Indian steel prices fall sharply today due to poor off take in finished steel products following limited domestic inquiries. As per participants suppliers are hurry to deal, although buyers currently in wait & watch mode.
SteelMint’s daily assessment shows price fall of upto INR 1,000/MT (USD 14) through the mid size steel mills, in which Rebar prices declined by INR 200-500/MT, Billet by INR 200-1,000/MT (USD 3-14) & Sponge iron by INR 200-400/MT.
The major down trend in Billet reported in Hyderabad – southern India by INR 1,000/MT followed by central, east & northern regions by INR 500-600/MT, day-on-day.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,400-33,600/MT (USD 436-482) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,000-21,400/MT (USD 286-307); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 20th December 2018 (Thursday) INR to USD exchange rate stood at INR 69.77.
— ICEX (Indian Commodity Exchange Ltd) Jan’19 contract for STEELLONG today open at INR 33,540/MT & last traded (IST 18:27) at INR 33,110/MT.
— BSE Sensex closed at 36,431(-52) on Thursday, as against last day (Wednesday) at 36,484(+137).
— NSE Nifty50 index was closed today at 10,951(-15).
Raw Materials
— The Indian pellet export price assessment is at around USD 110-111/MT, CFR China levels for regular grade pellet with 3% alumina.
— Imported scrap offers to India for HMS 1&2 (80:20) Dubai origin containers stood at around USD 328/MT, CFR Nhava Sheva
Semi Finished
— Jharkhand, eastern India based a producer is offering Blast furnace grade Wire rod (5.5-6.0 mm) for domestic buyers at INR 42,500-43,000/MT & for exports at close to USD 570-580/MT, ex-mill.
— As per Durgapur based mills, Billet deals concluded for Mandi Gobindgarh – Punjab at INR 30,600/MT (ex-mill), freight cost via road is about INR 2,800/MT.
— The latest Billet export offers through the Durgapur, eastern India based mills fall by USD 5/MT on decline in domestic prices and reported for Induction grade (100*100mm) at around USD 435/MT, as against last day at USD 440/MT (ex-mill).
— Sponge P-DRI prices in Durgapur through the price trend setter – Rashmi Metaliks reduced by about INR 300/MT and offers for P-DRI reported at INR 19,200/MT – Sources.
— Raipur, Central India based Integrated plants offers decreased by INR 200-300/MT, offering Sponge P-DRI at INR 19,700-19,900/MT & Sponge DR CLO grade at INR 22,300-22,500/MT ex-plant.
— Raigarh based Singhal Steel offered P-DRI at INR 19,000/MT & C-DRI at INR 20,200/MT ex-Raigarh, an official reported. Also, the company offers Billet at INR 31,200/MT FoR Raipur.
— Odisha based sponge manufacturers who’s production is about 100-300 TPD reported, increasing selling pressure and are anticipating further price corrections if demand remains poor. Today the offers for C-DRI mix material was at about INR 19,800-20,000/MT ex-plant.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 20,200/MT & INR 20,600/MT ex-plant, Karnataka; an official reported.
Wire rod & Pipe
— Raipur based wire rod manufacturers offers down by INR 400/MT and trade discount through the manufacturers/suppliers slightly increased at around INR 800-1,100/MT. The offers for 5.5mm wire rod is hovering around INR 38,400/MT ex-Raipur & INR 36,900-37,100/MT ex-Durgapur.
— Rashmi Metaliks reduced offers in wire rod and reported at INR 36,800/MT (5.5mm) ex-Kharagpur, eastern India.
— Hyderabad (South India) based manufacturer – Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 40,500/MT ex-plant. (basic & excluding GST).
Rebar (12 mm)
— Rathi Steels based in North region offering at INR 38,600/MT, down by INR 750/MT.
— Raipur based – SPEED TMT offering at INR 35,600/MT, down by INR 400/MT.
— Raigarh based Anjani Steels Ltd. (Radhe TMT) unchanged their offering at INR 35,500/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) offering at INR 38,700/MT FoR, down by INR 100/MT.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT offering at INR 37,000/MT, down by INR 500/MT.
— South region based – VRKP Steel Industry Pvt Ltd – VRKP tmt unchanged their offering at INR 38,200/MT.
— East region based – Baba Smelter Pvt. Ltd current offering Structure (150 Channel) at INR 38,750/MT, down by INR 250/MT.
Note – the prices mentioned above based on ex-work and excluding GST and changes are placed on day basis.
Reference prices as on 20th December 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,500 | 26,400 | 26,600 | – 300 | 26,200 | 27,300 |
| Ex-Mumbai | HMS(80:20) | 25,500 | 25,500 | 25,700 | 0 | 26,000 | 26,500 | |
| Ex-Chennai | HMS(80:20) | 24,100 | 24,000 | 24,200 | 0 | 24,900 | 26,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,300 | 20,200 | 20,400 | – 400 | 20,200 | 22,600 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | – 300 | 20,400 | 21,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,400 | 21,300 | 21,500 | – 200 | 21,400 | 22,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | – 300 | 20,400 | 20,900 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,000 | 18,900 | 19,100 | – 500 | 19,150 | 21,550 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | – 200 | 19,900 | 20,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,600 | 19,500 | 19,700 | – 200 | 19,800 | 20,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | – 200 | 20,600 | 21,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,500 | 33,500 | 33,600 | – 450 | 33,800 | 35,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 30,100 | 30,000 | 30,200 | – 800 | 30,100 | 32,400 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 29,800 | 29,700 | 29,900 | – 500 | 29,800 | 31,600 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,200 | 30,100 | 30,300 | – 600 | 30,200 | 32,200 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,300 | 33,200 | 33,400 | – 400 | 32,500 | 33,600 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 33,600 | 33,600 | 33,700 | – 500 | 34,100 | 35,600 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 30,750 | 30,700 | 30,800 | – 550 | 30,600 | 32,700 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 30,400 | 30,300 | 30,500 | – 200 | 30,200 | 32,100 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 31,000 | 30,900 | 31,100 | – 600 | 30,800 | 32,650 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 33,600 | 33,500 | 33,700 | – 300 | 33,100 | 34,400 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 33,500 | 33,400 | 33,600 | – 400 | 32,900 | 33,900 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 33,500 | 33,400 | 33,600 | 0 | 33,500 | 34,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 32,300 | 32,000 | 32,500 | – 700 | 32,000 | 34,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,400 | 37,200 | 37,600 | – 500 | 37,200 | 38,700 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 35,800 | 25,600 | 36,000 | – 500 | 36,200 | 38,100 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,600 | 35,400 | 35,900 | – 200 | 34,800 | 36,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,900 | 36,700 | 37,200 | – 300 | 36,000 | 37,100 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 37,500 | 37,500 | 37,800 | – 200 | 37,700 | 39,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 36,500 | 36,300 | 36,700 | – 500 | 36,800 | 38,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,000 | 36,800 | 37,200 | – 400 | 37,000 | 38,900 |
| Ex-Raipur | Wire Rod(5.5 MM) | 38,400 | 37,400 | 38,400 | – 400 | 37,800 | 39,300 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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