Indian steel prices drop further, billet & rebar by INR 100-500/MT & sponge iron by INR 100-300/MT as per SteelMint’s daily assessment. Prices fell due to limited spot trades.
In addition if sources are to be believes, inventory pile up with the mills this may further put pressure on prices.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 24,600-28,200/MT (USD 344-394) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 15,600-16,600/MT (USD 218-232); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 21st August 2019 (Wednesday) INR to USD exchange rate stood at INR 71.50.
— ICEX (Indian Commodity Exchange Ltd) Sep’19 contract for STEELLONG today open at INR 26,700/MT & last traded (IST 18:17 hrs) at INR 26,550/MT.
— BSE Sensex closed at 37,060(-267) on Wednesday, as against last day (Tuesday) at 37,328(-74).
— NSE Nifty50 index was closed today at 10,918(-98) & Nifty Metal at 2,283(-67).
Raw Materials
— NMDC has reduced iron ore fines and lumps prices by INR 200/MT and in DR-CLO price cut is by INR 230/MT. Prices of Baila lump ore is at INR 2,900/wmt, fines are at INR 2,660/wmt and DR CLO is at INR 3,370/wmt. FoR prices mentioned are excluding Royalty, DMF, NMET and other taxes.
— Directorate of Mines & Geology (DMG), govt. of Goa has notified base price of iron ore lots for 22nd e-auctions which is to be held tomorrow (i.e. 22nd Aug’19).
— Iron ore dispatches from Chhattisgarh recorded at 1.19 MnT iron ore in July’19, down 34% as against 1.80 MnT in June’19.
— NMDC sold 0.71 MnT iron ore via Karnataka e-auctions in Jul’19, lower by 17% M-o-M against 0.86 MnT last month.
— According to the market participants, no firm bids for pellets from China were heard but indications for export around USD 110-115/MT, CFR China levels (3% Al pellets).
— Melting scrap offers in Western India- Gujarat decline by INR 300/MT in a day trade activities.
Semi Finished
— Small parcels of Indian Sponge iron (79-80 FeM, 95-100% lumps) exports concluded, for Nepal at around USD 220-225/MT ex-works & for Bangladesh at USD 255-260/MT CPT Benapole(dry port of India & Bangladesh), equivalent to USD 275/MT CFR Chittagong, Bangladesh.
— TATA Metaliks Limited (TML) has reduced Foundry pig iron offers by INR 800/MT (USD 11) to INR 29,600/MT (USD 414) ex-plant, Kharagpur, eastern India.
— An Indian mill is learned to have concluded a 30,000 MT pig iron export deal to SE Asia at around USD 330-335/MT, FoB ; for Sept shipment.
— Mesco Steels in Jajpur, Odisha has lowered pig iron offers and reported steel grade material at around INR 22,800/MT ex-plant.
— Raipur based plants sold sponge P-DRI at INR 15,100-15,300/MT which was last day reported at INR 15,400-15,500/MT ex-plant.
— Rashmi Metaliks in Durgapur has cuts sponge P-DRI price by INR 200-300/MT to INR 15,400/MT, as per sources.
— Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 15,500-15,700/MT ex-plant & excluding GST.
— BMM Ispat a price trend setter in South Indian sponge market has kept offers unaltered today and offered FeM 80 P-DRI lumps at INR 16,000/MT ex-Bellary, Karnataka.
— BIOP Steels in South India has decreased sponge prices by INR 100/MT, 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 unchanged at INR 1,900-2,100/MT by re-sellers and base prices through manufacturers dropped by INR 300/MT to INR 30,300/MT ex-plant. Similarly in Durgapur where trade reference prices declined by INR 400/MT to INR 29,000-29,700/MT ex-plant.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at INR 32,500-32,700/MT ex-plant & excluding GST. Offers decline by INR 800-1,000/MT D-o-D
— Raipur, Central India based ERW pipe manufacturers offers reported at INR 30,000-30,200/MT ex-plant & excluding GST.
Rebar (12 mm)
— Raipur based Real Ispat (GK TMT) is offering at INR 31,200/MT (down by INR 300/MT).
— Raigarh based Anjani Steels Ltd. (Radhe TMT) is offering at INR 29,100/MT (down by INR 400/MT).
— Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their offers at INR 31,300/MT.
— Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) has unchanged their offers at INR 31,300/MT.
— Gujarat based Diamond TMT is offering at INR 31,600/MT ( down by INR 500/MT).
— Gujarat based, Mono Steel (India) Ltd. (Mono TMT) is current offering at INR 31,700/MT FoR.
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis. Prices are subject to reconfirmation.
Reference prices as on 21st August 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,300 | 21,200 | 21,400 | – 300 | 22,600 | 22,100 |
| Ex-Mumbai | HMS(80:20) | 21,300 | 21,200 | 21,500 | – 100 | 21,000 | 21,200 | |
| Ex-Chennai | HMS(80:20) | 20,400 | 20,300 | 20,500 | – 100 | 20,400 | 20,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,400 | 16,300 | 16,500 | – 200 | 17,100 | 17,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 15,600 | 15,500 | 15,700 | – 100 | 16,600 | 16,600 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | – 300 | 17,500 | 17,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | – 100 | 16,700 | 16,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,400 | 15,300 | 15,500 | – 200 | 16,100 | 16,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,300 | 15,200 | 15,400 | – 200 | 16,500 | 16,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,900 | 15,800 | 16,000 | 0 | 16,300 | 16,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | 0 | 16,600 | 16,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 27,400 | 27,300 | 27,500 | – 600 | 29,300 | 29,700 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 25,200 | 25,100 | 25,300 | – 550 | 26,400 | 26,200 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 24,100 | 24,000 | 24,200 | – 700 | 26,100 | 25,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 24,550 | 24,500 | 24,600 | – 250 | 26,200 | 26,300 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,900 | 27,100 | – 300 | 27,500 | 27,650 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 27,400 | 27,300 | 27,500 | – 600 | 29,400 | 29,800 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 25,600 | 25,500 | 25,700 | – 450 | 26,800 | 26,700 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 24,600 | 24,500 | 24,700 | – 400 | 26,500 | 26,100 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 25,050 | 25,000 | 25,100 | – 200 | 26,800 | 26,800 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 27,100 | 27,000 | 27,200 | – 500 | 28,700 | 28,800 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,200 | 27,100 | 27,300 | – 300 | 27,800 | 27,900 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 28,200 | 28,100 | 28,300 | – 100 | 28,500 | 29,200 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 26,000 | 25,900 | 26,100 | 0 | 27,300 | 28,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 32,600 | 32,400 | 32,700 | – 200 | 33,300 | 34,200 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 29,400 | 29,200 | 29,600 | – 200 | 30,800 | 31,100 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 29,100 | 29,000 | 29,200 | – 100 | 30,200 | NA | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 28,600 | 28,400 | 28,800 | – 400 | 30,400 | 30,400 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 30,900 | 30,700 | 31,100 | 0 | 31,300 | 32,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 30,400 | 30,200 | 30,600 | – 200 | 30,800 | 31,200 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 32,500 | 32,300 | 32,700 | – 200 | 33,100 | 33,700 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 30,000 | 29,800 | 30,100 | 0 | 31,200 | 32,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 29,200 | 29,000 | 29,700 | – 400 | 31,000 | 30,800 |
| Ex-Raipur | Wire Rod(5.5 MM) | 28,800 | 28,200 | 30,300 | – 400 | 30,800 | 32,200 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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