Indian billet prices fell sharply by INR 100-500/MT with major corrections of around INR 500/MT (USD 7) in central region due to limited inquiries and comparatively higher supply.
In line with this, rebar & sponge iron prices fell by INR 100-300/MT following free-fall in billet prices. As per participants, weak demand amid healthier supply along with rising inventories resulted in significant drop in domestic steel prices.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 25,600-29,100/MT (USD 372-423) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,400-17,400/MT (USD 238-253); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 29th July 2019 (Monday) INR to USD exchange rate stood at INR 68.79.
— ICEX (Indian Commodity Exchange Ltd) Aug’19 contract for STEELLONG today open at INR 28,340/MT & last traded (IST 18:23) at INR 27,930/MT.
— BSE Sensex closed at 37,686(-196) on Monday, as against last day (Friday) at 37,882(+51).
— NSE Nifty50 index was closed today at 11,284(+32) & Nifty Metal at 2,692(+6).
Raw Materials
— Rungta Mines – India’s largest private merchant miner produced 2.05 MnT iron ore in June’19, decline of 12% against 2.33 MnT in May’19.
— According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 171.75/MT FoB Australia & USD 187.3/MT CNF India.
— South African RB2 (5500 NAR) coal offers are assessed at USD 53.44/MT on FoB basis & USD 68.67/MT CNF India.
Semi Finished
— Ingot/Billet manufacturers in Raipur bought SAIL’s (BSP) pig iron at around INR 25,200-25,300/MT FoR, through the traders.
— Silicon Manganese (60-14) offers down in Raipur and few deals learned at around INR 66,000-66,250/MT ex-plant.
— Mesco Steel’s pig iron offers in Jajpur, Odisha is hovering at INR 24,500/MT ex-plant.
— Jindal Steel has reduced offers by INR 200/MT and reported steel grade pig iron at INR 25,000/MT ex-Raigarh & panther shots at INR 24,000/MT ex-Angul, Odisha. Also the company is offering trade discount of INR 200/MT bookings of over 1,000 MT.
— RINL has concluded 30,000 MT billet (150*150mm) export tender whose last date for bid submission was 26 Jul’19 at around USD 420-425/MT, FoB India -Sources.
— Central India, Raigarh based sponge manufacturer (900 TPD) has sold about 500 MT Pellet sponge at INR 16,100/MT FoR Raipur.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 15,900-16,000/MT ex-Bellary, an official reported.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,400/MT & INR 16,800/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 16,000-16,200/MT ex-plant, an official reported.
Wire Rod & Pipe
— Trade discounts in Raipur Wire rod more or less firm at INR 1,700-1,900/MT, however base prices drop by INR 300/MT to INR 32,300/MT ex-plant. Also in Durgapur trade reference prices declined by INR 100/MT to INR 30,200-31,000/MT ex-plant.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 35,100/MT ex-plant & excluding GST.
— Raipur, Central India based ERW pipe manufacturers offers reported at around INR 33,000-33,400/MT ex-plant & excluding GST.
Rebar (12 mm)
— Rathi Steels based in North region current offering around INR 34,800/MT (ex-Delhi).
— Raipur based – SPEED TMT is offering at INR 30,300/MT(down by INR 100/MT).
— Real Ispat (GK TMT) has unchanged their offers at INR 32,900/MT.
— Raigarh based Anjani Steels Ltd. (Radhe TMT) has unchanged their offers at INR 30,000/MT.
— Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 30,200/MT(down by INR 300/MT).
— Gujarat based Diamond TMT is offering at INR 33,500/MT(down by INR 200/MT).
— Jalna based Rajuri Steel Pvt. Ltd. (Rajuri) TMT has unchanged their offers at INR 32,000/MT.
— Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) is current offering at INR 31,900/MT.
— South region based – VRKP Steel Industry Pvt Ltd – (VRKP TMT) is offering at INR 33,400/MT(down by INR 200/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 29th July 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,300 | 22,200 | 22,400 | 0 | 22,300 | 24,200 |
| Ex-Mumbai | HMS(80:20) | 21,200 | 21,000 | 21,300 | + 100 | 21,300 | 22,500 | |
| Ex-Chennai | HMS(80:20) | 20,200 | 20,100 | 20,400 | 0 | 20,500 | 22,000 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,350 | 17,300 | 17,400 | – 350 | 17,850 | 18,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | – 100 | 16,800 | 17,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | – 200 | 17,900 | 17,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | 0 | 16,700 | 16,900 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,400 | 16,300 | 16,500 | – 300 | 16,850 | 17,300 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,150 | 16,100 | 16,200 | – 200 | 17,000 | 16,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,900 | 15,800 | 16,000 | 0 | 16,300 | 16,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | 0 | 16,700 | 17,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,000 | 28,900 | 29,000 | – 400 | 30,050 | 31,800 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 25,800 | 25,700 | 25,900 | – 200 | 26,400 | 28,500 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,300 | 25,200 | 25,400 | – 400 | 26,000 | 27,600 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,800 | 25,700 | 25,900 | – 600 | 26,900 | 28,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,400 | 27,300 | 27,500 | – 300 | 28,000 | 29,500 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 29,100 | 29,000 | 29,100 | – 400 | 30,100 | 32,000 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 26,350 | 26,300 | 26,400 | – 150 | 27,000 | 28,900 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 25,600 | 25,500 | 25,700 | – 300 | 26,400 | 27,900 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 26,150 | 26,100 | 26,200 | – 550 | 27,350 | 28,700 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 28,600 | 28,500 | 28,700 | – 200 | 29,000 | 30,750 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,600 | 27,500 | 27,700 | – 300 | 28,300 | 29,700 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 29,300 | 29,200 | 29,400 | – 100 | 29,150 | 30,000 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 28,500 | 28,000 | 28,500 | + 200 | 29,000 | 29,300 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 33,800 | 33,600 | 34,000 | – 300 | 34,300 | 35,800 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 30,800 | 30,600 | 31,000 | 0 | 31,500 | 33,800 | |
| Ex-Rourkela | 12MM, IS 1786- 415/500 Fe | 29,800 | 29,600 | 30,000 | NA | NA | NA | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 29,900 | 29,900 | 30,100 | – 200 | 30,800 | 32,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 30,900 | 30,700 | 31,100 | – 200 | 31,300 | 32,900 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 33,800 | 33,600 | 34,000 | 0 | 33,700 | 34,900 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 32,500 | 32,300 | 32,600 | 0 | 33,000 | 33,300 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,300 | 30,200 | 31,000 | – 100 | 31,000 | 33,400 |
| Ex-Raipur | Wire Rod(5.5 MM) | 31,300 | 30,500 | 32,300 | – 300 | 32,500 | 34,400 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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