Indian Steel prices slightly fall in the week opening due to average trade activities. As per assessment the Billet prices fall by INR 200-500/MT & Sponge iron by INR 100-300/MT in major markets.
Meanwhile the industry participants believed that, Indian steel prices are likely to remain volatile or gain momentum with an assumption of rise in demand ahead of Diwali festival amid pick season for construction activities.
In addition resume demand for Indian pellet exports is another major key factor which indicates local steel prices are less likely to fall and may remain supported in coming days.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 33,200-36,900/MT (USD 452-503) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 21,600-22,900/MT (USD 294-312); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 29th October 2018 (Monday) INR to USD exchange rate stood at INR 73.37.
— BSE Sensex closed at 34,067(+718) on Monday, as against last day (Friday) at 33,349(-340).
— NSE Nifty50 index was closed today at 10,250(+220).
Raw Materials
— Rungta Mines – India’s largest private merchant miner produced 0.98 MnT iron ore from its mines in Odisha in Sep’18, up 8% M-o-M as against 0.91 MnT in Aug’18.
— Imported scrap offers to India for HMS 1&2 (80:20) Dubai origin containers stood at around USD 330/MT, CFR Nhava Sheva
— Local manufacturers in Raipur & Raigarh are offering 60-14 Silico Manganese at around INR 70,000-70,500/MT ex-plant.
Semi Finished
— Neelachal Ispat Nigam Ltd (NINL) has recently floated offers for High Silicon (2% to 5%), Foundry Pig iron at INR 29,900/MT (USD 408) & N2 grade Pig iron at INR 29,400/MT (USD 400) in which the silicon proportion is about 1.25% to 2.25%. All offers are excluding GST, ex-plant Cuttack, East India.
— The private pig iron producers in Durgapur have roll over the prices despite weak demand and offers for Steel grade reported at INR 29,500-30,000/MT ex-plant.
— As per sources, Rashmi Metaliks in Durgapur has maintained offers & prices for Sponge P-DRI reported at around INR 21,700/MT.
— Raipur based most of integrated plants have reduced prices by INR 100/MT and offers for P-DRI reported at INR 21,300-21,400/MT.
— Raigarh based Singhal Steel offered P-DRI at INR 20,700/MT ex-plant, an official reported. Also, the company is offering C-DRI at INR 22,200/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 33,000/MT ex-plant.
— 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. And added they already sold good quantity of material in the market.
— BMM Ispat in South India (Karnataka) has reduced offers for FeM 80 P-DRI by INR 400/MT to INR 20,600-20,800/MT ex-Bellary, an official reported.
Finish Long
— As per the press released today, Prakash Industries achieved highest ever sales volumes of 2,40,375 MT in Q2 FY’19, registering growth of 28% as against corresponding quarter of the last financial year. The company claim that it was due to higher capacity utilisation and operational efficiencies.
Rebar (12 mm)
— Raipur based – SPEED TMT reduced offers by INR 200/MT and offering at INR 36,700/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd (National TMT) reduces offers by INR 200/MT and offering at INR 37,600-37,800/MT
— Mumbai, based Guardian TMT increased rebar prices by INR 100/MT & current offering at INR 37,000/MT.
— Chennai based ARS Steel (Trusteel) reduces offers by INR 300/MT and current offering at INR 42,100/MT.
— Raipur, Central India based ERW pipe manufacturers decreased prices by INR 100/MT & offers reported at around INR 40,200/MT ex-plant & excluding GST.
Wire rod & Pipe
— Hyderabad (South India) based Pipe manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has kept offers unaltered for ERW Pipe at INR 42,000/MT ex-plant.
— Commercial grade Wire rod (5.5 MM) offers in Raipur & Durgapur almost similar at around INR 40,100/MT.
— Raipur based Wire rod suppliers trade discount unaltered and today’s discount at around INR 900-1,000/MT.
Note – All prices are mentioned above based on ex-work, excluding GST and changes are placed day-on-day basis.
Reference prices as on 29th October 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,500 | 26,400 | 26,600 | – 200 | 27,400 | 27,200 |
| Ex-Mumbai | HMS(80:20) | 25,400 | 25,400 | 25,700 | 0 | 25,500 | 27,000 | |
| Ex-Chennai | HMS(80:20) | 26,500 | 26,500 | 26,800 | 0 | 26,000 | 26,600 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,900 | 22,800 | 23,000 | – 300 | 23,600 | 22,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 22,000 | 21,900 | 22,100 | 0 | 22,600 | 23,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22,800 | 22,700 | 22,900 | – 100 | 23,500 | 24,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 21,600 | 21,500 | 21,700 | – 200 | 22,200 | 23,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,600 | 21,500 | 21,700 | – 100 | 22,100 | 20,800 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 21,300 | 21,200 | 21,400 | – 100 | 21,900 | 22,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,700 | 20,600 | 20,800 | – 400 | 21,200 | 22,600 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 21,600 | 21,500 | 21,700 | – 200 | 22,000 | 23,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 36,100 | 36,000 | 36,200 | + 200 | 37,100 | 36,200 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 33,900 | 33,800 | 34,000 | – 100 | 34,500 | 33,800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 32,800 | 32,700 | 32,900 | + 100 | 33,500 | 32,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,900 | 32,800 | 33,000 | 0 | 34,000 | 33,100 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,200 | 33,100 | 33,300 | – 100 | 33,800 | 35,200 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 35,000 | 34,900 | 35,100 | 0 | 35,300 | 36,500 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,700 | 33,600 | 33,800 | – 500 | 34,500 | 35,700 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 36,900 | 36,800 | 37,000 | + 200 | 37,900 | 37,000 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 34,200 | 34,100 | 34,300 | – 200 | 35,000 | 34,400 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 33,300 | 33,200 | 33,400 | 0 | 34,000 | 33,500 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 33,800 | 33,700 | 33,900 | – 100 | 34,900 | 34,000 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 34,100 | 34,000 | 34,300 | – 200 | 35,000 | 35,300 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 33,400 | 33,300 | 33,500 | – 100 | 34,000 | 35,400 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 35,500 | 35,400 | 35,600 | 0 | 35,800 | 37,000 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | – 500 | 34,700 | 36,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 39,400 | 39,200 | 39,600 | 0 | 40,200 | 39,000 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 39,300 | 39,100 | 39,500 | – 200 | 39,700 | 39,100 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,600 | 36,400 | 36,600 | – 300 | 37,800 | 38,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,800 | 37,200 | + 100 | 37,800 | 39,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 40,500 | 40,300 | 40,700 | 0 | 40,600 | 42,200 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 38,100 | 37,900 | 38,300 | – 400 | 38,500 | 39,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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