Indian steel prices remain volatile following subdued trade activities in major markets amid average supply movement.
As per daily assessment, the Billet & Rebar prices fall slightly by INR 100-300/MT in across regions excepts in Western India where Billet prices moved up in same proportion due to short supply of scrap.
In context to Sponge iron, the manufacturers in South & Eastern regions have slightly lower their prices by INR 100-200/MT in line with price corrections in Billet. However in Central regions, hold supply by couple of big plants, led to support prices and are unaltered on day trade activities.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,900-34,400/MT (USD 443-493) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,700-19,600/MT (USD 268-281); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 24th April 2019 (Wednesday) INR to USD exchange rate stood at INR 69.87
— ICEX (Indian Commodity Exchange Ltd) May’19 contract for STEELLONG today open at INR 33,960/MT & last traded (IST 18:38) at INR 33,630/MT.
— BSE Sensex closed at 39,054(+489) on Wednesday, as against last day (Tuesday) at 38,564(-80).
— NSE Nifty50 index was closed today at 11,726(+150).
Raw materials
— As per provisional data maintained with SteelMint, India’s iron ore output is expected to have touched around 204 MnT in FY19 against 201 MnT in
previous fiscal.
— Imported Manganese ore offer prices to India remained relatively stable for last two months. However market participants believe that the prices may rise for offers to be made in May.
— Silicon Manganese (60-14) trades in Raipur, Central India reported at around INR 66,500-67,000/MT ex-plant.
Semi Finished
— In the letter dated 4th Apr’19, Ministry of Steel intends to implement Quality Control Order on 13 additional product standards. The order may be called as Steel and Steel Products (Quality Control) Order, 2019. It shall come into force on the date specified in Official Gazette and shall apply to steel products but not to products meant for exports. However the date of implementation has not been declared yet.
— Steel grade Pig iron prices in eastern India declined owing to weak response & resumed sales by couple of merchant suppliers. Latest offers hovering at INR 29,000/MT ex-Durgapur, INR 27,300-27,500/MT ex-Jajpur(Odisha) & INR 28,500-28,700/MT ex-Jharkhand; excluding GST.
— Sources reported Chandrapur (Maharashtra) based manufacturers offered Sponge P-DRI (FeM 80) at INR 18,700-18,800/MT, ex-plant & excluding GST.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 18,600-18,700/MT & Billet at INR 30,700-30,800/MT ex-plant.
— BIOP Steels in South India has decreased sponge prices by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 19,600/MT & INR 20,000/MT ex-plant, Karnataka; an official reported.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 20,300/MT & Billet at INR 32,100/MT ex-plant.
— Neelachal Ispat (NINL) is offering 2,000 MT Pooled iron (mixed with LRS Scrap) at INR 23,700/MT on ex-plant, Cuttack, Odisha.
— The mid sized mills in Durgapur, eastern India have offered Billet exports to Nepal at around USD 445/MT ex-mill, equivalent to USD 475/MT CNF Nepal, Raxaul border.
Wire rod & Pipe
— Trade discounts in Raipur Wire rod unaltered at INR 800-1,000/MT, meanwhile basic prices being unchanged at INR 37,900/MT ex-plant. However it slump in Durgapur by INR 200/MT to INR 36,700-37,500/MT ex-plant.
— Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 39,300/MT ex-plant. (basic & excluding GST).
— Raipur, Central India based ERW pipe manufacturers offers reported at around INR 37,800/MT ex-plant & excluding GST.
— East region based Wire Rod manufacturer – Adhunik Alloys & Pvt Ltd is currently offers HB (12 guage) at INR 39,500/MT.
Rebar (12mm)
— Rathi Steels based in North region current offering at around INR 38,400/MT (ex-Delhi).
— Raipur based – SPEED TMT is currently offers at INR 35,800/MT (down by INR 100/MT).
— Real Ispat (GK TMT) has unchanged their offers at INR 38,000/MT.
— Raigarh based Anjani Steels Ltd. (Radhe TMT) is currently offers at INR 35,600/MT (down by INR 300/MT).
— Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) is currently offers at INR 37,500/MT.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is currently offers at INR 37,600/MT.
— Chennai based ARS Steel (ARS 500 D) has unchanged their offers at INR 40,800/MT.
— East region based – Shakambhari Ispat & Power Ltd. is currently offers Wire Rod 5.5 mm at INR 37,300/MT & TMT at INR 37,100/MT.
Note – The prices mentioned above are ex-work, excluding GST & changes are on day basis.
Reference prices as on 24th April 2019
| Products | Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M |
| Scrap | Ex-Alang | HMS(80:20) | 27,000 | 26,900 | 27,100 | +200 | 25,900 | 26,100 |
| Ex-Mumbai | HMS(80:20) | 25,000 | 24,900 | 25,200 | +100 | 25,200 | 25,000 | |
| Ex-Chennai | HMS(80:20) | 24,400 | 24,300 | 24,600 | 0 | 24,500 | 24,500 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,600 | 19,500 | 19,700 | -300 | 20,300 | 19,900 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,700 | 18,600 | 18,800 | 0 | 18,800 | 18,800 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 19,600 | 19,500 | 19,700 | 0 | 19,850 | 19,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,500 | 19,400 | 19,600 | -100 | 19,800 | 19,100 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,400 | 18,300 | 18,500 | -200 | 19,000 | 18,500 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,600 | 18,500 | 18,700 | 0 | 18,600 | 18,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | -100 | 19,400 | 18,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,700 | 19,600 | 19,800 | 0 | 20,000 | 19,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,900 | 33,800 | 34,000 | -200 | 34,500 | 34,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,400 | -50 | 31,600 | 31,100 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,600 | 30,500 | 30,700 | -100 | 30,850 | 30,500 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,850 | 30,800 | 30,900 | -50 | 30,850 | 30,800 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,200 | 33,100 | 33,300 | +100 | 32,700 | 33,000 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 34,300 | 34,200 | 34,400 | -200 | 34,800 | 34,400 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 31,600 | 31,500 | 31,700 | -50 | 32,000 | 31,400 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 30,900 | 30,800 | 30,900 | -100 | 31,250 | 30,700 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 31,450 | 31,400 | 31,500 | -50 | 31,600 | 31,300 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 34,000 | 33,900 | 34,100 | +300 | 33,300 | 33,800 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 33,400 | 33,300 | 33,500 | +100 | 32,950 | 33,200 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 32,900 | 32,800 | 33,000 | -300 | 33,200 | 32,000 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 32,300 | 32,100 | 32,500 | -200 | 33,000 | 32,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,600 | 37,500 | 37,800 | -300 | 38,100 | 37,900 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,800 | 37,200 | -100 | 37,400 | 36,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,700 | 35,500 | 35,800 | -100 | 36,000 | 36,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,900 | 36,700 | 39,100 | 0 | 36,900 | 37,200 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 37,700 | 37,500 | 37,900 | -200 | 37,800 | 37,500 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 36,200 | 36,000 | 36,400 | 0 | 36,500 | 36,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,000 | 36,700 | 37,500 | -200 | 37,500 | 36,700 |
| Ex-Raipur | Wire Rod(5.5 MM) | 37,900 | 37,000 | 37,900 | 0 | 38,400 | 38,200 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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