Indian mid sized mills have further reduced prices due to limited inquiries and rising supply. On day trade activities, prices fall by INR 100-500/MT in Rebar & Billet, while sponge iron marked corrections of INR 100/MT in major markets.
As per participants, demand is poor as major buyers are postponing their future bookings due to uncertainty in the market.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,700-34,300/MT (USD 444-497) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,900-19,900/MT (USD 273-289); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 15th March 2019 (Friday) INR to USD exchange rate stood at INR 69.07.
— ICEX (Indian Commodity Exchange Ltd) Apr’19 contract for STEELLONG today open at INR 34,150/MT & last traded (IST 18:04) at INR 33,920/MT.
— BSE Sensex closed at 38,024(+269) on Friday, as against last day (Thursday) at 37,754(+2).
— NSE Nifty50 index was closed today at 11,426(+83).
Raw Materials
— Raipur (Central India) based pellet manufacturers have reduced offers by INR 400/MT (USD 6) to INR 6,300/MT (ex-Raipur, GST extra) for Fe 63%.
— Bhushan Steel has recorded Iron ore & Pellet sourcing at 0.40 MnT in Feb’19, increased 14% on monthly basis as against 0.35 MnT in Jan’19.
— Indian metallurgical coke imports have increased by 5.88% to 0.43 million tonnes (MnT) in Feb’19, as compared to 0.41 MnT in Jan’19, as per the latest vessel lineup data compiled by CoalMint Research.
— Local manufacturers in Central India has offered Silico Manganese (60-14) at INR 67,000-67,500/MT ex-plant.
Semi Finished
— As per sources, Vizag Steel (RINL) has cancelled 5,418 MT Bloom (150*150 mm) export tender to Nepal, which bid due date was on 8th Mar’19. The highest bid for the tender was reported at USD 420-425/MT ex-mill, which was quite low in line with company’s expectations.
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 18,500-18,700/MT & Sponge DR CLO grade at INR 20,900-21,100/MT ex-plant.
— Raigarh based Singhal Steel offered P-DRI at INR 18,000/MT ex-Raigarh & Billet at INR 31,700/MT FoR Raipur, officials reported.
— In West Bengal – Durgapur, big manufacturers have kept sponge offers unaltered for the day; P-DRI at INR 18,000/MT & C-DRI at INR 19,200/MT ex-plant
— Odisha based manufacturer, KJS Ahluwalia offered Billet at INR 30,900/MT ex-plant. And also offering FeM 80 Sponge mix material at INR 18,900-19,000/MT ex-plant.
— 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.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 19,700/MT & Billet at INR 32,800/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 18,500/MT ex-Bellary, an official reported.
— BIOP Steels in South India has kept offers unaltered; offering 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 (Central India) & Mandi Gobindgarh (North India) based pipe manufacturers kept offers at firm level, offering ERW pipe at around INR 37,000-37,100/MT & INR 40,600/MT, respectively; prices are ex-plant & excluding GST.
— Raipur based wire rod manufacturers offers unchanged and trade discount through the manufacturers/suppliers is assessed at INR 800-1,200/MT. Offers for 5.5 mm wire rod at around INR 38,000/MT ex-Raipur & INR 36,400-36,700/MT ex-Durgapur.
Rebar (12mm)
— Raipur based – SPEED TMT is being offered at *INR 35,900/MT (down by INR 200/MT).
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) has unaltered their offers at INR 39,300/MT FoR.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is offering TMT at INR 38,300/MT.
— Mumbai based Vistar Metal Ind. Pvt. Ltd. (Vistar TMT) is offering rebar at INR 37,600/MT (down by INR 300/MT).
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis. * Correction.
Reference prices as on 15th March 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 25,800 | 25,700 | 25,900 | + 100 | 25,800 | 26,300 |
| Ex-Mumbai | HMS(80:20) | 25,000 | 24,900 | 25,100 | – 200 | 25,200 | 25,800 | |
| Ex-Chennai | HMS(80:20) | 24,800 | 24,600 | 24,900 | 0 | 25,000 | 25,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,200 | 19,100 | 19,300 | 0 | 19,400 | 21,750 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,900 | 18,800 | 18,900 | – 100 | 19,700 | 21,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 19,900 | 19,800 | 20,000 | – 100 | 20,300 | 22,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,200 | 19,000 | 19,200 | 0 | 20,000 | 21,300 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,000 | 17,900 | 18,100 | 0 | 18,300 | 20,550 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,500 | 18,400 | 18,600 | – 100 | 19,100 | 21,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,500 | 18,400 | 18,600 | 0 | 19,600 | 20,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | 0 | 20,100 | 21,300 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,900 | 34,100 | – 100 | 34,800 | 35,800 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,200 | 31,100 | 31,300 | – 50 | 31,600 | 33,200 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,400 | 30,300 | 30,500 | – 200 | 31,200 | 32,900 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,000 | 30,900 | 31,100 | – 250 | 32,050 | 33,600 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,600 | 33,500 | 33,600 | – 500 | 34,500 | 35,700 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 34,300 | 34,200 | 34,400 | – 100 | 35,200 | 36,400 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 31,550 | 31,500 | 31,600 | – 100 | 32,100 | 33,700 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 30,700 | 30,600 | 30,800 | – 200 | 31,700 | 33,600 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 31,550 | 31,500 | 31,600 | – 150 | 32,300 | 34,500 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 34,000 | 33,900 | 34,100 | + 100 | 35,200 | 35,500 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 33,800 | 33,700 | 33,800 | – 550 | 34,700 | 35,900 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 33,400 | 33,300 | 33,500 | 0 | 34,200 | 35,500 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 33,000 | 32,900 | 33,100 | 0 | 33,700 | 34,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,300 | 37,300 | 37,700 | – 100 | 37,900 | 39,000 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,300 | 36,100 | 36,500 | 0 | 37,000 | 38,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,800 | 35,600 | 35,900 | – 200 | 36,400 | 37,500 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 37,400 | 37,200 | 37,700 | – 400 | 38,000 | 39,300 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 38,300 | 38,000 | 38,400 | – 100 | 39,000 | 39,600 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 36,700 | 36,500 | 36,900 | – 100 | 37,300 | 38,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 36,400 | 36,100 | 36,500 | -300 | 37,100 | 38,700 |
| Ex-Raipur | Wire Rod(5.5 MM) | 38,000 | 37,000 | 38,000 | 0 | 38,800 | 41,200 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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