Indian steel prices plunged further due to poor spot trades, SteelMint learned from trade sources and the prices have dropped by INR 100-500/MT on daily trade activities.
Today, the billet prices fall majorly in central, east & southern regions by INR 300-500/MT (USD 4-7), whereas in western India it was more or less on firm trend.
Following the price corrections in billet, sponge iron & rebar have corrected by INR 100-400/MT, day on day.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 26,000-29,000/MT (USD 367-410) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,600-17,400/MT (USD 234-246); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 24th September 2019 (Tuesday) INR to USD exchange rate stood at INR 70.88.
— ICEX (Indian Commodity Exchange Ltd) Oct’19 contract for STEELLONG today open at INR 28,320/MT & last traded (IST 18:13 hrs) at INR 28,080/MT.
— BSE Sensex closed at 39,097(+7) on Tuesday, as against last day (Monday) at 39,090(+1075).
— NSE Nifty50 index was closed today at 11,588(-12) & Nifty Metal at 2,485(-41).
Key Trades
— Tata Steel’s Pig iron auction for around 3,000 MT steel grade pig iron from its Bhushan Steel Plant in Angul (Odisha) has received good response as total allotted quantity sold with increase bid price by INR 200/MT to INR 22,500-22,600/MT ex-plant, as stated by participants.
— Indian sponge iron export offers drop by USD 5/MT to USD 275/MT CPT Benapole, equivalent to USD 290/MT CFR Chittagong, Bangladesh. Following decline domestic prices along with weak demand has forced suppliers to keep prices on lower range.
— According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 140/MT FoB Australia & USD 156.1/MT CNF India.
— Durgapur based Rashmi Metaliks has further reduced sponge P-DRI prices by INR 200/MT to INR 16,500-16,600/MT, as per sources.
— Raipur based sponge P-DRI markers have kept prices firm at INR at INR 16,200-16,300/MT, however deals learned at INR 16,100-16,200/MT ex-plant.
— Trade discounts in Raipur wire rod have increased through stockiest end by INR 100/MT to INR 1,200-1,300/MT, however it was firm by mills end at INR 800/MT and base prices dropped by INR 400/MT to INR 31,200/MT ex-plant. Similarly in Durgapur, trade reference prices down by INR 300/MT to INR 30,500-31,000/MT ex-plant.
— Neo Metaliks has reduced steel grade pig iron prices at INR 23,700/MT ex-Durgapur. As per officials no inquiries in this offer prices.
— Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 16,700-16,800/MT ex-plant & excluding GST.
— Odisha based ERW pipe manufacturers offers reported at around INR 31,500/MT ex-plant & excluding GST, a Pipe (100 TPD) manufacturer reported.
— 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 16,400-16,500/MT ex-Bellary, Karnataka.
— BIOP Steels in South India has decreased sponge prices by INR 100-200/MT, offering FeM 80 & 82 C-DRI lumps at INR 16,700/MT & INR 17,100/MT ex-plant, Karnataka; an official reported.
— Rathi Steels based in North region is offering 12 mm Rebar at INR 33,400/MT.
— Raipur based Real Ispat (GK TMT) is current offering their 12 mm Rebar at INR 33,400/MT.
— Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) is current offering their 12 mm Rebar at INR 31,500/MT.
— Jalna based Gajkesari Steels and Alloys Private Limited (Gajkesari TMT) has unchanged their 12 mm Rebar offers at INR 31,100/MT.
— Chennai based Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) has unchanged their 12 mm Rebar offers at INR 32,000/MT.
— South region based Prakash Ferrous Ind. Pvt. Ltd (Tirumala TMT) is current offering their 12 mm Rebar at INR 33,000/MT.
Reference prices as on 24th September 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,500 | 21,400 | 21,600 | – 200 | 21,850 | 22,000 |
| Ex-Mumbai | HMS(80:20) | 21,200 | 21,200 | 21,500 | 0 | 21,700 | 21,700 | |
| Ex-Chennai | HMS(80:20) | 20,400 | 20,300 | 20,600 | 0 | 20,300 | 20,600 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,400 | 17,300 | 17,500 | – 200 | 18,500 | 17,900 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,800 | 16,700 | 16,800 | – 100 | 17,000 | 16,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,300 | 17,200 | 17,400 | – 200 | 17,800 | 17,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | – 100 | 16,900 | 16,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,400 | 16,300 | 16,500 | – 200 | 17,500 | 16,900 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,200 | 16,100 | 16,300 | – 100 | 16,700 | 16,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,350 | 16,300 | 16,400 | – 50 | 16,700 | 16,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | – 100 | 17,100 | 16,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,800 | 28,700 | 28,900 | – 200 | 29,650 | 29,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,600 | 26,500 | 26,700 | – 400 | 27,600 | 26,800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,800 | 25,700 | 25,800 | – 300 | 26,500 | 26,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,250 | 26,200 | 26,300 | – 300 | 27,150 | 26,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,600 | 27,500 | 27,700 | + 50 | 27,500 | 28,200 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 29,000 | 28,900 | 29,100 | – 200 | 29,800 | 29,600 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 26,800 | 26,700 | 26,900 | – 400 | 27,900 | 27,200 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 26,300 | 26,200 | 26,400 | – 300 | 27,000 | 26,600 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 26,550 | 26,500 | 26,600 | – 350 | 27,700 | 27,100 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 27,600 | 27,500 | 27,800 | 0 | 28,200 | 28,800 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,800 | 27,700 | 27,900 | 0 | 27,700 | 28,400 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 27,400 | 27,300 | 27,500 | 0 | 28,000 | 28,300 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 26,500 | 26,400 | 26,600 | – 500 | 27,500 | 27,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 32,400 | 32,200 | 32,500 | – 400 | 32,900 | 33,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 31,000 | 30,800 | 31,200 | – 300 | 32,100 | 31,300 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 31,200 | 31,000 | 31,300 | – 100 | 31,400 | 30,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,700 | 30,600 | 30,800 | – 200 | 31,200 | 30,300 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 31,500 | 31,300 | 31,600 | 0 | 31,800 | 31,700 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 30,600 | 30,600 | 30,800 | + 100 | 30,500 | 31,200 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 31,700 | 31,600 | 31,900 | 0 | 32,400 | 32,300 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 30,500 | 30,500 | 30,800 | – 300 | 31,000 | 31,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,700 | 30,500 | 31,000 | – 300 | 31,600 | 30,800 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,300 | 30,000 | 31,200 | – 400 | 31,300 | 30,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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