Indian Sponge iron & Billet prices marginally dropped by INR 100-200/MT today, however with the fall in offers, demand has improved significantly and majorly in Central India.
As per sources report, near to 5,000-6,000 MT sponge iron deals concluded in Raipur during end of the day and the average deal price reported for P-DRI at INR 15,400-15,500/MT ex-plant.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 25,300-28,300/MT (USD 356-399) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 15,900-16,900/MT (USD 223-238); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 24th October 2019 (Thursday) INR to USD exchange rate stood at INR 70.96.
— ICEX (Indian Commodity Exchange Ltd) Nov’19 contract for STEELLONG today open at INR 27,820/MT & last traded (IST 18:17 hrs) at INR 27,740/MT.
— BSE Sensex closed at 39,020(-38) on Thursday, as against last day (Wednesday) at 39,058(+94).
— NSE Nifty50 index was closed today at 11,582(-21) & Nifty Metal at 2,419(-17).
Raw Materials
— Melting scrap offers in Western India- Jalna (Maharashtra) decline by INR 200/MT in a day trade activities.
Semi Finished
— Electrosteels in Bokaro, Jharkhand has offered steel grade pig iron at INR 23,000/MT ex-plant.
— Neo Metaliks in Durgapur has reduced steel grade pig iron price by INR 100-200/MT to INR 23,200-23,300/MT ex-plant.
— Rashmi Metaliks in Durgapur has slashed sponge P-DRI price by INR 100/MT to INR 15,700/MT, as per sources.
— Jharkhand based a large scale mill is offering Wire rod (5.5mm, SAE 1008) at INR 33,000-33,500/MT & Rebar (12-32mm) at INR 32,500/MT ex-plant. Inventories remained on average basis, as per officials.
— 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. However, no major buyer at the offer price, report from the officials.
Rebar (12 mm)
— Rathi Steels based in North region has unchanged their offers at INR 33,300/MT.
— Raipur based Real Ispat (GK TMT) has unchanged their offers at INR 32,500/MT.
— Gujarat based Diamond TMT has unchanged their offers at INR 32,100/MT.
— Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) has unchanged their offers at INR 30,900/MT.
— Chennai based Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) is currently offering at INR 32,000/MT.
Wire Rod & Pipe
— Raipur (Central India) & Mandi Gobindgarh (North India) based pipe manufacturers kept offers at firm level, offering pipe at around INR 30,000/MT & INR 33,000/MT, respectively; prices are ex-plant & excluding GST.
— ERW pipe offers in Odisha, east India reported at INR 30,500/MT ex-plant & excluding GST, a Pipe (100 TPD) manufacturer reported. And added trade remains limited.
— Trade discounts in Raipur wire rod is hovering at INR 1,500/MT by re-sellers & INR 900/MT through the manufacturers. The base price stood firm at INR 31,300/MT ex-Raipur, however drop in Durgapur by INR 100/MT to INR 29,600-30,300/MT ex-Durgapur.
Reference prices as on 24th October 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,300 | 21,200 | 21,400 | – 200 | 21,700 | 21,400 |
| Ex-Mumbai | HMS(80:20) | 20,600 | 20,400 | 20,700 | – 100 | 20,700 | 21,200 | |
| Ex-Chennai | HMS(80:20) | 19,400 | 19,300 | 19,600 | 0 | 19,200 | 20,000 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,900 | 16,800 | 17,000 | – 100 | 17,200 | 17,100 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 15,900 | 15,800 | 16,000 | – 100 | 16,350 | 16,600 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | – 100 | 16,900 | 17,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,200 | 16,100 | 16,300 | – 100 | 16,400 | 16,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,700 | 15,600 | 15,800 | – 100 | 16,000 | 16,100 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,450 | 15,400 | 15,500 | – 50 | 15,850 | 15,950 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,800 | 15,700 | 15,900 | – 100 | 16,000 | 16,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | – 100 | 16,400 | 16,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,100 | 28,000 | 28,200 | – 200 | 29,400 | 28,900 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 25,800 | 25,700 | 25,900 | – 50 | 26,350 | 26,400 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,000 | 24,900 | 25,100 | – 100 | 25,900 | 25,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,400 | 25,300 | 25,500 | – 100 | 26,450 | 26,050 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,500 | 27,400 | 27,600 | – 200 | 28,050 | 27,600 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 28,300 | 28,200 | 28,400 | – 200 | 29,600 | 29,100 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 26,100 | 26,000 | 26,200 | – 100 | 26,700 | 26,700 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 25,300 | 25,200 | 25,400 | – 250 | 26,250 | 26,000 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 25,850 | 25,800 | 25,900 | – 150 | 26,800 | 26,500 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 28,300 | 28,200 | 28,400 | – 100 | 28,050 | 27,850 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,700 | 27,600 | 27,800 | – 200 | 28,250 | 27,800 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 27,100 | 27,000 | 27,200 | 0 | 27,100 | 27,200 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 26,000 | 25,900 | 26,100 | 0 | 26,500 | 26,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 32,000 | 31,800 | 32,200 | – 200 | 32,900 | 32,200 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 30,200 | 30,000 | 30,400 | – 100 | 30,800 | 30,800 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,400 | 30,300 | 30,500 | – 100 | 31,200 | 30,900 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 29,600 | 29,500 | 29,700 | – 200 | 30,300 | 30,600 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 30,800 | 30,600 | 30,900 | – 100 | 31,300 | 31,300 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,100 | 31,100 | 31,300 | 0 | 31,300 | 30,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 30,900 | 30,800 | 31,100 | 0 | 31,000 | 31,600 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 29,900 | 29,800 | 30,000 | + 200 | 30,500 | 30,400 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 29,700 | 29,600 | 30,300 | – 100 | 30,600 | 30,400 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,400 | 29,800 | 31,300 | + 100 | 31,000 | 30,400 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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