Indian steel prices surge further on improved demand from domestic buyers.
As per sources, there are positive trends in the market on assumptions of further hike in finished steel prices by large mills. Also market believed that, soon to impose MIP (Minimum Import Price) mechanism by the Indian government to protect local steel industries. Thus, this has made strong sentiments in the market, leading to better demand.
On day trade activities Rebar & Billet prices surge by INR 100-300/MT, meanwhile Sponge iron increased by INR 100-200/MT in major markets.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 31,800-35,100/MT (USD 446-492) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,800-21,000/MT (USD 277-295); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 27th February 2019 (Wednesday) INR to USD exchange rate stood at INR 71.31.
— ICEX (Indian Commodity Exchange Ltd) Mar’19 contract for STEELLONG today open at INR 34,400/MT & last traded (IST 18:06) at INR 34,290/MT.
— BSE Sensex closed at 35,905(-68) on Wednesday, as against last day (Tuesday) at 35,973(-239).
— NSE Nifty50 index was closed today at 10,806(-28).
Raw Materials
— Indian crude steel output move up by 2% to 9.18 MnT in Jan’19 which was 9.01 MnT in Dec’18.
— Raipur (central India) based pellet manufacturers have today reduced offers to INR 7,200/MT (ex-Raipur, GST extra) as against last offer of INR 7,600/MT (ex-Raipur, GST extra).
— Indian met coke import prices for the 64% CSR and the 62% CSR grades amount to USD 371/MT and USD 356/MT respectively on CNF India basis.
— Melting scrap offers in Western India- Gujarat & Maharashtra incline by INR 300/MT in a day trade activities
— Local manufacturers in Central India offered 60-14 Silico Manganese at around INR 67,500/MT ex-plant.
Semi Finished
— Eastern India based Medium mills export offers to Nepal hovering at USD 440-443/MT for Billet (100*100 mm) & USD 515-520/MT for Wire rod (ex-plant). As per exporters deals are on average basis.
— SAIL Billet export tender for 24,300 MT concluded at around USD 465-470/MT, FoB Vizag. Global Billet export market sentiments turn weak on soft demand & falling scrap prices. Russian offers around USD 450/MT, FoB Black Sea.
— Officials from Electrosteel Ltd – Jharkhand stated, good demand for steel grade Pig iron as healthy volumes sold at INR 27,500-27,600/MT ex-plant.
— Rashmi Metaliks in Durgapur, known as price trend setter, has offered Sponge P-DRI at INR 18,700-18,800/MT – Sources.
— Aloke Steel Industries (Jharkhand) offered Fem 78-80 C-DRI lumps at INR 20,800/MT & Sponge mix material (60:40) at INR 20,400/MT ex-plant.
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 19,600-19,800/MT & Sponge DR CLO grade at INR 22,100-22,300/MT ex-plant.
— Raigarh based Singhal Steel offered P-DRI at INR 19,000/MT ex-Raigarh & Billet at INR 32,800/MT FoR Raipur, officials reported.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,300/MT & Billet at INR 31,500-31,600/MT ex-plant.
— East India, Odisha based manufacturer, Mahavir Ferro Alloys offered Billet at INR 32,000/MT ex-plant as per officials. However as per participants no major deals at this prices.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 20,200/MT & 20,600/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 34,300/MT ex-plant.
— South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI & Billet at INR 20,400/MT & INR 34,000/MT. Also offering 12 mm Rebar at INR 37,500/MT. All prices are ex-plant & excluding GST.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 19,900-20,000/MT ex-Bellary, offers incline by INR 300/MT from the last trade; an official reported.
Finished Long
— Raipur based wire rod manufacturers increased offers by INR 300/MT and trade discount through the manufacturers/suppliers is around INR 1,000-1,200/MT. The offers for 5.5 mm wire rod is hovering at around INR 39,300/MT ex-Raipur & INR 37,000/MT ex-Durgapur.
— Rashmi Metaliks kept wire rod offers unchanged & reported at INR 36,800/MT (5.5 mm) ex-Kharagpur, East India.
— In Raipur, price gap between 5.5 mm wire rod and 12G HB is now at INR 2,200/MT which was INR 2,400/MT earlier.
— Raipur, Central India based ERW pipe manufacturers increased prices by INR 300-500/MT & offers reported at around INR 38,300-500/MT ex-plant & excluding GST.
— Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 40,300/MT ex-plant. (basic & excluding GST).
Reference prices as on 27th February 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,100 | 26,000 | 26,200 | + 300 | 26,100 | 25,500 |
| Ex-Mumbai | HMS(80:20) | 25,200 | 25,100 | 25,400 | + 200 | 25,500 | 25,100 | |
| Ex-Chennai | HMS(80:20) | 25,100 | 25,000 | 25,300 | + 100 | 25,100 | 24,400 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,800 | 19,700 | 19,900 | + 200 | 20,500 | 20,500 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,100 | 20,000 | 20,200 | + 100 | 20,700 | 19,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,000 | 20,900 | 21,100 | 0 | 21,500 | 20,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,200 | 20,100 | 20,300 | 0 | 20,900 | 19,300 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,600 | 18,500 | 18,700 | + 200 | 19,300 | 19,300 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,700 | 19,600 | 19,800 | – 100 | 20,500 | 18,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,900 | 19,800 | 20,000 | + 200 | 20,300 | 18,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | + 100 | 20,800 | 19,300 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,550 | 34,500 | 34,600 | + 200 | 35,200 | 33,550 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,400 | + 200 | 32,300 | 31,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,300 | + 300 | 32,000 | 30,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,300 | 32,200 | 32,400 | + 400 | 32,600 | 30,700 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,900 | 34,800 | 35,000 | + 200 | 35,800 | 33,500 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 35,000 | 34,900 | 35,100 | + 200 | 35,900 | 33,900 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 31,800 | 31,700 | 31,900 | + 200 | 32,600 | 31,500 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 31,800 | 31,700 | 31,900 | + 400 | 32,700 | 31,000 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 33,000 | 32,900 | 33,100 | + 200 | 33,600 | 31,700 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 35,050 | 35,000 | 35,100 | + 100 | 35,500 | 32,800 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 35,100 | 35,000 | 35,200 | + 150 | 36,100 | 33,700 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 34,200 | 34,000 | 34,300 | 0 | 34,700 | 32,500 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 34,000 | 33,900 | 34,200 | + 200 | 34,500 | 32,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,600 | 37,400 | 37,800 | + 200 | 38,500 | 36,900 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,300 | 36,100 | 36,500 | + 300 | 37,500 | 36,100 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,100 | 35,900 | 36,300 | + 200 | 36,600 | 34,700 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 38,300 | 38,200 | 38,700 | 0 | 39,000 | 37,000 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 38,500 | 38,400 | 38,800 | – 100 | 39,000 | 37,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 37,500 | 37,300 | 37,700 | + 300 | 38,000 | 36,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,000 | 36,700 | 37,200 | + 200 | 37,500 | 36,500 |
| Ex-Raipur | Wire Rod(5.5 MM) | 39,300 | 38,300 | 39,300 | + 300 | 40,000 | 37,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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