Indian Steel prices have slightly increase following improved spot trades and as per daily assessment the billet prices rise by INR 100-400/MT & Sponge iron by INR 200-300/MT.
Indian Semis prices are expected to remain volatile due to subdued demand, stability in raw materials & low margins. Notably, the standalone plants of Sponge iron, Ingot & Billet are operational under low conversion spread (margins).
As per the market participants, RINL (Vizag Steel) under the Ministry of Steel has increased Finish steel prices by INR 200-500/MT for November deliveries.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 33,100-36,800/MT (USD 455-507) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 21,300-23,100/MT (USD 293-318); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 2nd November 2018 (Friday) INR to USD exchange rate stood at INR 72.64.
— BSE Sensex closed at 35,011(+579) on Friday, as against last day (Thursday) at 34,431(-10).
— NSE Nifty50 index was closed today at 10,553(+172).
Raw Materials
— NMDC has announced roll over in its floor prices for Karnataka e-auctions & offers for 64% Fe iron ore lumps stood at INR 3,550/MT ex-works.
— JSW Steel (Dolvi) sourcing from NMDC increased to 30 rakes in Oct’18, up 58% as against 19 rakes in Sept’18.
— NMDC, India’s largest iron ore miner has recorded exports at 39 rakes in Oct’18, up four folds on monthly basis as against 10 rakes a month before.
— According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 218.25/MT FoB Australia & USD 233.15/MT CNF India.
Semi Finished
— Indian induction grade Billet export offers to Nepal surge by USD 8-10/MT day-on-day. The latest offers for 100*100 mm, Induction furnace grade billet hovering at USD 465-468/MT ex-mill, Durgapur as against last day at USD 455-458/MT (1st Nov’18).
— Raigarh based Singhal Steel offered P-DRI at INR 20,500/MT & C-DRI at INR 22,000/MT ex-Raigarh, an official reported. Also, the company offers Billet at INR 33,900/MT FoR Raipur.
— Govindam Sponge, an Odisha based plant offered FeM 80 sponge mix material at INR 22,300/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI at INR 20,600/MT ex-Bellary, Karnataka.
— 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.
— South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI & Billet at INR 21,500/MT & INR 34,000/MT. Also offering 28 MM Rebar at INR 35,500/MT. All prices are ex-plant & excluding GST.
Rebar (12mm)
— Rathi Steels based in North region unchanged their offers at INR 40,100/MT.
— Raipur based – SPEED TMT unchanged their offering at INR 36,400/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd (National TMT) unchanged their offering at INR 37,600/MT FoR.
— Jalna based Rajuri Steel Pvt Ltd current offering at INR 36,800/MT up by INR 500/MT.
— Jalna based Kalika Steel Alloys Pvt Ltd current offering at INR 36,800/MT up by INR 500/MT.
— Mumbai based SUN TMT current offering at INR 37,500/MT up by INR 300/MT.
— South region based Tulsyan NEC Steel (Tulsyan) unchanged their offering at INR 41,000/MT.
Pipe & Wire Rod
— Mandi Gobindgarh, North India based ERW pipe manufacturers increased prices to INR 43,400/MT ex-plant & excluding GST. Sources reported demand supply disrupted over low transport facilities.
— Hyderabad (South India) based Pipe manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has kept offers unaltered for ERW Pipe at INR 41,700/MT ex-plant. (basic & excluding GST).
— Raipur based wire rod suppliers kept trade discount unaltered and today’s discount at about INR 1000-1,100/MT.
Note – The prices mentioned above based on ex-work and excluding GST and changes are placed on day basis.
Reference prices as on 2nd November 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,900 | 26,800 | 27,000 | + 200 | 26,400 | 26,700 |
| Ex-Mumbai | HMS(80:20) | 25,500 | 25,300 | 25,600 | 0 | 25,500 | 26,100 | |
| Ex-Chennai | HMS(80:20) | 26,800 | 26,600 | 27,000 | 0 | 26,300 | 26,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 23,100 | 23,000 | 23,200 | + 200 | 23,000 | 21,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 22,000 | 21,900 | 22,100 | + 200 | 22,000 | 22,400 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22,900 | 22,800 | 23,000 | + 200 | 22,700 | 23,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 21,300 | 21,200 | 21,400 | – 100 | 21,800 | 22,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 22,000 | 21,900 | 22,100 | + 300 | 21,500 | 20,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 21,200 | 21,100 | 21,300 | + 200 | 21,100 | 21,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | – 50 | 21,100 | 21,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 21,600 | 21,500 | 21,700 | 0 | 21,800 | 22,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 36,000 | 36,000 | 36,100 | + 100 | 35,900 | 35,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 33,700 | 33,600 | 33,800 | + 200 | 33,900 | 33,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 32,700 | 32,600 | 32,800 | + 250 | 32,500 | 31,900 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,900 | 32,900 | 33,000 | + 300 | 32,900 | 32,450 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,300 | 33,300 | 33,400 | + 300 | 33,100 | 34,000 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,500 | 34,400 | 34,600 | – 100 | 34,900 | 35,700 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,700 | 33,600 | 33,800 | 0 | 33,700 | 34,500 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 36,800 | 36,800 | 36,900 | + 200 | 36,700 | 36,300 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | + 300 | 34,300 | 33,400 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 33,200 | 33,100 | 33,300 | + 300 | 33,100 | 32,500 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 33,700 | 33,600 | 33,800 | + 200 | 33,800 | 33,300 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 34,500 | 34,400 | 34,500 | + 300 | 34,000 | 34,650 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 33,500 | 33,500 | 33,600 | + 300 | 33,300 | 34,300 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 35,000 | 34,900 | 35,100 | – 100 | 35,400 | 36,200 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | 0 | 34,000 | 34,700 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 38,900 | 38,700 | 39,100 | 0 | 39,200 | 38,000 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 39,500 | 39,300 | 39,700 | + 400 | 39,000 | 38,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,400 | 36,200 | 36,500 | + 100 | 36,800 | 37,300 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,700 | 37,300 | + 100 | 37,000 | 38,700 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 39,900 | 39,700 | 40,200 | 0 | 40,300 | 41,500 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 38,000 | 37,800 | 38,200 | 0 | 38,000 | 38,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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