Indian steel prices slightly fluctuated by INR 100-300/MT today amid average spot trades. As per Semis manufacturers, healthy bookings were received last day, hence they are maintaining offers firm levels and currently in wait & watch mode due to uncertain market direction.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 26,400-29,700/MT (USD 367-414) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,400-18,100/MT (USD 228-252); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 5th September 2019 (Thursday) INR to USD exchange rate stood at INR 71.84.
— ICEX (Indian Commodity Exchange Ltd) Oct’19 contract for STEELLONG today open at INR 28,550/MT & last traded (IST 18:26 hrs) at INR 28,650/MT.
— BSE Sensex closed at 36,644(-80) on Thursday, as against last day (Wednesday) at 36,724(+161).
— NSE Nifty50 index was closed today at 10,847(+3) & Nifty Metal at 2,313(+58).
Key Trades
— Jindal Steel has maintained pig iron offers firm and reported steel grade at INR 23,600/MT ex-plant, Raigarh, Central India.
— Participants assuming that, Ship breaking scrap prices in Gujarat – Alang likely to remain stable or moderate on account of better demand of Semis products as FoR price from other region is not workable.
— South India based price trend setter in sponge market i.e. BMM Ispat & BIOP Steels have rolled-over sponge prices today.
— SteelMint learned that raw materials – pellet prices in Karnataka, South India are expected to recover due to healthy deals in prevailing offers and scheduled regular plant maintenance by couple of major suppliers in the state.
— Trade discounts in Raipur wire rod is hovering at INR 1,200-1,400/MT. As per sources, good volumes sold yesterday with trade discount of INR 1,100-1,300/MT by re-sellers end.
— Re-rollers in major producing states reported that, lowered inventories of rebars. Hence they are not looking further sharp corrections, if there is no major change in Semis price range.
Reference prices as on 5th September 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 | 21,800 | 21,100 |
| Ex-Mumbai | HMS(80:20) | 21,400 | 21,300 | 21,600 | 0 | 21,700 | 20,700 | |
| Ex-Chennai | HMS(80:20) | 20,300 | 20,200 | 20,500 | – 100 | 20,500 | 20,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,100 | 18,000 | 18,200 | + 50 | 17,900 | 15,600 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | – 100 | 16,400 | 15,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | – 150 | 17,300 | 16,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | 0 | 16,800 | 16,300 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,100 | 17,000 | 17,200 | + 50 | 16,900 | 14,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,950 | 15,900 | 16,000 | – 50 | 16,100 | 15,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | 0 | 16,400 | 15,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | 0 | 16,800 | 16,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,600 | 29,500 | 29,700 | – 100 | 29,300 | 27,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,700 | 26,600 | 26,800 | 0 | 26,700 | 24,700 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,000 | 25,900 | 26,100 | – 100 | 25,900 | 24,100 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,500 | 26,400 | 26,600 | 0 | 26,400 | 24,750 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,350 | 27,300 | 27,400 | + 50 | 28,000 | 26,800 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 29,700 | 29,600 | 29,800 | 0 | 29,400 | 27,100 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 27,100 | 27,000 | 27,200 | + 100 | 26,900 | 25,200 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 26,400 | 26,300 | 26,500 | – 100 | 26,200 | 24,200 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 27,000 | 26,900 | 27,100 | 0 | 26,800 | 25,100 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 27,800 | 27,700 | 27,900 | + 100 | 28,000 | 26,800 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,550 | 27,500 | 27,600 | + 50 | 28,200 | 27,100 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 28,000 | 27,900 | 28,100 | 0 | 28,200 | 28,500 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 26,700 | 26,500 | 27,000 | 0 | 27,000 | 26,800 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 32,700 | 32,500 | 32,900 | + 200 | 33,300 | 32,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 31,300 | 31,100 | 31,500 | + 200 | 31,100 | 28,800 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,400 | 30,300 | 30,500 | 0 | 30,300 | 29,200 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,400 | 30,300 | 30,500 | + 100 | 30,300 | 28,200 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 31,500 | 31,300 | 31,700 | + 100 | 31,800 | 30,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 30,500 | 30,300 | 30,700 | 0 | 31,300 | 30,100 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 32,000 | 31,900 | 32,200 | – 100 | 32,300 | 33,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 30,800 | 30,600 | 31,000 | 0 | 31,000 | 31,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,800 | 30,600 | 31,000 | 0 | 30,800 | 29,200 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,800 | 30,500 | 31,800 | + 500 | 30,500 | 29,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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