Indian Semi finished steel prices drop on day trade activities over limited spot trades. As per assessment, the Billet prices fall by INR 100-400/MT & Sponge iron by INR 100-300/MT.
Industry participants believed, healthier supply to further put pressure in prices and may report some corrections in coming days on demand concern.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 32,200-35,900/MT (USD 452-504) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 21,100-22,700/MT (USD 296-319); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 21st November 2018 (Wednesday) INR to USD exchange rate stood at INR 71.20.
— BSE Sensex closed at 35,199(-274) on Wednesday, as against last day (Tuesday) at 35,474 (-300).
— NSE Nifty50 index was closed today at 10,600(-56).
Raw Materials
— East India based pellet maker- BRPL concluded two export deals at USD 120/MT CFR china for Fe 64%, 2.7% Alumina.
— South African RB2 (5500 NAR) coal offers are assessed at USD 65/MT on FoB basis & USD 80/MT CNF India.
Semi Finished
— Traders who deals with NINL reported resume ful-fledge productions, hence indicates fresh offers likely to unaltered or marginally fall in line to fetch bookings. NINL is India’s largest producer & exporter of Steel grade Pig iron and known as price trend setter.
— Jindal Steel has kept Pig iron offers firm and reported Steel grade at INR 30,000/MT ex-plant, Raigarh. Although the company didn’t have stock of Panther shots & Pooled iron owing to self consumption and pending dispatches.
— Indian sponge iron export offers to Bangladesh for lumps of grade FeM 78-80, recorded at USD 345/MT CPT Benapole (dry land port of Bangladesh & India) and USD 365/MT CFR Chittagong, Bangladesh.
— Indian medium mills export offers to Nepal hovering at USD 460-465/MT for Billet & USD 550/MT for Wire rod (5.5 mm) ex-mill at Durgapur.
— Raipur, Central India based Integrated plants offers unaltered, offering Sponge P-DRI at INR 20,900-21,000/MT & Sponge DR CLO grade at INR 23,000-23,200/MT ex-plant.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 21,800/MT & Billet at INR 32,500-32,600/MT ex-plant. As per officials, trade activities are weak at the offer prices.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 21,000/MT ex-Bellary, offers decline by INR 500-600/MT from the last trade; an official reported.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 21,300/MT & INR 21,800/MT ex-plant, Karnataka; an official reported.
— South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI & Billet at INR 20,700/MT & INR 34,000/MT. Also offering 28 MM Rebar at INR 35,500/MT. All prices are ex-plant & excluding GST
Finished Long
— As per custom data maintained by SteelMint, Finish long steel imports in India recorded 8 months low in Oct’18 & recorded at 28,671 MT as against 46,456 MT in Sep’18, down by 38.28% M-o-M
— Raipur based wire rod manufacturers have kept offers unchanged and today’s offering at INR 39,600/MT ex-plant. Meanwhile, offers for same material in Durgapur hovering at INR 39,000-39,300/MT ex-plant (size 5.5mm).
— Raipur based wire rod suppliers slightly increased trade discount and today’s discount at around INR 1,000-1,200/MT.
— Mandi Gobindgarh, North India based ERW pipe manufacturers increased prices by INR 100/MT & offers reported at around INR 42,800/MT ex-plant & excluding GST.
— Raipur, Chhattisgarh based ERW pipe manufacturers kept offers unaltered at INR 39,600-39,800/MT; prices are ex-plant & excluding GST.
— 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. (basic & excluding GST).
Reference prices as on 21st November 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 27,500 | 27,400 | 27,600 | + 200 | 27,500 | 27,000 |
| Ex-Mumbai | HMS(80:20) | 26,500 | 26,400 | 26,600 | 0 | 26,200 | 25,700 | |
| Ex-Chennai | HMS(80:20) | 26,200 | 26,100 | 26,400 | – 300 | 26,800 | 26,500 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,700 | 22,600 | 22,800 | – 300 | 23,500 | 23,200 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 21,800 | 21,700 | 21,900 | + 50 | 22,000 | 22,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22,500 | 22,400 | 22,600 | + 100 | 22,800 | 23,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 21,100 | 21,000 | 21,200 | – 100 | 21,700 | 22,000 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,700 | 21,600 | 21,800 | – 300 | 22,400 | 21,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,950 | 20,900 | 21,000 | 0 | 21,000 | 21,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,400 | 20,300 | 20,500 | 0 | 21,000 | 21,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 21,000 | 20,900 | 21,100 | – 200 | 21,500 | 22,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,300 | 35,200 | 35,400 | – 600 | 35,800 | 36,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 32,700 | 32,600 | 32,800 | – 400 | 33,400 | 34,100 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 32,000 | 32,000 | 32,100 | – 100 | 32,300 | 33,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,400 | 32,300 | 32,500 | – 150 | 32,700 | 33,300 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,700 | 33,600 | 33,800 | + 100 | 34,100 | 33,700 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 35,900 | 35,800 | 36,000 | – 700 | 36,600 | 37,300 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 33,000 | 32,900 | 33,100 | – 400 | 33,700 | 34,600 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 32,400 | 32,400 | 32,500 | – 100 | 32,800 | 33,600 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32,850 | 32,800 | 32,900 | – 150 | 33,300 | 34,100 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 34,700 | 34,600 | 34,800 | – 200 | 34,650 | 34,450 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | + 100 | 34,300 | 33,900 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,500 | 34,400 | 34,500 | 0 | 35,100 | 35,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | 0 | 34,500 | 34,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 38,900 | 38,800 | 39,100 | + 300 | 39,100 | 40,100 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 38,500 | 38,300 | 38,700 | 0 | 39,000 | 39,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,100 | 36,000 | 36,200 | 0 | 36,400 | 37,400 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 37,300 | 37,100 | 37,500 | + 200 | 37,900 | 37,700 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 39,000 | 38,800 | 39,200 | – 200 | 39,500 | 40,600 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 38,000 | 37,800 | 38,200 | 0 | 38,500 | 38,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 39,200 | 39,000 | 39,400 | – 200 | 39,800 | 40,500 |
| Ex-Raipur | Wire Rod(5.5 MM) | 39,600 | 38,900 | 39,600 | 0 | 40,200 | 40,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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