Indian steel prices drop significantly due to limited trades and today it fell by INR 100-400/MT (USD 6) in major markets.
SteelMint learned that, as the margins are bottom line, the most of Sponge iron & Ingot/Billet manufacturers in Central & Eastern India are holding sales to maintain margins and supply-demand chain. Hence the participants are assuming that prices should find stability with the less supply in merchant market.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 27,700-31,900/MT (USD 397-458) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,700-17,500/MT (USD 239-252); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 21st June 2019 (Friday) INR to USD exchange rate stood at INR 69.62.
— ICEX (Indian Commodity Exchange Ltd) Jul’19 contract for STEELLONG today open at INR 31,210/MT & last traded (IST 18:23) at INR 30,970/MT.
— BSE Sensex closed at 39,194(-407) on Friday, as against last day (Thursday) at 39,601(+488).
— NSE Nifty50 index was closed today at 11,724(-107) & Nifty Metal at 2,930(-9).
Raw Materials
— According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 197/MT FoB Australia & USD 209.15/MT CNF India.
— South African RB2 (5500 NAR) coal offers are assessed at USD 51.33/MT on FoB basis & USD 64.33/MT CNF India.
— Melting scrap offers in Western India- Gujarat decline by INR 300/MT in a day trade activities.
Semi Finished
— RINL has issued an export tender of 21,000 MT basic grade steel making Pig iron for any country other than Nepal. This tender is due on 27 June’19 and bid validity is till 04 July’19.
— SAIL has schedule a auction to sale of about 3,800 MT basic grade Pig iron on 24th Jun’19 from its Rourkela Steel Plant (RSP).
— Raipur based sponge manufacturers have maintained offers at INR 16,500-16,600/MT, however deals remain at lower price at INR 16,200-16,300/MT ex-plant, as reported by sources.
— Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 1,800-17,000/MT ex-plant & excluding GST.
— BIOP Steels in South India has decreased sponge prices by INR 200/MT, offering FeM 80 & 82 C-DRI lumps at INR 17,800/MT & INR 18,100/MT ex-plant, Karnataka; an official reported.
— Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 17,000-17,200/MT ex-plant, an official reported.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 17,100/MT ex-Bellary, an official reported.
— Hyderabad, South India based steel manufacturers decreased their Billet offer by INR 300-500/MT to INR 29,000/MT. And offering 12 MM Rebar at around INR 33,000/MT. prices are ex-plant & excluding GST.
Wire Rod & Pipe
— Trade discounts in Raipur Wire rod slightly fall and stood at INR 1,400-1,600/MT with a slump in base price by INR 500/MT to INR 34,900/MT ex-plant. Similarly in Durgapur trade reference prices plunged by INR 300/MT to INR 33,400-34,000/MT ex-plant.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 38,200/MT ex-plant & excluding GST.
— Raipur, Central India based ERW pipe manufacturers offers reported at around INR 35,600/MT ex-plant & excluding GST. Offers decline by INR 400/MT D-o-D.
— Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 40,300/MT ex-plant. (basic & excluding GST).
Reference prices as on 21st June 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 24,600 | 24,500 | 24,700 | – 300 | NA | 26,000 |
| Ex-Mumbai | HMS(80:20) | 23,500 | 23,400 | 23,700 | – 200 | 24,400 | 24,900 | |
| Ex-Chennai | HMS(80:20) | 22,200 | 22,100 | 22,400 | – 200 | 22,900 | 23,600 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,500 | 17,400 | 17,600 | + 100 | 18,400 | 19,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,900 | 16,800 | 17,000 | – 200 | 17,900 | 18,850 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | – 100 | 18,200 | 20,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,500 | 17,400 | 17,600 | 0 | 18,000 | 19,300 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,500 | 16,400 | 16,600 | + 100 | 17,350 | 18,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,200 | 16,100 | 16,300 | – 100 | 17,100 | 18,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,000 | 16,900 | 17,100 | 0 | 17,500 | 19,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,500 | 17,400 | 17,600 | 0 | 18,000 | 19,400 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,700 | 31,600 | 31,800 | – 100 | 33,000 | 34,050 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 28,500 | 28,400 | 28,600 | – 300 | 29,700 | 31,300 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 27,200 | 27,100 | 27,300 | – 400 | 28,900 | 30,300 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27,650 | 27,600 | 27,700 | – 150 | 29,200 | 30,900 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 29,600 | 29,500 | 29,700 | – 400 | 30,850 | 32,200 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 31,900 | 31,800 | 32,000 | – 100 | 33,300 | 34,400 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 29,000 | 28,900 | 29,100 | – 200 | 30,200 | 31,750 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 27,700 | 27,600 | 27,800 | – 400 | 29,200 | 30,800 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 28,300 | 28,200 | 28,400 | – 200 | 29,750 | 31,550 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 30,850 | 30,800 | 30,900 | – 250 | 32,000 | 32,800 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 29,800 | 29,700 | 29,900 | – 400 | 31,100 | 32,500 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 30,100 | 30,000 | 30,200 | – 50 | 30,600 | 32,200 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 29,000 | 28,900 | 29,100 | – 300 | 30,000 | 32,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 36,100 | 36,000 | 36,300 | – 100 | 37,000 | 37,900 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 33,800 | 33,600 | 34,000 | – 300 | 35,100 | 37,100 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 33,100 | 33,000 | 33,300 | – 300 | 34,000 | 35,400 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 33,100 | 33,300 | 33,300 | – 300 | 34,000 | 35,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 35,400 | 35,200 | 35,600 | – 100 | 35,800 | 36,800 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 33,000 | 32,800 | 33,200 | – 200 | 34,000 | 36,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 33,600 | 33,400 | 34,000 | – 300 | 34,900 | 37,400 |
| Ex-Raipur | Wire Rod(5.5 MM) | 34,100 | 33,500 | 34,900 | – 500 | 35,500 | 37,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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