Indian steel prices witnessed surge on day trade activities over active demand. Also the participants reported short supply of billet in merchant market specifically in central & eastern regions, this led to rally prices across major locations.
As per SteelMint’s daily assessment, the sponge iron, billet & rebar prices surged by INR 100-300/MT with major hike of INR 200-250/MT in central & eastern India.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 27,000-29,900/MT (USD 377-418) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 17,000-18,500/MT (USD 237-258); prices are ex-plant & excluding GST.
RUPEE & BSE SENSEX
— On 16th September 2019 (Friday) INR to USD exchange rate stood at INR 71.62.
— ICEX (Indian Commodity Exchange Ltd) Oct’19 contract for STEELLONG today open at INR 28,650/MT & last traded (IST 18:15 hrs) at INR 28,500/MT.
— BSE Sensex closed at 37,123(-261) on Monday, as against last day (Friday) at 37,384(+280).
— NSE Nifty50 index was closed today at 11,003(-72) & Nifty Metal at 2,440(-3).
TRADE UPDATES
— Trade discounts in Raipur wire rod reduced by INR 200/MT to INR 700-800/MT amidst steady base price at INR 32,000/MT ex-plant. Similarly in Durgapur, trade reference prices surged by INR 200/MT to INR 31,500-32,000/MT ex-plant.
— Durgapur based Rashmi Metaliks has slightly raised sponge P-DRI prices at INR 17,400-17,500/MT, as per sources.
— Raipur based a major sponge P-DRI producer has increased prices by INR 300/MT to INR 16,700-16,800/MT ex-plant. However as per sources no major deals as offer from outside market was at INR 16,700-16,800/MT on FoR basis.
— Neo Metaliks in Durgapur has reduced steel grade pig iron prices by INR 100-200/MT to INR 24,000/MT ex-plant.
— Sources in central, east & western India mentioned, shortage of melting scrap. Hence the prices remained strong and assessed at INR 22,000-22,200/MT in Raipur and Durgapur & INR 21,700-22,000/M in Jalna and Mumbai for HMS (80:20), excluding 18% GST.
— SteelMint learned that, large mills based in Jharkhand (eastern India) are offering blast furnace grade Wire rod (5.5-6.0 mm) at around INR 34,000-34,500/MT ex-plant for low carbon material.
— Jajpur, Odisha based a pig iron producer has reported steel grade pig iron deals for western India (Rajkot, Gujarat) at INR 22,900-23,000/M ex-plant, this attracts freight cost of INR 2,300-2,500/MT.
— Rathi Steels based in North region (Delhi) is offering 12mm rebar at around INR 33,800/MT.
— Raigarh based Scan Group branding (Shrishti TMT) is offering 12mm rebar at INR 31,900/MT (up by INR 200/MT), ex-plant.
— Jalna based Gajkesari TMT is offering 12mm rebar at INR 31,100/MT (down by INR 200/MT), ex-plant.
— Wardha based Sangam TMT is offering 12mm rebar at INR 31,500/MT, ex-plant.
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