Indian Spot steel trades gradually improved and the prices rise by INR 100-500/MT day on day.
As per daily assessment, the Rebar prices surge by INR 100-300/MT, Billet by INR 100-500/MT & while Sponge iron by INR 100-200/MT in major markets of Central, East, North & Western India.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 26,100-29,600/MT (USD 364-413) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,700-18,100/MT (USD 233-253); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 28th November 2019 (Thursday) INR to USD exchange rate stood at INR 71.58.
— ICEX (Indian Commodity Exchange Ltd) Jan’19 contract for STEELLONG today open at INR 29,080/MT & last traded (IST 18:03 hrs) at INR 29,380/MT.
— BSE Sensex closed at 41,130(+109) on Thursday, as against last day (Wednesday) at 41,020(+199).
— NSE Nifty50 index was closed today at 12,151(+50) & Nifty Metal at 2,656(+54).
Key Trades
— SAIL’s Rourkela Steel Plant tender held today (28th Nov’19) to sell about 4700 MT steel grade pig iron & had received good response. The base price for the tender was quoted by RSP at INR 23,050/MT and around 64% of the material offered got booked at base price.
— Indian sponge iron (FeM 80, lumps 100%) export deals were concluded to Bangladesh at an average price of USD 270/MT CPT Benapole (dry port of India & Bangladesh), which is equivalent to USD 285/MT CFR Chittagong, Bangladesh.
— Mesco Steels in Jajpur, Odisha has kept steel grade pig iron prices firm at INR 22,700/MT ex-plant.
— Melting scrap offers in Western India- Gujarat incline by INR 200/MT in a day trade activities.
— Raipur based a major sponge manufacturer has raised sponge P-DRI price by INR 200/MT to INR 16,700-800/MT ex-plant.
— Central India, Raigarh based sponge manufacturers have concluded limited deals today for Raipur & C-DRI offers at around INR 17,800/MT FoR.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,800/MT & Billet at INR 26,000/MT ex-plant; an official reported.
— East India, Rourkela based sponge manufacturer has concluded a deal of 400 MT Billet at around INR 25,900/MT ex-plant. Freight to Patna via road at INR 1,400-1,500/MT.
— BIOP Steels in South India has offering FeM 80 & 82 C-DRI lumps at INR 16,700/MT & INR 17,100/MT ex-plant, Karnataka; an official reported. And added a deal of around 200 MT sponge C-DRI for Silvasa market.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,700-16,800/MT ex-Bellary, an official reported. However no major deals learned due to healthy bookings a day before.
— ERW Pipe Manufacturers in North & Central India have decreased their offers by INR 200/MT in a day trade activities. Offers reported at INR 30,300-30,400/MT ex-Raipur & INR 34,000/MT ex-Mandi Gobindgarh.
— Trade discounts in Raipur wire rod drop by INR 300/MT to INR 1,200-1,400/MT through the traders & almost firm by mills at INR 800-1,000/MT amid steady base price at INR 31,200/MT ex-Raipur. However in Durgapur trade reference price up by INR 200/MT to INR 30,900-31,000/MT ex-plant.
Reference prices as on 28th 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 | + 200 | 22,400 | 21,800 |
| Ex-Mumbai | HMS(80:20) | 21,100 | 20,800 | 21,100 | + 200 | 21,400 | 21,200 | |
| Ex-Chennai | HMS(80:20) | 20,500 | 20,400 | 20,700 | + 200 | 20,300 | 19,600 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,100 | 18,000 | 18,200 | + 200 | 18,100 | 17,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,750 | 16,700 | 16,800 | + 200 | 16,600 | 16,100 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,600 | 17,500 | 17,700 | + 100 | 17,500 | 16,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | 0 | 16,700 | 16,300 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,100 | 17,000 | 17,200 | + 200 | 17,050 | 16,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | + 100 | 16,500 | 15,750 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | 0 | 16,500 | 16,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | 0 | 17,000 | 16,400 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,200 | 29,100 | 29,300 | + 250 | 28,900 | 28,650 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,850 | 26,800 | 26,900 | + 150 | 26,800 | 26,200 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,600 | 25,500 | 25,700 | + 100 | 25,600 | 25,350 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,100 | 26,000 | 26,200 | + 150 | 26,000 | 25,800 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,700 | 27,600 | 27,800 | + 250 | 27,600 | 28,100 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 29,600 | 29,500 | 29,700 | + 300 | 29,200 | 28,900 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 27,150 | 27,100 | 27,200 | + 250 | 27,100 | 26,500 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 26,100 | 26,000 | 26,200 | + 350 | 25,900 | 25,700 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 26,350 | 26,300 | 26,400 | + 100 | 26,350 | 26,300 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 28,700 | 28,600 | 28,800 | + 300 | 28,600 | 28,650 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 28,000 | 27,900 | 28,100 | + 300 | 27,850 | 28,350 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 28,200 | 28,200 | 28,400 | + 400 | 27,800 | 27,200 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 27,800 | 27,500 | 28,000 | + 300 | 27,800 | 26,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 32,100 | 31,900 | 32,300 | + 300 | 32,400 | 32,300 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 31,100 | 30,900 | 31,300 | + 100 | 31,000 | 30,400 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,000 | 29,900 | 30,200 | 0 | 30,300 | 30,400 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 29,700 | 29,600 | 29,800 | + 300 | 29,700 | 29,800 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 31,300 | 31,100 | 31,400 | + 300 | 31,500 | 31,200 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,400 | 31,200 | 31,600 | + 300 | 31,200 | 31,700 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 31,700 | 31,600 | 31,900 | + 100 | 31,700 | 30,900 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 31,200 | 31,100 | 31,300 | + 200 | 31,300 | 30,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 31,000 | 30,900 | 31,500 | + 200 | 30,900 | 29,900 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,300 | 29,900 | 31,200 | + 100 | 30,200 | 30,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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