Indian steel prices increased by INR 100-400/MT today amid average spot trades. Following the trend, sponge iron prices surge by INR 100-200/MT on day trade activities.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 28,900-32,200/MT (USD 405-452) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 18,500-20,000/MT (USD 259-281); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 5th February 2020 (Wednesday) INR to USD exchange rate stood at INR 71.16.
— ICEX (Indian Commodity Exchange Ltd) Mar’20 contract for STEELLONG today open at INR 32,000/MT & last traded (IST 18:24 hrs) at INR 32,320/MT.
— BSE Sensex closed at 41,142(+353) on Wednesday, as against last day (Tuesday) at 40,789(+917).
— NSE Nifty50 index was closed today at 12,090(+110) & Nifty Metal at 2,671(+77).
Key Trades
— Electrosteels in Bokaro, Jharkhand has offered steel grade pig iron at INR 28,000/MT ex-plant.
— Melting scrap offers in Western India- Jalna (Maharashtra) decline by INR 200/MT in a day trade activity.
— Ludhiana, North India based trade participants reported steel & foundry grade pig iron offers at INR 30,000/MT & INR 31,100/MT on FoR basis & excluding 18% GST.
— Rashmi Metaliks in Durgapur has offers Sponge P-DRI at around INR 19,100/MT, as per market sources.
— Raipur based sponge P-DRI makers have increased their offers by INR 200-300/MT to INR 19,100/MT ex-plant
— Raipur based mills sourcing Sponge C-DRI from Raigarh at around INR 20,100/MT FoR Raipur.
— Billet deals learned at INR 29,500/MT FoR Raipur from Raigarh based manufacturers.
— BMM Ispat a price trend setter in South Indian sponge market has kept offers unaltered today and offered FeM 80 P-DRI lumps at INR 18,600/MT ex-Bellary, Karnataka.
— ERW Pipe Manufacturers have kept offers at firm level to INR 34,000/MT ex-Raipur & INR 36,500/MT ex-Mandi Gobindgarh.
Reference prices as on 5th February 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 23,500 | 23,400 | 23,600 | + 100 | 23,900 | 24,400 |
| Ex-Mumbai | HMS(80:20) | 22,500 | 22,400 | 22,600 | – 200 | 22,900 | 23,100 | |
| Ex-Chennai | HMS(80:20) | 22,200 | 22,100 | 22,400 | – 100 | 22,900 | 23,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,000 | 19,900 | 20,000 | 0 | 20,500 | 20,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | + 100 | 19,400 | 20,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,000 | 19,900 | 20,000 | + 100 | 20,100 | 21,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,500 | 18,400 | 18,600 | 0 | 19,000 | 19,700 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,100 | 19,000 | 19,200 | + 100 | 19,500 | 19,800 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | + 250 | 19,200 | 20,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,500 | 18,400 | 18,600 | 0 | 18,700 | 19,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | 0 | 19,300 | 19,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,800 | 31,700 | 31,900 | + 400 | 32,250 | 33,100 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 29,500 | 29,400 | 29,600 | + 200 | 29,900 | 30,300 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 28,500 | 28,400 | 28,600 | + 300 | 28,700 | 29,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 28,750 | 28,700 | 28,800 | + 350 | 29,100 | 30,600 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 30,700 | 30,600 | 30,800 | + 200 | 31,550 | 32,500 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 32,200 | 32,100 | 32,300 | + 300 | 32,700 | 33,550 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 30,000 | 29,900 | 30,100 | + 300 | 30,400 | 30,800 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 28,900 | 28,800 | 29,000 | + 300 | 29,200 | 30,250 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 29,450 | 29,400 | 29,500 | + 400 | 29,750 | 31,100 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 31,000 | 31,000 | 31,200 | + 100 | 32,300 | 33,400 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | + 100 | 31,800 | 32,800 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 30,700 | 30,600 | 30,900 | – 300 | 31,600 | 32,500 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 30,800 | 30,500 | 31,000 | + 300 | 31,000 | 31,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 35,700 | 35,500 | 35,900 | 0 | 36,300 | 36,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 33,800 | 33,600 | 34,000 | + 100 | 34,100 | 35,100 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 33,200 | 33,100 | 33,300 | + 200 | 33,600 | 34,700 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 33,200 | 33,100 | 33,300 | + 200 | 33,400 | 34,500 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 35,700 | 35,500 | 35,800 | – 100 | 35,900 | 36,700 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 34,900 | 34,700 | 35,100 | – 200 | 35,800 | 36,300 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 35,500 | 35,300 | 35,700 | 0 | 35,700 | 36,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 34,300 | 34,200 | 34,400 | + 100 | 34,700 | 35,100 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 33,600 | 33,500 | 33,700 | + 100 | 34,100 | 35,200 |
| Ex-Raipur | Wire Rod(5.5 MM) | 32,700 | 32,600 | 32,900 | + 300 | 33,100 | 34,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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