Indian Iron & Steel prices plunge further owing to limited spot trades & strong supply. As per assessment the price fall is about INR 200-800/MT (USD 3-12) in Billet & INR 200-500/MT (USD 3-7) in Sponge iron, day-on-day.
Neelachal Ispat – India’s largest pig iron manufacturer has also reduced its prices by INR 400/MT in latest price circular amid falling steel prices and poor off take in pig iron. The latest offers by the producer for steel grade pig iron floated at INR 28,500/MT (USD 404), ex-works, Odisha.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,300-34,100/MT (USD 429-484) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,400-21,500/MT (USD 289-305); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 28th November 2018 (Wednesday) INR to USD exchange rate stood at INR 70.58.
— BSE Sensex closed at 35,716(+203) on Wednesday, as against last day (Tuesday) at 35,513(+159).
— NSE Nifty50 index was closed today at 10,728(+43).
Raw Materials
— Indian pellet export market turned mute amid no bids heard from Chinese mills, assessment for regular grade pellets (Fe 64%) with 3% Alumina is learned to around USD 110-115/MT, CFR China.
— IDCOL has issued tender for sale of around 21,400 MT iron ore from its Roida ‘C’ iron and manganese mines, Keonjhar (Odisha). The due date for bid submission is 3rd Dec’18.
— According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 218/MT FoB Australia & USD 231.05/MT CNF India.
Semi Finished
— Indian sponge iron export offers to Bangladesh for lumps of grade FeM 78-80, recorded at USD 335-340/MT CPT Benapole (dry land port of Bangladesh & India) and USD 355-360/MT CFR Chittagong, Bangladesh. Offers down by USD 5-10/MT, W-o-W.
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 20,000-20,200/MT & Sponge DR CLO grade at INR 22,100-22,300/MT ex-plant
— Rashmi Metaliks in Durgapur has reduced sponge prices by around INR 100-200/MT and today offers for P-DRI heard at around INR 20,300-20,400/MT-Sources.
— Raigarh based Singhal Steel offered P-DRI at INR 19,400/MT ex-Raigarh, an official reported. Also, the company offered Billets at INR 31,000/MT FoR Raipur.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,500/MT & Billet at INR 30,500-30,600/MT ex-plant.
— BIOP Steels in South India has decreased sponge prices by INR 200/MT, offering FeM 80 & 82 C-DRI lumps at INR 20,600/MT & INR 21,000/MT ex-plant, Karnataka; an official reported.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 21,000-21,200/MT & Billet at INR 33,200-33,300/MT ex-plant.
Finished Long
— Raipur based wire rod manufacturers kept offers unchanged, although trade discount being unaltered through the suppliers at around INR 1,000-1,400/MT. The offers for 5.5mm Wire rod is hovering around INR 38,600/MT ex-Raipur & INR 37,300-37,500/MT ex-Durgapur.
— Rashmi Metaliks has slightly increased wire rod offers and reported at INR 37,200/MT (5.5 mm) ex-Kharagpur, East India.
— Mandi Gobindgarh, North India based ERW pipe manufacturers decreased prices by INR 200/MT & offers reported at around INR 41,000/MT ex-plant & excluding GST.
Reference prices as on 28th November 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,200 | 26,100 | 26,300 | – 200 | 27,500 | 26,900 |
| Ex-Mumbai | HMS(80:20) | 25,500 | 25,400 | 25,700 | 0 | 26,500 | 25,400 | |
| Ex-Chennai | HMS(80:20) | 25,800 | 25,800 | 26,000 | 0 | 26,200 | 26,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,300 | 21,200 | 21,400 | – 200 | 22,700 | 22,900 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | – 200 | 21,800 | 22,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,500 | 21,400 | 21,600 | 0 | 22,500 | 22,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,400 | 20,300 | 20,500 | – 100 | 21,100 | 21,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,300 | 20,200 | 20,400 | – 200 | 21,700 | 21,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,100 | 20,000 | 20,200 | + 100 | 20,950 | 21,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,900 | 19,800 | 20,000 | – 200 | 20,400 | 20,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,300 | 20,200 | 20,400 | – 100 | 21,000 | 21,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,600 | 33,500 | 33,700 | + 100 | 35,300 | 35,800 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,000 | 30,900 | 31,100 | – 100 | 32,700 | 33,900 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,000 | 29,900 | 30,100 | – 250 | 32,000 | 32,600 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,500 | 30,400 | 30,600 | + 50 | 32,400 | 32,750 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,500 | 32,400 | 32,600 | – 300 | 33,700 | 33,200 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 34,100 | 34,000 | 34,200 | + 100 | 35,900 | 36,600 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 31,350 | 31,300 | 31,400 | – 150 | 33,000 | 34,100 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 30,500 | 30,400 | 30,600 | – 200 | 32,400 | 33,000 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 30,800 | 30,700 | 30,900 | 0 | 32,850 | 33,700 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 32,800 | 32,700 | 32,900 | – 800 | 34,700 | 34,200 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 32,700 | 32,600 | 32,800 | – 300 | 34,000 | 33,400 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | – 100 | 34,500 | 35,200 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 32,500 | 32,400 | 32,600 | – 500 | 34,000 | 34,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 36,700 | 36,500 | 36,800 | – 400 | 38,900 | 39,200 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,700 | 36,500 | 36,900 | – 100 | 38,500 | 39,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 34,700 | 34,700 | 34,900 | 0 | 36,100 | 36,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,300 | 36,100 | 36,500 | – 200 | 37,300 | 36,900 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 38,500 | 38,300 | 38,700 | 0 | 39,000 | 40,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,800 | 37,200 | 0 | 38,000 | 38,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,400 | 37,200 | 37,500 | – 100 | 39,200 | 40,100 |
| Ex-Raipur | Wire Rod(5.5 MM) | 38,600 | 37,400 | 38,600 | 0 | 39,600 | 40,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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