Indian mid sized steel mills marginally declined their prices due to weak response on floated offers. The prices drop by about INR 100-500/MT in Billet, INR 100-400/MT in Rebar & INR 100/MT in Sponge iron.
The Billet prices down majorly in Gujarat, Western India by INR 400-500/MT on slump in ship breaking scrap prices over weak demand. Meanwhile the remaining markets registered price corrections close to INR 100-300/MT, day-on-day.
SteelMint’s latest price assessment for induction furnaces Billet in Indian market stood at INR 33,800-36,500/MT (USD 477-515) ex-plant.
Further, the coal based Sponge (78-80 FeM) C-DRI price assessment was at INR 21,400-22,700/MT (USD 302-321); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 13th February 2019 (Tuesday) INR to USD exchange rate stood at INR 70.80.
— ICEX (Indian Commodity Exchange Ltd) Mar’19 contract for STEELLONG today open at INR 35,560/MT & last traded (IST 18:42) at INR 35,470/MT.
— BSE Sensex closed at 36,034(-360) on Wednesday, as against last day (Tuesday) at 36,153(-241).
— NSE Nifty50 index was closed today at 10,793(-38).
Raw Materials
— JSW Steel’s crude steel productions stood at 1.45 MnT in Jan’19, up by 4% as compared to 1.4 MnT in Dec’18. Meanwhile on Y-o-Y, production inched down by 1% as against 1.46 MnT in Jan’18.
— India’s Graphite Electrodes (GE) producer, HEG Limited has released its quarterly results, in which the company’s sales have registered a rise of 121% y-o-y basis at INR 1,865 crore in Q3 FY19 against sales of INR 843 crore in Q3 FY18.
— NMDC’s Karnataka e-auction of 421,000 MT Iron ore (Fines & lumps) from Kumaraswamy mines received good response as entire quantity offered has been booked on unchanged floor prices. The auction fetched mostly flat bids. Iron ore fines lots offered fetched flat bids while for lumps increased by INR 90-150/MT over base price.
Semi Finished
— A private Indian pig iron manufacturer and exporter has concluded its 25,000 MT Basic grade Pig iron export tender at around USD 355-360/MT, FoB India and the cargo is likely to be shipped to Bangladesh, as per market sources.
— Jindal Steel has raised offers and reported Pig iron (steel grade) at INR 28,500/MT ex-Raigarh. Meanwhile Granulated Pig iron (Panther shots) is available at INR 27,100/MT & Pooled iron at INR 26,600/MT ex-Angul, Odisha.
— SteelMint’s assessment for Indian pig iron export rise by USD 15/MT to USD 355-360/MT, FoB on fresh buying from Bangladesh based buyer.
— Raipur based integrated plants has rolled over sponge iron prices and reported P-DRI in the range of INR 21,800-22,100/MT (ex-plant), although response was poor, as per participants.
— Durgapur based renowned producers slightly reduce sponge prices by INR 100/MT to INR 20,800/MT for P-DRI.
— The mid size mills in Durgapur reported weak response from Nepal’s re-rollers owing to competitive prices through the large mills(primary producers). The fresh export offers for Wire rod (commercial grade) reported at around USD 550/MT & Billet at USD 470-475/MT ex-mill. Freight cost to Nepal is about USD 30/MT CFR Raxaul border.
Wire Rod & Pipe
— SAIL’s Rourkela Steel Plant (RSP)- new plate mill registered the best ever production for any single day on 10th Feb’19 and rolled out 4,774 MT of plates, as per company website.
— Raipur based wire rod manufacturers kept offers unchanged and trade discount through manufacturers/suppliers is around INR 800-1,100/MT. The offers for 5.5mm wire rod is hovering around INR 41,200/MT ex-Raipur & INR 39,000-39,400/MT ex-Durgapur.
— Rashmi Metaliks has kept wire rod offers unchanged & reported at INR 38,800/MT (5.5 mm) ex-Kharagpur, east India.
— Hyderabad (south India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has unchanged offered for ERW Pipe at INR 42,000/MT ex-plant. (basic & excluding GST).
–Raipur, Central India based ERW pipe manufacturers decreased prices by INR 200/MT & offers reported at around INR 40,300/MT ex-plant & excluding GST.
Rebar (12 mm)
— Raipur based – SPEED TMT offers unchanged at INR 38,000/MT
— Raigarh based Anjani Steels Ltd. (Radhe TMT) offering at INR 38,000/MT (Up by INR 200/MT).
— Chennai based ARS Steel (ARS 500 D) increased their offers to around INR 42,000/MT.
— Mumbai based Guardian TMT offering at INR 40,000/MT (Up by INR 300/MT).
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis.
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