Indian medium mills steel prices remain on down trend owing to poor off take in finished steel products. On day trade activities the prices of Semis products – Billet fall by INR 100-500/MT & Sponge iron by INR 100-200/MT.
Market participants believed that, Semis spot trades to remain thin as falling prices have postponed future bookings of large share of re-rollers & stockiest as well.
The prices of raw materials – Iron ore, Pellets, Pig iron & Silicon-manganese also remained under pressure owing to dull demand from the domestic buyers.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 33,200-36,750/MT (USD 454-503) 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 25th October 2018 (Thursday) INR to USD exchange rate stood at INR 73.19.
— BSE Sensex closed at 33,690(-343) on Thursday, as against last day (Wednesday) at 34,033(+186).
— NSE Nifty50 index was closed today at 10,124(-99).
Raw Materials
— As per WSA (World Steel Association) Indian crude steel output moved up by 6% to 79.66 MnT in first nine months (Jan-Sep) of CY18 which was 75.04 in Jan-Sep’17.
— Karnataka iron ore e-auctions sales have increased in Sep’18 by 25% M-o-M, sales recorded at 2.76 MnT in Sep’18 as against 2.21 MnT in Aug’18.
— Rashmi Metaliks recorded largest pellet export from India in Sep’18 at 0.27 MnT, up by almost five folds on monthly basis as against 0.06 MnT in Aug’18.
— Melting scrap offers in Western India- Mumbai & Jalna (Maharashtra) declined by INR 200-400/MT in a day trade activities.
Semi Finished
— RINL has invited tender for export of 10,836 MT Billets to Nepal. Interested bidders can submit their bids till 30 Oct’18. And the last ocean export tender of 10,000 MT Billets and 20,000 MT Blooms whose due date was on 24 Oct’18 has extended till 30 Oct’18.
— Electro steel in Bokaro, Jharkhand is offering blast furnace grade Wire rod (5.5 mm) at INR 45,000/MT (low carbon) & INR 47,000/MT (high carbon) ex-plant & excluding GST. Last deals for Steel grade pig iron reported at INR 29,000/MT ex-plant.
— As per participants, induction grade billet export offers to Nepal reported at around USD 470/MT ex-mill, Durgapur. And added trade activities are weak at these offers.
— The latest price assessment for Steel grade Pig iron stood at INR 30,000-30,300/MT ex-Raipur (Central India) & INR 29,500-29,800/MT ex-Durgapur (East region).
— Raipur, Central India based Integrated plants offers decreased by INR 200/MT, offering Sponge P-DRI at INR 21,100-21,300/MT & Sponge DR CLO grade at INR 23,700-23,900/MT ex-plant.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 22,000-22,200/MT & Billet at INR 33,500/MT ex-plant. As per officials, trade activities are weak at the offer prices.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 22,300/MT & INR 22,800/MT ex-plant, Karnataka; an official reported.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 21,400-21,500/MT ex-Bellary, an official reported.
— Bellary, Karnataka based sponge manufacturers are producing FeM 83-85 P-DRI by using raw pellets from MSPL, reported by a sponge manufacturer.
Finish Long
— RINL’s (Vizag Steel), latest offer for 12-32mm rebar are at around INR 43,500-44,000/MT ex-Vijayawada & excluding 18% GST, as per sources.
— Central India, Raipur based GK TMT reduces offer today and current offer for 10-25mm rebar at INR 40,000/MT, ex-plant & excluding GST.
— Raipur based wire rod suppliers kept trade discount unaltered and today’s discount at about INR 900-1,500/MT.
— Raipur based ERW pipe manufacturers decreased prices by INR 200/MT & offers reported at around INR 40,400/MT, ex-plant & excluding GST.
— Hyderabad (South India) based Pipe manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has reduced offers by INR 400/MT for Electric Resistance Welded (ERW) Pipe which is made from strips of hot-rolled steel & offers reported at INR 42,500/MT, ex-plant & excluding GST.
— Rathi Steels in North region unchanged their prices on day basis and current offering at INR 40,800-40,900/MT (12 mm), excluding 18% GST.
— Central region, Raipur based brand – SPEED TMT decrease their prices by INR 400/MT on day basis and offering at INR 34,800/MT (28 mm), ex-work & excluding GST.
— Kalika Steel Alloys in Jalna reduced their prices by INR 500/MT d-o-d basis & offering rebar at INR 35,200/MT (28 mm), ex-plant & excluding GST. As per official view, minor corrections may get placed for near term till festive season as per market trend.
— Gujarat based Akshar TMT has reduced their price by INR 100/MT on day basis and offering rebar at INR 44,800/MT (20 mm) FoR & including GST.
— East region based – Baba Smelter Pvt. Ltd has unchanged their Structure offers on day basis & current (125,150 Channel) offering at INR 40,750/MT, ex-work, excluding GST.
Reference prices as on 25th October 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,800 | 26,700 | 22,900 | – 200 | 27,400 | 27,300 |
| Ex-Mumbai | HMS(80:20) | 25,500 | 25,500 | 25,700 | – 200 | NA | 27,900 | |
| Ex-Chennai | HMS(80:20) | 26,500 | 26,500 | 26,800 | 0 | NA | 27,400 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 23,200 | 23,100 | 23,300 | 0 | NA | 22,400 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 22,000 | 22,000 | 22,100 | – 200 | NA | 23,750 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22,800 | 22,700 | 22,900 | – 200 | 23,100 | 24,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 22,000 | 21,900 | 22,100 | 0 | 22,000 | 23,900 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,700 | 21,600 | 21,800 | 0 | NA | 21,000 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 21,200 | 21,100 | 21,300 | – 200 | 21,600 | 23,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 21,300 | 21,200 | 21,400 | 0 | 21,200 | 23,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 22,000 | 21,900 | 22,000 | 0 | 21,900 | 24,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,950 | 35,900 | 36,000 | – 550 | 36,400 | 36,400 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,900 | 34,100 | – 100 | NA | 34,100 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 32,700 | 32,600 | 32,800 | – 300 | NA | 33,400 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,800 | 32,700 | 32,900 | – 500 | 33,300 | 33,750 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,400 | 33,300 | 33,400 | – 300 | NA | 35,900 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,900 | 34,800 | 35,000 | – 100 | NA | 37,300 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 34,200 | 34,100 | 34,300 | 0 | 35,000 | 35,700 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 36,750 | 36,700 | 36,800 | – 550 | 37,200 | 37,100 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 34,400 | 34,300 | 34,500 | – 200 | NA | 34,600 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 33,300 | 33,200 | 33,400 | – 300 | NA | 34,200 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 33,800 | 33,700 | 33,900 | – 300 | 34,300 | 34,700 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 34,200 | 34,100 | 34,300 | – 250 | 35,200 | 35,650 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 33,600 | 33,500 | 33,600 | – 300 | NA | 36,200 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 35,400 | 35,300 | 35,500 | – 100 | NA | 37,800 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,500 | 34,400 | 34,600 | 0 | 35,300 | 36,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 39,900 | 39,700 | 40,100 | – 200 | 39,400 | 39,500 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 39,300 | 39,100 | 39,500 | – 200 | NA | 39,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,800 | 37,000 | – 400 | 37,600 | 38,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 37,200 | 37,100 | 37,600 | – 500 | NA | 40,400 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 40,500 | 40,300 | 40,700 | – 100 | 40,800 | 42,300 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 38,500 | 38,300 | 38,700 | 0 | 39,000 | 39,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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