Indian Steel prices continues to rise, however trade activities remain limited with the producers.
As per daily assessment, the Rebar prices moved up by INR 100-400/MT, Billet by INR 100-600/MT & while Sponge iron by INR 200-300/MT in major markets of Central, East, North & Western India.
Industry participants are assuming, domestic prices likely to remain supported as there is no selling pressure with the mid size mills.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 32,700-35,900/MT (USD 458-504) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,400-21,800/MT (USD 286-306); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 8th February 2019 (Friday) INR to USD exchange rate stood at INR 71.26.
— ICEX (Indian Commodity Exchange Ltd) Mar’19 contract for STEELLONG today open at INR 34,450/MT & last traded (IST 18:48) at INR 34,930/MT.
— BSE Sensex closed at 36,546(-424) on Friday, as against last day (Thursday) at 36,971(-4).
— NSE Nifty50 index was closed today at 10,943(-125).
Raw Materials
— Indian pellet exports have marked rise of 46% to 1.02 MnT in Jan’19 as against 0.70 MnT in Dec’18-Customs.
— SAIL’s crude steel production increases by 16% to 4.28 MnT in Q3FY19 in comparison to 3.70 MnT in Q2FY19.
— Dubai based containerised HMS 1 assessed at around USD 330/MT, CFR Nhava Sheva.
Semi Finished
— Jindal Steel has offered Pig iron (Steel grade) at INR 27,200/MT ex-plant, Raigarh, Panther shots (granulated pig iron) at INR 26,200/MT & Pooled iron at INR 25,500/MT ex-plant, Angul, Odisha.
— Indian induction grade billet (100*100 mm size) export offers to Nepal are reported at USD 455-460/MT (ex-mill at West Bengal), equivalent to USD 480/MT CFR Nepal (Raxaul border).
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 20,600-20,800/MT & Sponge DR CLO grade at INR 22,400-22,500/MT ex-plant.
— According to sources in Durgapur, Rashmi Metaliks has kept offers unaltered to INR 20,200-20,300/MT for FeM 78 P-DRI.
— Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 20,400-20,500/MT ex-plant & excluding GST.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 20,000-20,100/MT ex-Bellary, an official reported.
— BIOP Steels in South India has increased sponge prices by INR 400-500/MT, offering FeM 80 & 82 C-DRI lumps at INR 20,500/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/MT & Billet at INR 34,000/MT ex-plant.
Finished long
— Raipur based wire rod manufacturers increased offers by INR 400/MT and trade discount through manufacturers/suppliers is around INR 400/MT. The offers for 5.5 mm wire rod is hovering around INR 40,000/MT ex-Raipur & INR 38,000-38,200/MT ex-Durgapur.
— Mandi Gobindgarh, North India based ERW pipe manufacturers increased prices by INR 400/MT & offers reported at around INR 41,400/MT ex-plant & excluding GST.
— Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 40,500/MT ex-plant. (basic & excluding GST).
— Raipur, Central India based ERW pipe manufacturers increased prices by INR 300/MT & offers reported at around INR 39,000/MT ex-plant & excluding GST.
Reference prices as on 8th February 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,700 | 26,600 | 26,800 | – 100 | 25,900 | 25,600 |
| Ex-Mumbai | HMS(80:20) | 25,500 | 25,300 | 25,500 | 0 | 25,100 | 25,200 | |
| Ex-Chennai | HMS(80:20) | 24,800 | 24,800 | 25,100 | + 100 | 24,500 | 24,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,500 | 21,400 | 21,600 | 0 | 20,600 | 20,200 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,400 | 20,300 | 20,500 | + 200 | 19,500 | 19,400 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,800 | 21,700 | 21,900 | + 300 | 20,300 | 20,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,400 | 20,300 | 20,500 | + 300 | 19,300 | 19,100 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,250 | 20,200 | 20,300 | + 50 | 19,300 | 19,100 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | + 100 | 19,200 | 18,550 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | + 100 | 18,800 | 18,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | + 200 | 19,300 | 19,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,500 | 35,400 | 35,500 | + 650 | 34,000 | 33,700 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 32,600 | 32,500 | 32,700 | + 100 | 31,300 | 30,500 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 32,000 | 31,900 | 32,100 | + 300 | 30,600 | 29,900 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,850 | 32,800 | 32,900 | + 450 | 31,000 | 30,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 35,150 | 35,100 | 35,200 | + 450 | 33,300 | 33,300 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 35,900 | 35,800 | 35,900 | + 650 | 34,400 | 33,900 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 33,200 | 33,100 | 33,300 | + 200 | 31,800 | 31,000 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 32,700 | 32,600 | 32,800 | + 500 | 31,200 | 30,400 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 33,850 | 33,800 | 33,900 | + 450 | 32,000 | 31,300 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 34,750 | 34,700 | 34,700 | + 400 | 33,300 | 33,600 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 35,350 | 35,300 | 35,400 | + 450 | 33,500 | 33,500 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 34,000 | 34,000 | 34,200 | 0 | 32,500 | 32,800 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 34,200 | 34,000 | 34,500 | + 200 | 32,500 | 32,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 38,300 | 38,200 | 38,500 | + 200 | 36,800 | 37,000 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 37,500 | 37,300 | 37,700 | + 200 | 36,300 | 35,900 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,300 | 36,200 | 36,500 | + 200 | 34,800 | 35,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 38,200 | 37,900 | 38,400 | + 200 | 36,800 | 36,700 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 37,800 | 37,700 | 38,000 | + 300 | 36,800 | 37,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 38,200 | 38,000 | 38,400 | + 200 | 36,200 | 37,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 38,000 | 37,700 | 38,200 | + 100 | 36,600 | 36,900 |
| Ex-Raipur | Wire Rod(5.5 MM) | 40,000 | 39,500 | 40,000 | + 500 | 37,800 | 38,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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