Indian steel prices drop further on account of limited spot trades over festive season. On daily assessment, the Rebar prices plunged by INR 100-300/MT, Billet by INR 100-500/MT & Sponge iron by INR 100-200/MT.
The sharp reduction in Billet prices marked in Hyderabad by INR 500/MT (USD 7), while in remaining markets the prices dropped by INR 100-300/MT, day on day.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 25,500-28,500/MT (USD 359-402) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,000-17,000/MT (USD 225-240); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 23rd October 2019 (Wednesday) INR to USD exchange rate stood at INR 70.89.
— ICEX (Indian Commodity Exchange Ltd) Nov’19 contract for STEELLONG today open at INR 27,920/MT & last traded (IST 18:07 hrs) at INR 27,700/MT.
— BSE Sensex closed at 39,058(+94) on Wednesday, as against last day (Tuesday) at 38,963(-334).
— NSE Nifty50 index was closed today at 11,604(+15) & Nifty Metal at 2,436(-6).
Raw Materials
— Imported scrap offers to India for HMS (80:20) Europe origin containers stood at USD 246-250/MT, CFR Nhava Sheva.
— Sources in western India – Gujarat reported latest deal for a container vessel (MSC Sierra) at around USD 370/Ldt, CNF India.
Semi Finished
— Raipur based sponge producers have kept offers firm despite limited demand and offers learned at INR 15,500-15,600/MT for P-DRI and buying interest at lessened price by INR 100/MT than the quotation.
— Jharkhand Ispat has offered FeM 79-80 C-DRI mix material (60:40) at INR 16,200/MT & P-DRI at INR 15,200/MT ex-plant.
— Rashmi Metaliks in Durgapur has roll-over sponge P-DRI prices today at INR 15,800/MT, as per sources.
— Raigarh based Singhal Steel offered P-DRI at INR 15,300/MT & Billet at INR 25,500/MT ex-Raigarh, officials reported.
— Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix materials) at around INR 16,000/MT ex-plant & excluding GST. Most of the manufacturers hold their offers at firm level and seems in wait & watch mode.
— Central India, Raigarh based manufacturer has traded Billet at around INR 26,000/MT FoR Raipur.
— BMM Ispat, a renowned sponge manufacturer has reduce offers by INR 200-300/MT for FeM 80 P-DRI lumps to INR 15,800-15,900/MT ex-Bellary; an official reported. And added limited deals for Hindupur.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,500/MT & INR 16,900/MT ex-plant, Karnataka.
— Hyderabad, South India based steel manufacturers decreased their Billet & Rebar offer by INR 500/MT to INR 26,000/MT & INR 29,500-30,000/MT (12 mm). Prices are ex-plant & excluding GST.
Rebar (12 mm)
— Rathi Steels based in North region has unchanged their offers at INR 33,300/MT.
— Raipur based Real Ispat (GK TMT) is offering at INR 32,500/MT (down by INR 300/MT).
— Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 30,500/MT (down by INR 300/MT).
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is current offering at INR 31,100/MT.
— Gujarat based, Mono Steel (India) Ltd. (Mono TMT) is offering at INR 31,900/MT FoR (up by INR 200/MT).
— South region based – VRKP Steel Industry Pvt Ltd – (VRKP TMT) is current offering at INR 31,000/MT.
— Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) is current offering at INR 30,900/MT.
Wire Rod & Pipe
— ERW pipe offers in Odisha, east India reported at INR 30,500-30,700/MT ex-plant & excluding GST, a Pipe (100 TPD) manufacturer reported.
— Central India based pipe manufacturers reduced prices by INR 300-400/MT D-o-D & offers reported at INR 30,000/MT ex-Raipur & excluding GST.
— Trade discounts in Raipur wire rod remained healthy at INR 1,400-1,500/MT by re-sellers & INR 900-1,000/MT through the manufacturers. Also, the base price drop by INR 200/MT to INR 31,300/MT ex-Raipur & INR 100/MT to INR 29,700-30,500/MT ex-Durgapur.
Reference prices as on 23rd 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 | 21,900 | 21,300 |
| Ex-Mumbai | HMS(80:20) | 20,700 | 20,500 | 20,700 | + 200 | 20,700 | 21,200 | |
| Ex-Chennai | HMS(80:20) | 19,400 | 19,200 | 19,500 | + 100 | 19,200 | 20,100 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,000 | 16,900 | 17,100 | 0 | 17,050 | 17,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,000 | 15,900 | 16,100 | – 100 | 16,300 | 16,550 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | 0 | 16,900 | 17,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | – 100 | 16,300 | 16,550 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,800 | 15,700 | 15,900 | 0 | 15,800 | 16,000 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,500 | 15,400 | 15,600 | 0 | 15,900 | 15,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,900 | 15,800 | 16,000 | – 200 | 15,900 | 16,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | – 100 | 16,300 | 16,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,300 | 28,200 | 28,400 | – 450 | 29,150 | 28,750 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 25,850 | 25,800 | 25,900 | – 150 | 26,300 | 26,200 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,100 | 25,000 | 25,200 | – 200 | 25,500 | 25,500 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,500 | 25,400 | 25,600 | – 200 | 26,100 | 25,850 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,700 | 27,600 | 27,800 | 0 | 28,050 | 27,600 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 28,500 | 28,400 | 28,600 | – 450 | 29,300 | 28,900 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 26,200 | 26,100 | 26,300 | – 100 | 26,600 | 26,500 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 25,550 | 25,500 | 25,600 | – 150 | 25,900 | 26,000 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 26,000 | 25,900 | 26,100 | – 200 | 26,600 | 26,250 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 28,400 | 28,350 | 28,550 | + 200 | 28,450 | 27,500 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,900 | 27,800 | 28,000 | – 100 | 28,250 | 27,800 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 27,100 | 27,000 | 27,200 | + 100 | 27,200 | 27,300 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 26,000 | 25,900 | 26,100 | – 500 | 26,000 | 26,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 32,200 | 32,000 | 32,400 | – 100 | 32,600 | 32,200 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 30,300 | 30,100 | 30,500 | – 100 | 30,500 | 30,800 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,500 | 30,400 | 30,600 | – 200 | 30,700 | 31,000 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 29,800 | 29,700 | 29,900 | – 100 | 30,100 | 30,600 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 30,900 | 30,700 | 31,000 | – 100 | 31,300 | 31,400 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,100 | 31,100 | 31,400 | 0 | 31,200 | 30,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 30,900 | 30,800 | 31,100 | 0 | 31,100 | 31,600 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 29,700 | 29,500 | 29,900 | – 300 | 30,000 | 30,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 29,800 | 29,700 | 30,500 | – 100 | 30,300 | 30,200 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,300 | 29,800 | 31,300 | – 300 | 30,800 | 30,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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