Indian steel prices plunged further due to poor spot trades, SteelMint learned from trade sources and the prices have dropped by INR 100-400/MT on daily trade activities.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 25,400-28,200/MT (USD 357-397) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,000-16,700/MT (USD 225-235); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 10th October 2019 (Thursday) INR to USD exchange rate stood at INR 71.10.
— ICEX (Indian Commodity Exchange Ltd) Nov’19 contract for STEELLONG today open at INR 27,700/MT & last traded (IST 18:18 hrs) at INR 27,690/MT.
— BSE Sensex closed at 37,880(-297) on Thursday, as against last day (Wednesday) at 38,177(+645).
— NSE Nifty50 index was closed today at 11,234(-78) & Nifty Metal at 2,283(-34).
Key Trades
— Mid sized mills export offers to Nepal reported at USD 350-355/MT for Billet & USD 405-410/MT for Wire rod, ex-mill at Durgapur, eastern India.
— Rathi Steels based in North region has unchanged their 12 mm Rebar offers at INR 32,800/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is currently offering their 12 mm Rebar at INR 31,300/MT FoR.
— Sources in western India – Gujarat reported, latest deal for a general cargo (Arctic Pearl) at USD 365-367/Ldt, CNF India.
— Durgapur based Rashmi Metaliks has offered sponge P-DRI at INR 15,400-15,500/MT, as per sources.
— Raipur based Real Ispat (GK TMT) offering their 12 mm Rebar at INR 32,200/MT (down by INR 300/MT).
— Trade discounts in Raipur wire rod unchanged at INR 800-900/MT by manufacturers & INR 1,200-1,400/MT through the stockiest. However the base prices narrowed down by INR 300/MT to INR 30,600/MT ex-Raipur & by INR 200/MT to INR 29,300-30,000/MT ex-Durgapur.
— Raipur based sponge P-DRI markers have maintained offers firm at INR 15,500-15,600/MT (ex-plant), however trades were limited as stated by participants.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,000-16,100/MT & Billet at INR 25,500/MT ex-plant; an official reported. And added trades remain limited.
— Raigarh based Singhal Steel offered billet at INR 25,900/MT FoR Raipur, officials reported.
— Central India, Raigarh based manufacturers have bought sponge P-DRI from Odisha, Jharsuguda at INR 15,000-15,200/MT on FoR basis.
— Raigarh(Chhattisgarh) based Scan Group branding (Shrishti TMT) is offering 12 mm Rebar at INR 30,200/MT(down by INR 700/MT).
— Raigarh based steel manufacturers getting pig iron offers from Odisha at INR 23,500-23,700/MT FoR Raigarh.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is offering 12 mm Rebar at INR 30,700/MT (down by INR 100/MT).
— BIOP Steels in South India has decreased sponge prices by INR 200/MT, offering FeM 80 & 82 C-DRI lumps at INR 16,200/MT & INR 16,600/MT ex-plant, Karnataka; an official reported.
Reference prices as on 10th October 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,500 | 21,400 | 21,600 | – 100 | 21,800 | 21,600 |
| Ex-Mumbai | HMS(80:20) | 20,300 | 20,200 | 20,500 | – 100 | 21,300 | 21,500 | |
| Ex-Chennai | HMS(80:20) | 19,000 | 18,800 | 19,200 | 0 | 19,700 | 21,000 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,500 | 16,400 | 16,600 | – 200 | 16,650 | 18,600 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,000 | 15,900 | 16,100 | – 100 | 16,500 | 17,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | – 100 | 17,100 | 17,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,200 | 16,100 | 16,300 | – 100 | 16,500 | 16,900 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,300 | 15,200 | 15,400 | – 200 | 15,550 | 17,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,450 | 15,400 | 15,500 | – 100 | 15,800 | 16,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,700 | 15,600 | 15,800 | – 100 | 16,000 | 16,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,200 | 16,100 | 16,300 | – 100 | 16,600 | 17,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,100 | 28,000 | 28,200 | – 150 | 28,550 | 29,750 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 25,750 | 25,700 | 25,800 | – 250 | 25,900 | 27,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,150 | 25,100 | 25,200 | + 50 | 25,450 | 26,400 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,500 | 25,400 | 25,600 | – 50 | 25,800 | 26,950 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,900 | 27,000 | – 200 | 27,700 | 27,500 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 28,200 | 28,100 | 28,300 | – 200 | 28,800 | 30,000 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 26,000 | 25,900 | 26,100 | – 300 | 26,200 | 27,900 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 25,450 | 25,400 | 25,500 | – 50 | 25,700 | 27,000 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 25,850 | 25,800 | 25,900 | – 150 | 26,250 | 27,550 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 27,650 | 27,600 | 27,700 | – 50 | 28,000 | 28,200 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,300 | 27,200 | 27,300 | – 100 | 27,900 | 27,800 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 27,200 | 27,100 | 27,200 | – 100 | 27,000 | 28,100 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 26,000 | 25,900 | 26,100 | 0 | 26,500 | 27,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 31,700 | 31,600 | 31,900 | 0 | 32,100 | 33,000 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 29,600 | 29,400 | 29,800 | – 200 | 30,000 | 32,100 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,700 | 30,600 | 30,900 | 0 | 30,600 | 31,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 29,700 | 29,500 | 29,800 | – 400 | 30,300 | 31,100 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 30,400 | 30,300 | 30,500 | – 200 | 31,200 | 32,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 30,300 | 30,200 | 30,500 | – 300 | 31,000 | 30,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 31,400 | 31,200 | 31,500 | 0 | 31,400 | 32,300 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 29,900 | 29,800 | 30,000 | – 100 | 30,400 | 31,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 29,500 | 29,300 | 30,000 | – 100 | 29,800 | 31,700 |
| Ex-Raipur | Wire Rod(5.5 MM) | 29,700 | 29,300 | 30,600 | – 300 | 30,300 | 31,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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