Indian mid size mills rigorously increase Semis & Finished long Steel prices on improved demand & supply crunch in particular regions of the country.
As per assessment on day trades, the Rebar prices increased by INR 200-600/MT (USD 3-9), Billet by INR 100-800/MT & Sponge iron by INR 100-200/MT in major markets of India.
The major price rise in Billet by INR 800/MT & in Rebar by INR 600/MT seen in Mumbai owing to supply crunch & improved demand. Closure of steel mills in Silvassa has created shortage of Billets in Mumbai (Wada).
Further the rebar demand has improved in Central region – Raipur, following which Billet supply reduces through the hot rolling mills (HRM) in merchant market, resulting increase in prices & gap between Ingot & Billet to INR 800-1,000/MT from earlier about INR 500-700/MT.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,600-34,700/MT (USD 428-485) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,350-21,700/MT (USD 284-303); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 17th December 2018 (Monday) INR to USD exchange rate stood at INR 71.5
— ICEX (Indian Commodity Exchange Ltd) Jan’19 contract for STEELLONG today open at INR 33,910/MT & last traded (IST 18:38) at INR 34,010/MT.
— BSE Sensex closed at 36,270(+307) on Monday, as against last day (Friday) at 35,962(+33).
— NSE Nifty50 index was closed today at 10,888(+82).
Trade Updates
1. Essar Steels Iron ore & pellet sourcing up 11% in Nov’18. The sourcing stood at 1.24 MnT in Nov’18, up 11% M-o-M as against 1.12 MnT in Oct’18.
2. Indian Silico Manganese prices up marginally in recent trades. The prices found some support on improvement in steel prices. Latest price assessment at INR 69,000/MT (Ex-Durgapur and Ex-Raipur), however few producers are quoting above the mentioned levels.
3. Electrosteels in Bokaro, Jharkhand has offers Steel grade Pig iron at INR 28,800-29,000/MT ex-plant & excluding GST.
4. Pig iron prices in Eastern region more or less firm today & assessed steel grade at INR 29,300-29,500/MT ex-Durgapur & INR 28,800-29,000/MT ex-Jharkhand, excluding GST.
5. Jalna, Maharashtra based mills purchased Sponge C-DRI mix material from Odisha at around INR 20,300-20,500/MT & freight cost via road reported at around INR 1,800/MT.
6. Vizag Steel also known as RINL (Rashtriya Ispat Nigam Limited) floated a export tender for 25,000 MT Pig Iron. The due date for bid submission is 20th Dec’18.
7. Rashmi Metaliks in Durapur has sharply increase sponge prices and reported P-DRI around INR 19,700/MT – Sources.
8. Raipur based integrated plants have raised sponge prices by INR 100-200/MT & offered P-DRI at INR 20,200-20,300/MT. Sponge DR-CLO prices being surge and stood at INR 22,700-22,800/MT ex-plant.
9. Wire rod trade discount through the suppliers in Raipur assessed at around INR 600-800/MT, reduced marginally owing to improved demand & sharp surge in Billet prices.
10. Rathi Steels in North region-Delhi increases rebar prices by INR 200-300/MT and reported at INR 38,600/MT (12 mm), excluding GST.
11. Mumbai based Guardian TMT has increased rebar prices by INR 600/MT day-on-day & today’s offer reported at INR 37,000/MT(12 mm), excluding GST.
12. Raipur based SPEED TMT prices increased by INR 300/MT today & offers stood at INR 35,811/MT(12-25 mm) ex-plant & excluding GST.
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