Indian spot steel prices plunge further amid sluggish demand domestically, as stated by participants. The Rebar, Billet & Sponge iron prices fell by INR 100-300/MT (day on day) through the mid sized mills.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,300-33,800/MT (USD 431-481) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,500-19,400/MT (USD 263-277); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 15th May 2019 (Wednesday) INR to USD exchange rate stood at INR 70.34.
— ICEX (Indian Commodity Exchange Ltd) Jun’19 contract for STEELLONG today open at INR 33,460/MT & last traded (IST 18:34) at INR 33,380/MT.
— BSE Sensex closed at 37,114(-203) on Wednesday, as against last day (Tuesday) at 37,318(+227).
— NSE Nifty50 index was closed today at 11,157(-65).
Raw Materials
— Southern India based pellet maker – KIOCL has concluded 50,000 MT pellet (Fe 64% content with less than 2% Al) export deal at around USD 115/MT, FoB India.The tender was due on 14th May’19.
— OMC Iron ore fines e-auction received moderate response with 71% material getting booked at base price.JSW Steel booked 20,000t fines from Daitari mines.
Semi Finished
— SAIL’s pig iron auction today for 12,000 MT steel grade pig iron from Rourkela Steel plant (Eastern India) has received weak response despite reduced base price by INR 300/MT to INR 27,200/MT as against last auction. As per sources, near to 3,700 MT (30%) pig iron have been sold out at the base price.
— SAIL cancelled 16,200 MT Billet export tender amid high domestic realisation – Sources. Billet export offers from Russia weaken by USD 5 to USD 415-420/MT FoB Black Sea.
— Rashmi Metaliks in Durgapur, known as price trend setter, has offered Sponge P-DRI at INR 17,600/MT – Sources.
— Integrated plants in Raipur reported limited deals at the offer price of Sponge P-DRI at around INR 18,400/MT (ex-plant), as competitive/low prices being offered by Odisha/Raigarh based manufacturers at INR 18,300-18,400/MT FoR.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 18,600/MT & Billet at INR 30,400/MT ex-plant.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 19,500/MT & Billet at INR 31,200/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 18,400/MT ex-Bellary; an official reported.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 19,000/MT & INR 19,400/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
— Trade discounts in Raipur Wire rod unchanged at INR 1,100-1,200/MT amid stable basic price at INR 37,200/MT ex-plant.
— Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 39,600/MT ex-plant. (basic & excluding GST). Offers decline by INR 300/MT D-o-D.
— Raipur, Central India based ERW pipe manufacturers offers reported at around INR 37,400/MT ex-plant & excluding GST.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 39,800/MT ex-plant & excluding GST.
Reference prices as on 15th May 2019.
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 25,600 | 25,500 | 25,700 | 0 | 25,600 | 25,900 |
| Ex-Mumbai | HMS(80:20) | 24,900 | 24,800 | 25,100 | – 100 | 25,200 | 25,200 | |
| Ex-Chennai | HMS(80:20) | 23,500 | 23,300 | 23,700 | 0 | 23,800 | 24,500 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,700 | 18,600 | 18,800 | 0 | 18,900 | 20,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,500 | 18,400 | 18,600 | – 50 | 18,800 | 18,800 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 19,400 | 19,300 | 19,500 | – 100 | 19,800 | 19,850 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | – 100 | 19,200 | 19,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,500 | 17,400 | 17,600 | 0 | 17,600 | 19,000 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,300 | 18,200 | 18,400 | – 100 | 18,600 | 18,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,300 | 18,200 | 18,400 | – 100 | 18,800 | 19,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 18,900 | 18,800 | 19,000 | – 100 | 19,300 | 20,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,550 | 33,500 | 33,600 | – 150 | 34,100 | 34,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 30,800 | 30,700 | 30,900 | – 100 | 31,200 | 31,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,000 | 29,900 | 30,000 | 0 | 30,400 | 30,850 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,300 | 30,200 | 30,400 | – 50 | 30,700 | 30,850 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,400 | 32,300 | 32,400 | – 200 | 32,800 | 32,700 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 33,800 | 33,700 | 33,900 | – 200 | 34,500 | 34,800 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 31,300 | 31,200 | 31,400 | – 100 | 31,500 | 32,000 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 30,300 | 30,200 | 30,400 | – 100 | 30,800 | 31,250 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 30,900 | 30,800 | 31,000 | 0 | 31,350 | 31,600 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 31,700 | 31,600 | 31,800 | – 300 | 32,250 | 33,300 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 32,600 | 32,500 | 32,600 | – 300 | 33,050 | 32,950 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 31,500 | 31,400 | 31,600 | – 100 | 31,900 | 33,200 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 31,500 | 31,500 | 31,600 | 0 | 32,000 | 33,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,800 | 37,200 | 0 | 37,500 | 38,100 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,300 | 36,100 | 36,500 | – 200 | 36,600 | 37,400 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 34,900 | 34,700 | 35,000 | – 100 | 35,300 | 36,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 35,900 | 35,700 | 36,200 | – 200 | 36,400 | 36,900 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,900 | 37,400 | 0 | 37,100 | 37,800 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 35,200 | 35,000 | 35,400 | 0 | 35,700 | 36,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 36,700 | 36,500 | 37,200 | – 100 | 37,200 | 37,500 |
| Ex-Raipur | Wire Rod(5.5 MM) | 37,200 | 35,900 | 37,200 | 0 | 37,700 | 38,400 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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