Indian steel prices fall by INR 100-500/MT today after a hike in same proportion last day (13th Mar). The prices moved down gradually on account of limited spot trades as sellers are hurry, while buyers opt to wait & watch mode.
On daily analysis, Sponge iron & Rebar prices fall by INR 100-300/MT, while Billet marked slump of INR 100-500/MT in major markets.
In current circumstances, margins are at bottom line of standalone mills, hence they are not looking significant drop in prices even thought the demand is subdued.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,900-34,400/MT (USD 444-495) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,100-20,100/MT (USD 274-289); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 14th March 2019 (Thursday) INR to USD exchange rate stood at INR 69.46.
— ICEX (Indian Commodity Exchange Ltd) Apr’19 contract for STEELLONG today open at INR 34,060/MT & last traded (IST 18:36) at INR 34,130/MT.
— BSE Sensex closed at 37,754(+2) on Thursday, as against last day (Wednesday) at 37,752(+216).
— NSE Nifty50 index was closed today at 11,343(+1).
Raw Materials
— NMDC DR-CLO auction from Chhattisgarh mines fetches premium of INR 650/MT by coast based DRI mills on low availability of imported lumps cargoes.
— Odisha’s merchant iron ore miner, Serajuddin recorded sharp increase in Feb’19 dispatches to 0.87 MnT, up 44% as against 0.61 MnT in Jan’19.
— OMC state-owned miner recorded 51% rise in dispatches at 0.78 MnT in Feb’19 as against 0.51 MnT in Jan’19.
— Dispatches of Chrome ore by Odisha miners have decreased by almost 14% in Feb’19 against Jan’19.
— According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 215.25/MT FoB Australia & USD 227.45/MT CNF India.
— South African RB2 (5500 NAR) coal offers are assessed at USD 61/MT on FoB basis & USD 74/MT CNF India
— Imported scrap offers to India for HMS 1&2 (80:20) Dubai origin containers stood at around USD 320/MT, CFR Nhava Sheva.
Semi Finished
— Vizag Steel has issued an export tender of 25,000 MT basic grade steel making Pig iron for any country other than Nepal. This tender is due on 18 Mar’19 and bid validity is till 25 Mar’19.
— SAIL’s Rourkela Steel Plant tender held today (14th Mar’19) to sell about 7,300 MT steel grade pig iron, had received improved response. The base price for the tender was quoted by RSP at INR 27,100/MT and near about 42% (3,000-3,200 MT) material sold.
— Raipur, Central India based Integrated plants offers decreased by INR 100/MT, offering Sponge P-DRI at INR 18,500-18,700/MT & Sponge DR CLO grade at INR 21,000-21,100/MT ex-plant.
— Rashmi Metaliks in Durgapur, known as price trend setter, has offered Sponge P-DRI at INR 18,000/MT – Sources.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 19,100/MT & Billet at INR 30,800/MT ex-plant.
— 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 18,500/MT ex-Bellary, Karnataka.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 19,600/MT & INR 20,000/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
— Raipur based wire rod manufacturers offers unchanged and trade discount through the manufacturers/suppliers is close to INR 1,000/MT. Offers for 5.5 mm wire rod is hovering at around INR 38,000/MT ex-Raipur & INR 36,400-36,600/MT ex-Durgapur.
— Rashmi Metaliks decreased wire rod offers & reported at INR 36,200/MT (5.5 mm) ex-Kharagpur, east India.
— Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 39,500/MT ex-plant. (basic & excluding GST). Offers decline by INR 300/MT.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 40,600/MT ex-plant & excluding GST.
Rebar (12mm)
— Rathi Steels based in North region is offering at INR 38,600/MT ex-Delhi (down by INR 200/MT).
— Raipur based – SPEED TMT offers unaltered at INR 36,100/MT.
— Raigarh based Anjani Steels Ltd. (Radhe TMT) has kept their offers unchanged at INR 36,000/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) has unchanged their offers at INR 39,300/MT FoR.
— Jalna based Kalika Steels Alloys Pvt. Ltd. is offering at INR 38,700/MT (Kalika TMT) .
— Wardha based Sangam TMT is offering at INR 36,700/MT.
— Chennai based Kamachi Industries Ltd. (KAMACHI TMT) is offering at INR 39,500/MT.
— Chennai based ARS Steel (ARS 500 D) has unchanged their offers at INR 40,800/MT.
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis.
Reference prices as on 14th March 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 25,700 | 25,600 | 25,800 | 0 | 25,600 | 26,300 |
| Ex-Mumbai | HMS(80:20) | 25,200 | 25,000 | 25,300 | – 100 | 25,200 | 25,900 | |
| Ex-Chennai | HMS(80:20) | 24,800 | 24,600 | 24,900 | – 200 | 25,200 | 25,400 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,200 | 19,100 | 19,300 | 0 | 19,300 | 21,800 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | – 100 | 19,800 | 21,300 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | – 100 | 20,400 | 22,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,200 | 19,000 | 19,200 | 0 | 20,200 | 21,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,000 | 17,900 | 18,100 | 0 | 18,100 | 20,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,600 | 18,500 | 18,700 | – 100 | 18,900 | 21,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,500 | 18,400 | 18,600 | – 100 | 19,800 | 20,900 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | – 200 | 20,400 | 21,400 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,100 | 34,000 | 34,200 | – 100 | 34,650 | 35,900 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,250 | 31,200 | 31,300 | – 50 | 31,400 | 33,250 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,600 | 30,500 | 30,700 | – 100 | 31,500 | 33,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,250 | 31,200 | 31,300 | – 150 | 31,900 | 33,800 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,100 | 34,000 | 34,200 | – 200 | 34,400 | 36,050 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 34,400 | 34,300 | 34,500 | – 100 | 35,000 | 36,500 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 31,650 | 31,600 | 31,700 | + 50 | 31,900 | 33,750 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 30,900 | 30,800 | 31,000 | – 100 | 31,800 | 33,900 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 31,700 | 31,600 | 31,800 | – 200 | 32,200 | 34,750 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 33,900 | 33,800 | 34,100 | – 500 | 34,750 | 35,500 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 34,350 | 34,300 | 34,400 | – 150 | 34,600 | 36,350 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 33,400 | 33,300 | 33,500 | – 100 | 34,300 | 35,500 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 33,000 | 32,900 | 33,100 | – 300 | 34,000 | 35,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,400 | 37,300 | 37,700 | – 200 | 37,900 | 39,200 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,300 | 36,100 | 36,500 | 0 | 36,800 | 38,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,000 | 35,800 | 36,100 | 0 | 36,500 | 37,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 37,800 | 37,600 | 38,100 | 0 | 38,000 | 39,700 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 38,400 | 38,200 | 38,600 | 0 | 38,800 | 39,600 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 36,800 | 36,600 | 37,000 | 0 | 37,500 | 38,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 36,700 | 36,400 | 36,900 | – 100 | 36,900 | 39,000 |
| Ex-Raipur | Wire Rod(5.5 MM) | 38,000 | 37,000 | 38,000 | 0 | 39,100 | 41,200 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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