35,000 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 34,450 | 34,400 | 34,500 | – 300 | 35,000 | 36,200 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 33,900 | 33,800 | 34,000 | 0 | 34,200 | 36,450 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 35,500 | 35,500 | 35,700 | – 300 | 35,800 | 37,800 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,500 | 34,400 | 34,600 | – 500 | 35,200 | 37,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 40,100 | 40,000 | 40,400 | 0 | 39,400 | 40,000 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 39,500 | 39,300 | 39,700 | – 300 | NA | 39,800 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 37,400 | 37,200 | 37,400 | – 400 | 37,500 | 38,900 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 37,700 | 37,500 | 38,100 | 0 | 38,300 | 40,400 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 40,600 | 40,400 | 40,800 | – 200 | 40,800 | 42,500 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 38,500 | 38,300 | 38,700 | – 200 | 38,800 | 40,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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