Indian steel prices remained slightly drop by INR 100-300/MT on limited spot trades. Further as per market sources report, the standalone mills in major markets are curtailing production due to falling margins.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 26,100-29,800/MT (USD 378-432) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,600-17,700/MT (USD 240-257); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 24th July 2019 (Wednesday) INR to USD exchange rate stood at INR 68.96.
— ICEX (Indian Commodity Exchange Ltd) Aug’19 contract for STEELLONG today open at INR 29,800/MT & last traded (IST 18:25) at INR 28,660/MT.
— BSE Sensex closed at 37,847(-135) on Wednesday, as against last day (Tuesday) at 37,982(-48).
— NSE Nifty50 index was closed today at 11,271(-59) & Nifty Metal at 2,712(-65).
Raw Materials
— According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 174.75/MT FoB Australia & USD 191.75/MT CNF India.
— As per smelters in Southern India, they bought West African scrap HMS 1&2 at around USD 270-275/MT CFR, for Aug’19 end delivery.
Semi Finished
— Jharkhand Ispat has offered Sponge C-DRI (60:40 mix) at INR 17,000/MT, 100% lumps at INR 17,300/MT & Billet at INR 27,000/MT ex-plant. Also the company is offering additional discounts on 100% advance payment.
— Jindal Steel is offering steel grade pig iron at INR 25,200/MT ex-Raigarh & panther shots at INR 24,200/MT ex-Angul, Odisha. Also the company is offering trade discount of INR 200/MT on above of 1,000 MT bookings.
— Raipur based sponge manufacturers received better response as bulk volumes sold on reduce price of P-DRI by INR 300/MT to INR 16,500/MT ex-plant.
— Rashmi Metaliks in Durgapur has slashed sponge P-DRI prices by INR 200/MT to INR 16,800/MT, as per market sources.
— Raigarh based Singhal Steel offered P-DRI at INR 16,000-16,100/MT & Billet at INR 26,800/MT FoR-Raipur, officials reported.
— Sources reported Chandrapur (Maharashtra) based manufacturers offered Sponge P-DRI (FeM 80) at INR 17,000/MT, ex-plant & excluding GST.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,600/MT & Billet at INR 26,100-26,200/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,300/MT ex-Bellary.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,600/MT & INR 17,000/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod increased to INR 1,700-1,900/MT as billet offers drop & base prices of wire rod unchanged at INR 33,100/MT ex-plant. Meanwhile in Durgapur weak demand reported in Wire rod at the offers of INR 30,600-31,500/MT ex-plant.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 35,800/MT ex-plant & excluding GST.
— Raipur, Central India based ERW pipe manufacturers offers reported at around INR 33,800-34,000/MT ex-plant & excluding GST.
Rebar (12 mm)
— Rathi Steels based in North region current offering around INR 35,100/MT (ex-Delhi).
— Raipur based – SPEED TMT is offering at INR 30,700/MT (down by INR 100/MT).
— Real Ispat (GK TMT) is offering at INR 33,000/MT (down by INR 300/MT).
— Raigarh based Anjani Steels Ltd. (Radhe TMT) has unchanged their offers at INR 30,900/MT.
— Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 30,700/MT (down by INR 200/MT).
— Jalna based Rajuri Steel Pvt. Ltd. (Rajuri) TMT has unchanged their offers at INR 32,800/MT.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is offering at INR 32,600/MT (down by INR 100/MT).
— Chennai based Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) has unchanged their offers at INR 34,500/MT.
— Chennai based ARS Steel (Trusteel – 550D) has unchanged their offers at INR 36,300/MT.
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis. Prices are subject to reconfirmation.
Reference prices as on 24th July 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,100 | 22,000 | 22,200 | 0 | 22,000 | 23,400 |
| Ex-Mumbai | HMS(80:20) | 21,200 | 21,100 | 21,400 | – 100 | 21,100 | 22,500 | |
| Ex-Chennai | HMS(80:20) | 20,300 | 20,200 | 20,400 | – 100 | 20,600 | 22,100 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,700 | 17,600 | 17,800 | – 100 | 17,400 | 17,750 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | – 50 | 16,500 | 16,500 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,500 | 17,400 | 17,600 | – 200 | 17,350 | 17,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | 0 | 16,500 | 17,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,700 | 16,600 | 16,800 | – 100 | 16,400 | 16,750 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | – 300 | 16,500 | 16,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,200 | 16,100 | 16,300 | – 100 | 16,100 | 16,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | – 100 | 16,600 | 17,100 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,700 | 29,600 | 29,800 | – 250 | 30,000 | 31,100 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,200 | 26,100 | 26,300 | – 200 | 26,300 | 28,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,700 | 25,600 | 25,800 | – 200 | 26,100 | 27,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,300 | 26,200 | 26,400 | – 300 | 26,600 | 27,550 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,650 | 27,600 | 27,700 | – 200 | 27,550 | 29,350 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 29,800 | 29,700 | 29,900 | – 200 | 30,100 | 31,300 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 26,700 | 26,600 | 26,800 | – 200 | 27,000 | 28,500 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 26,100 | 26,000 | 26,200 | – 100 | 26,400 | 27,350 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 26,800 | 26,700 | 26,900 | – 250 | 27,150 | 28,200 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 28,800 | 28,700 | 28,900 | + 100 | 28,950 | 30,000 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,900 | 27,800 | 28,000 | – 250 | 27,800 | 29,550 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 29,200 | 29,100 | 29,300 | 0 | 29,200 | 30,100 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 28,500 | 28,400 | 28,600 | 0 | 28,500 | 28,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 34,200 | 34,100 | 34,400 | – 100 | 34,600 | 35,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 31,100 | 30,900 | 31,300 | – 200 | 31,500 | 33,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,400 | 30,300 | 30,600 | – 100 | 30,600 | 32,400 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,200 | 31,100 | 31,400 | – 100 | 31,100 | 32,900 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 33,700 | 33,600 | 33,900 | + 100 | 33,800 | 35,100 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 32,500 | 32,300 | 32,600 | 0 | 32,300 | 32,700 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,800 | 30,600 | 31,500 | 0 | 31,200 | 33,200 |
| Ex-Raipur | Wire Rod(5.5 MM) | 32,200 | 31,300 | 33,100 | – 100 | 32,700 | 33,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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