Indian steel prices remained volatile and on daily trade activities fluctuated by INR 100-500/MT amid average spot trades.
The major change seen in southern India – Hyderabad, where rebar & billet offers surged by INR 400-500/MT (USD 6-7). While in remaining markets the price fluctuation is about INR 100-200/MT, day on day.
As per market participants, trades are active, hence prices should find support. In addition, inventories are not up to the mark with the most of standalone mills. This seems to be a major factor behind strong prices in coming days.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 25,900-29,300/MT (USD 361-409) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,700-18,100/MT (USD 232-252); prices are ex-plant & excluding GST.
RUPEE & BSE SENSEX
— On 25th November 2019 (Monday) INR to USD exchange rate stood at INR 71.69.
— ICEX (Indian Commodity Exchange Ltd) Dec’19 contract for STEELLONG today open at INR 27,900/MT & last traded (IST 18:20 hrs) at INR 27,850/MT.
— BSE Sensex closed at 40,889(+529) on Monday, as against last day (Friday) at 40,359(-215).
— NSE Nifty50 index was closed today at 12,079(+164) & Nifty Metal at 2,598(+77).
RAW MATERIAL
— State-owned, MSTC – Karnataka has reduced base price for Manganese ore auction by up to 25% and the quantity is offered about 31,752 MT, which is scheduled to be auction on 25 Nov’19.
SEMI FINISHED
— Small deals of induction grade billet (100*100 mm) exports reported from Durgapur, eastern India at around USD 395/MT CPT Raxaul border, Nepal.
— Mesco Steels in Jajpur, Odisha has kept steel grade pig iron prices firm at INR 22,700-22,800/MT ex-plant.
— SAIL has schedule a auction to sale of about 4,700 MT basic grade Pig iron on 28th Nov’19 from its Rourkela Steel Plant (RSP).
— Rashmi Metaliks in Durgapur has slightly raised sponge P-DRI price by INR 100/MT to INR 17,100/MT ex-plant, as per sources.
— Raipur based a major sponge manufacturer has sold about 3,000 tons P-DRI at INR 16,500-16,600/MT and than hike prices by INR 200/MT to INR 16,700-16,800/MT; ex-plant.
— Neo Metaliks in Durgapur has traded steel grade pig iron at firm price of INR 24,100-24,200/MT ex-plant.
— Central India, Raigarh based sponge manufacturer (900 TPD) has concluded a deal of 1,000 MT P-DRI sponge at around INR 16,700/MT FoR Raipur.
— Raigarh based Steel manufacturer concluded billet deal at INR 28,500-28,600/MT FoR Jaipur, officials reported.
— Odisha based sponge manufacturers sold 1,000 MT FeM 80 C-DRI lumps to Jalna (Maharashtra) at around INR 19,000/MT FoR .
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,700/MT & INR 17,100/MT ex-plant, Karnataka. And added deals of around 1,400 MT sponge C-DRI for Hindupur & Hyderabad.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,700-16,800/MT ex-Bellary, an official reported.
REBAR (12 mm)
— Rathi Steels based in North region has unchanged their offer at INR 33,000/MT.
— Raipur based Real Ispat (GK TMT) has unchanged their offer at INR 32,700/MT.
— Raigarh based Anjani Steels Ltd. (Radhe TMT) has unchanged their offer at INR 30,200/MT.
— Jalna based Rajuri Steel Pvt. Ltd.(Rajuri TMT) is offering at INR 31,300/MT (down by INR 300/MT).
— Jalna based Gajkesari Steels And Alloys Pvt. Ltd.(Gajkesari TMT) is current offering at INR 31,000/MT.
— Gujarat based Diamond TMT is current offering at INR 32,800/MT.
WIRE ROD & PIPE
— Trade discounts in Raipur wire rod through traders were at INR 1,400-1,600/MT & by mills at INR 900-1,100/MT, although base prices up by INR 200/MT to INR 31,200/MT ex-plant. Similarly in Durgapur trade reference prices up by INR 100/MT to INR 30,800-30,900/MT ex-plant.
Reference prices as on 25th November 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,000 | 21,900 | 22,100 | 0 | 22,100 | 21,600 |
| Ex-Mumbai | HMS(80:20) | 21,000 | 20,800 | 21,200 | – 100 | 21,500 | 20,700 | |
| Ex-Chennai | HMS(80:20) | 20,500 | 20,300 | 20,600 | + 100 | 20,400 | 19,500 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,050 | 18,000 | 18,100 | + 150 | 17,900 | 17,100 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | + 150 | 16,600 | 16,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,600 | 17,500 | 17,700 | + 200 | 17,300 | 16,650 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | – 100 | 16,700 | 16,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,050 | 17,000 | 17,100 | + 150 | 16,900 | 15,950 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | + 200 | 16,400 | 15,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | 0 | 16,550 | 16,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | + 100 | 17,000 | 16,400 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,900 | 28,800 | 29,000 | – 100 | 28,350 | 28,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,850 | 26,800 | 26,900 | + 100 | 26,500 | 26,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,550 | 25,500 | 25,600 | + 50 | 25,400 | 25,300 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,000 | 25,900 | 26,100 | 0 | 25,600 | 25,750 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,600 | 27,500 | 27,700 | – 100 | 27,250 | 27,800 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 29,300 | 29,200 | 29,400 | – 50 | 28,800 | 28,700 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 27,050 | 27,000 | 27,100 | + 100 | 26,800 | 26,400 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 25,900 | 25,800 | 26,000 | + 100 | 25,650 | 25,600 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 26,300 | 26,200 | 26,400 | 0 | 25,850 | 26,250 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 28,500 | 28,400 | 28,600 | 0 | 28,000 | 28,450 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,800 | 27,700 | 27,900 | – 200 | 27,450 | 28,000 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 27,700 | 27,600 | 27,800 | – 50 | 28,000 | 27,200 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 28,000 | 27,900 | 28,100 | + 500 | 27,500 | 26,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 31,900 | 31,700 | 32,000 | – 100 | 32,300 | 32,300 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 31,000 | 30,800 | 31,200 | 0 | 31,000 | 30,400 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,200 | 30,100 | 30,300 | + 100 | 30,000 | 30,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 29,700 | 29,600 | 29,800 | 0 | 29,700 | 29,800 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 31,300 | 31,100 | 31,400 | – 100 | 31,200 | 31,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,100 | 30,900 | 31,300 | – 200 | 31,100 | 31,500 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 31,800 | 31,800 | 32,100 | 0 | 31,700 | 30,900 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 31,500 | 31,400 | 31,600 | + 400 | 31,000 | 30,200 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,900 | 30,800 | 31,500 | + 100 | 30,500 | 30,000 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,200 | 29,600 | 31,200 | + 100 | 30,300 | 30,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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