Indian Steel prices fall further on limited inquiries following poor off take in finished steel products. The prices of Semis & Finished long steel products fall by INR 100-300/MT through the mid size mills, day-on-day.
As per sources, selling pressure rise with the producers, this may force them to keep prices competitive in line to improve sales and reduce inventories.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,000-33,700/MT (USD 427-481) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,200-20,000/MT (USD 273-285); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 8th January 2019 (Tuesday) INR to USD exchange rate stood at INR 70.17.
— ICEX (Indian Commodity Exchange Ltd) Feb’19 contract for STEELLONG today open at INR 32,840/MT & last traded (IST 18:16) at INR 32,680/MT.
— BSE Sensex closed at 35,980(+130) on Tuesday, as against last day (Monday) at 35,850(+155).
— NSE Nifty50 index was closed today at 10,802(+30).
Raw Materials
— Durgapur pellet prices have witnessed decline further by INR 100-200/MT to INR 5,600-5,700/MT this week against last week’s assessment of INR 5,700-5,800/MT.
— Imported scrap offers to India for HMS 1&2 (80:20) Dubai origin containers stood at around USD 313/MT, CFR Nhava Sheva.
Semi Finished
— Jindal Steel has lowered prices by around INR 500/MT and latest offers for Steel grade pig iron reported at INR 28,200/MT ex-plant, Raigarh & Panther shots (granulated pig iron) at INR 26,400/MT ex-plant, Angul, Odisha.
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 18,400-18,600/MT & Sponge DR CLO grade at INR 20,700-20,900/MT ex-plant
— Rashmi Metaliks in Durgapur has increased sponge prices by around INR 100-200/MT and today offers for P-DRI heard at around INR 19,000/MT-Sources.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 19,300/MT & Billet at INR 30,000/MT ex-plant. As per officials, trade activities are weak at the offer prices.
— BIOP Steels in South India has decreased sponge prices by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 19,700/MT & INR 20,100/MT ex-plant, Karnataka; an official reported.
— Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 80 P-DRI at INR 19,000-19,200/MT ex-plant, an official reported.
— BMM Ispat a price trend setter in South Indian sponge market has kept offers unaltered today and offered FeM 80 P-DRI lumps at INR 19,000/MT ex-Bellary, Karnataka.
Wire Rod & Pipe
— Raipur based wire rod manufacturers offers unaltered and trade discount through the manufacturers/suppliers is around INR 1,000-1,200/MT. The offers for 5.5mm wire rod is hovering around INR 37,900/MT ex-Raipur & INR 36,400-36,600/MT ex-Durgapur.
— Rashmi Metaliks wire rod offers decreased and reported at INR 36,500/MT (5.5 mm), ex-Kharagpur, east India.
— Raipur, Central India based ERW pipe manufacturers decreased prices by INR 200/MT & offers reported at around INR 36,600/MT ex-plant & excluding GST.
Rebar (12 mm)
— Rathi Steels based in North region offering at around INR 38,000/MT.
— Raipur based – SPEED TMT unchanged their offering at INR 34,800/MT.
— Raigarh based Anjani Steels Ltd. (Radhe TMT) offering at INR 35,200/MT (Up by INR 200/MT).
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) unchanged their offering at INR 38,200/MT FoR.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT unchanged their offering at INR 36,300/MT.
— Chennai based Shakti Ferro Alloys, (SSI TMT) unchanged their offering at INR 37,000/MT & TI Macho offering at INR 41,900/MT.
Note – The prices mentioned above are ex-work, excluding GST & changes are on day basis.
Reference prices as on 8th January 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 25,300 | 25,200 | 25,400 | – 100 | 26,500 | 26,200 |
| Ex-Mumbai | HMS(80:20) | 25,000 | 24,900 | 25,100 | – 100 | 25,500 | 26,100 | |
| Ex-Chennai | HMS(80:20) | 24,300 | 24,100 | 24,400 | – 100 | 24,000 | 24,900 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,000 | 19,900 | 20,100 | – 100 | 21,200 | 20,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | – 200 | 20,200 | 20,500 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | – 200 | 21,200 | 21,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,400 | 19,300 | 19,500 | – 100 | 19,900 | 20,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,900 | 18,800 | 19,000 | – 100 | 20,000 | 19,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,500 | 18,400 | 18,600 | – 100 | 19,600 | 20,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,900 | 18,800 | 19,000 | – 100 | 19,550 | 20,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,600 | 19,500 | 19,600 | 0 | 20,300 | 20,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,350 | 33,300 | 33,400 | + 50 | 34,150 | 34,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 30,200 | 30,100 | 30,300 | – 200 | 31,700 | 30,500 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 29,600 | 29,500 | 29,700 | – 150 | 30,700 | 30,250 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,000 | 29,900 | 30,100 | – 100 | 30,900 | 30,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,400 | 32,300 | 32,500 | – 100 | 33,000 | 32,700 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 33,650 | 33,600 | 33,700 | + 50 | 34,450 | 34,300 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 30,600 | 30,500 | 30,700 | – 200 | 32,000 | 31,000 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 30,000 | 29,900 | 30,100 | – 300 | 31,000 | 30,500 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 30,800 | 30,700 | 30,900 | – 100 | 31,950 | 31,000 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 32,900 | 32,800 | 33,000 | – 100 | 34,000 | 33,200 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 32,600 | 32,500 | 32,700 | – 100 | 33,200 | 32,900 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 33,000 | 32,800 | 33,100 | 0 | 33,200 | 33,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 32,000 | 31,900 | 32,100 | 0 | 33,000 | 32,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 36,700 | 36,600 | 36,900 | – 100 | 37,900 | 37,200 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 35,500 | 35,300 | 35,800 | – 300 | 36,800 | 36,700 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 34,600 | 34,500 | 34,700 | – 100 | 35,400 | 35,100 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 35,900 | 35,700 | 36,100 | – 200 | 36,700 | 36,100 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,800 | 37,200 | – 200 | 37,400 | 37,500 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 36,500 | 36,300 | 36,700 | – 200 | 37,200 | 37,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 36,500 | 36,300 | 36,700 | – 300 | 38,300 | 37,500 |
| Ex-Raipur | Wire Rod(5.5 MM) | 37,900 | 36,900 | 37,900 | 0 | 38,600 | 38,300 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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