Spot steel prices further declined in major Indian markets on account of poor inquiries in finished products. The Rebar & Billet prices fell by INR 100-300/MT, meanwhile sponge iron prices fluctuated by INR 100-200/MT, day-on-day.
Market participants mentioned that, finished steel demand likely to remain bearish due to election season in the country, this may put pressure on Semis market.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,900-34,900/MT (USD 446-504) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,800-20,500/MT (USD 271-296); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 10th April 2019 (Wednesday) INR to USD exchange rate stood at INR 69.17.
— ICEX (Indian Commodity Exchange Ltd) May’19 contract for STEELLONG today open at INR 34,100/MT & last traded (IST 18:28) at INR 34,030/MT.
— BSE Sensex closed at 38585(-353) on Wednesday, as against last day (Tuesday) at 38,939(+238).
— NSE Nifty50 index was closed today at 11,584(-87).
Raw Materials
— Tata Steel concludes imported SCRAP purchase tender, Shredded at USD 355/MT CFR & HMS at USD 345/MT, CFR Vizag. Initially company floated a tender of 20,000 t but concluded 12,000 MT on expectation of price cut in global market.
— Southern India based pellet maker – KIOCL has concluded 50,000 MT pellet (Fe 64% content with 1.4% Al) export deal at around USD 114/MT, FoB India.The tender was due on 09th Apr’19.
— Ferrexpo plc has recorded pellet production at 2.54 MnT in Q1 CY19, down 11% as compared to 2.85 MnT in Q4 CY18- Reports.
— Essar Steel has witnessed the growth of 10% in its crude steel output in FY19 & produced 6.8 MnT of crude steel in FY’19 against 6.18 MnT in previous fiscal- Sources .
— RINL has invited a global tender for purchase of 180,000 MT low ash metallurgical coke at Visakhapatnam, India. The due date for bid submission is 30 Apr’19 till 10:30 Hrs.
— Indian met coke import prices remain stable. For the 64% CSR and the 62% CSR grades prices are at around USD 336.5/MT and USD 320.50/MT respectively on CNF India basis.
— Imported scrap offers to India for HMS (80:20) Europe origin containers stood at around USD 310/MT, CFR Nhava Sheva.
Semi Finished
— Indian sponge iron export offers rise by USD 5-10/MT, price assessment for 80 FeM sponge lumps are at USD 315-320/MT CPT Benapole (dry land port of Bangladesh & India) and USD 335-340/MT CNF Chittagong, Bangladesh.
— Durgapur based manufacturers have sold good volumes of Billet to Punjab, Mandi Gobindgarh at the price range of INR 31,800-32,000/MT ex-plant. Freight cost via road to Mandi at INR 2,500-2,700/MT.
— Mid sized mills export offers for Billet at around USD 455/MT & Wire rod at USD 530-535/MT ex-mill at Durgapur, eastern India.
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 18,400-18,600/MT & Sponge DR CLO grade at INR 20,400-20,600/MT ex-plant.
— Raigarh based Singhal Steel offered P-DRI at INR 17,800/MT ex-Raigarh & Billet at INR 31,400-31,500/MT FoR Raipur, officials reported.
— 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 19,000-19,100/MT ex-Bellary, Karnataka.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 20,200/MT & Billet at INR 32,800/MT ex-plant.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 19,500/MT & 19,900/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
— Trade discounts in Raipur HB & Wire rod has further increased to INR 1,200-1,400/MT as against last day at INR 1,000-1,200/MT. Basic prices for 5.5 mm is hovering at INR 38,300/MT ex-Raipur & INR 37,100-37,600/MT ex-Durgapur.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 41,200/MT ex-plant & excluding GST.
— Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 39,700/MT ex-plant. (basic & excluding GST).
Rebar (12 mm)
— Rathi Steels based in North region has unchanged their offers at INR 39,650/MT (ex-Delhi).
— Raipur based – SPEED TMT has unchanged their offers at INR 36,500/MT.
— Real Ispat (GK TMT) is offering at INR 38,500/MT (down by INR 300/MT).
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) offering at INR 38,800/MT FoR (down by INR 200/MT).
— Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) has unchanged their offers at INR 37,900/MT.
— Chennai based ARS Steel (ARS 500 D) is currently offering at INR 40,800/MT.
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis.
Reference prices as on 10th April 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 25,900 | 25,800 | 26,000 | – 200 | 26,200 | 25,700 |
| Ex-Mumbai | HMS(80:20) | 25,300 | 25,200 | 25,400 | 0 | 24,900 | 25,300 | |
| Ex-Chennai | HMS(80:20) | 24,800 | 24,600 | 25,000 | – 100 | 24,600 | 25,000 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,500 | 20,400 | 20,600 | – 100 | 20,000 | 19,200 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | – 200 | 18,700 | 19,100 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 19,500 | 19,400 | 19,600 | 0 | 19,800 | 20,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,600 | 19,500 | 19,700 | + 200 | 18,700 | 19,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,200 | 19,100 | 19,300 | – 200 | 18,700 | 18,000 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,500 | 18,400 | 18,600 | 0 | 18,400 | 18,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,100 | 19,000 | 19,200 | + 100 | 18,500 | 18,600 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,500 | 19,400 | 19,500 | + 100 | 19,000 | 19,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,450 | 34,400 | 34,500 | – 300 | 34,100 | 34,200 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,500 | 31,400 | 31,600 | – 200 | 31,200 | 31,300 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,800 | 30,700 | 30,800 | – 200 | 30,400 | 30,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,850 | 30,800 | 30,900 | – 150 | 30,900 | 31,400 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,800 | 32,800 | 32,900 | – 200 | 32,900 | 34,300 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 34,850 | 34,800 | 34,900 | – 250 | 34,500 | 34,500 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 31,900 | 31,800 | 32,000 | – 200 | 31,600 | 31,600 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 31,200 | 31,100 | 31,300 | – 300 | 30,800 | 31,000 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 31,300 | 31,200 | 31,400 | – 200 | 31,400 | 31,900 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 33,600 | 33,500 | 33,700 | – 50 | 33,900 | 34,400 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 33,000 | 32,900 | 33,100 | – 200 | 33,100 | 34,500 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 33,300 | 33,200 | 33,500 | 0 | 32,700 | 33,500 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 33,000 | 32,900 | 33,100 | 0 | 32,500 | 33,300 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 38,500 | 38,400 | 38,700 | – 200 | 38,100 | 37,600 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 37,300 | 37,100 | 37,500 | 0 | 36,800 | 36,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,300 | 36,200 | 36,500 | 0 | 36,000 | 36,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 37,100 | 36,900 | 37,300 | 0 | 37,000 | 37,800 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 38,000 | 37,800 | 38,200 | – 100 | 37,700 | 38,400 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 36,700 | 36,500 | 36,900 | 0 | 36,200 | 36,800 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,300 | 37,000 | 37,600 | – 100 | 36,700 | 36,800 |
| Ex-Raipur | Wire Rod(5.5 MM) | 38,300 | 37,000 | 38,300 | – 300 | 38,300 | 38,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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