Indian Steel prices remain volatile on account of limited demand and as per assessment the rebar, billet & sponge iron prices fluctuated by INR 100-300/MT day-on- day.
Participants believed that, if the demand remains weak, the prices may come down in coming days as stock rising among mid scale mills.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 29,000-32,200/MT (USD 405-450) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 18,900-20,000/MT (USD 264-280); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 7th February 2020 (Friday) INR to USD exchange rate stood at INR 71.46.
— ICEX (Indian Commodity Exchange Ltd) Mar’20 contract for STEELLONG today open at INR 31,930/MT & last traded (IST 18:24 hrs) at INR 31,930/MT.
— BSE Sensex closed at 41,141(-164) on Friday, as against last day (Thursday) at 41,306(+163).
— NSE Nifty50 index was closed today at 12,086(-51) & Nifty Metal at 2,704(+15).
Raw Material
— Melting scrap offers in Western India- Gujarat decline by INR 200/MT in a day trade activity.
Semi Finished
— Jindal Steel has reduced pig iron offers and reported steel grade at INR 28,800-29,000/MT ex-Raigarh.
— The furnaces in Raipur buying pig iron (steel grade) at INR 28,700-28,800/MT FoR. Similar offers being reported by local manufacturer on ex-plant basis.
— Sponge C-DRI export offers to Nepal assessed at around USD 280/MT bag packed, FeM 80 & mix material (70:30) in eastern India.
— Indian sponge iron (80 FeM, 100% lumps) export offers were reported at around USD 295-300/MT CPT Benapole (dry port of India & Bangladesh), which is equivalent to USD 310-315/MT CFR Chittagong, Bangladesh.
— Jharkhand Ispat has kept prices unchanged; P-DRI at INR 18,600/MT, C-DRI at INR 19,600/MT & Billet at INR 30,000/MT ex-plant, Ramgarh.
— Raigarh based Singhal Steel offered P-DRI at INR 18,200-18,300/MT & Billet at INR 29,000/MT ex-Raigarh, officials reported.
— Sources reported Chandrapur (Maharashtra) based manufacturers offered Sponge P-DRI (FeM 80) at around INR 19,200/MT, ex-plant & excluding GST.
— Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 19,000/MT ex-plant, an official reported.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 19,100-200/MT & Billet at INR 29,000/MT ex-plant; an official reported.
— BIOP Steels in South India has offers FeM 80 & 82 C-DRI lumps at INR 18,700/MT & INR 19,200/MT ex-plant & around 2,000 MT deals reported in Hyderabad & Silvasa market.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI at INR 19,600-19,700/MT & Billet at INR 31,000/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer increased offers by INR 200-300/MT for FeM 80 P-DRI lumps to INR 19,000/MT ex-Bellary; an official reported.
Rebar (12 mm)
— Rathi Steels based in North region has unchanged their offer at INR 36,900/MT.
— Muzaffarnagar based Swarup Rolling Mills Limited (Swarup TMT) is current offering at INR 34,500/MT.
— Raipur based Real Ispat (GK TMT) has unchanged their offer at INR 35,400/MT.
— Raigarh based Scan Group branding (Shrishti TMT) has unchanged their offer at INR 34,000/MT.
— Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) is current offering at INR 36,000/MT.
— Gujarat based, Mono Steel (India) Ltd.(Mono TMT) is offering at INR 36,500/MT FoR. (down by INR 200/MT).
— Chennai based ARS Steel (ARS 500 D) is current offering at INR 37,500/MT.
Wire Rod & Pipe
— Wire rod trade reference price in Raipur is hovering at INR 32,900-33,000/MT through traders, however through the mills stood at INR 33,200/MT ex-plant. Also in Durgapur trade reference wire rod price drop by INR 200/MT to INR 33,500-33,700/MT ex-plant.
— ERW Pipe Manufacturers have kept offers at firm level to INR 34,400-34,500/MT ex-Raipur, INR 36,800/MT ex-Mandi Gobindgarh & INR 34,300-34,500/MT ex-Rourkela.
Reference prices as on 7th February 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 23,600 | 23,500 | 23,700 | – 200 | 24,100 | 24,500 |
| Ex-Mumbai | HMS(80:20) | 22,700 | 22,600 | 22,800 | 0 | 22,900 | 23,100 | |
| Ex-Chennai | HMS(80:20) | 22,100 | 22,000 | 22,300 | – 200 | 22,700 | 23,900 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,000 | 19,900 | 20,100 | – 100 | 20,600 | 20,600 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | 0 | 19,500 | 20,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,100 | 20,000 | 20,200 | 0 | 20,300 | 21,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,900 | 18,800 | 19,000 | + 300 | 18,900 | 19,900 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,000 | 18,900 | 19,100 | – 200 | 19,600 | 19,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | 0 | 19,200 | 20,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,900 | 18,800 | 19,000 | + 200 | 18,600 | 19,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | + 300 | 19,200 | 19,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,700 | 31,600 | 31,800 | 0 | 32,050 | 32,850 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 29,400 | 29,300 | 29,500 | – 100 | 29,900 | 30,400 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 28,600 | 28,500 | 28,700 | + 50 | 28,800 | 29,600 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 29,000 | 28,900 | 29,100 | – 100 | 29,100 | 30,200 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 30,500 | 30,400 | 30,600 | – 200 | 31,500 | 32,400 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 32,200 | 32,100 | 32,300 | 0 | 32,550 | 33,250 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 29,900 | 29,800 | 30,000 | – 100 | 30,350 | 30,800 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 29,000 | 28,900 | 29,100 | – 100 | 29,250 | 30,100 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 29,500 | 29,400 | 29,600 | – 200 | 29,700 | 30,650 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | – 200 | 32,000 | 33,000 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 30,900 | 30,800 | 31,000 | – 100 | 31,900 | 32,700 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 31,000 | 30,800 | 31,000 | + 300 | 31,500 | 32,800 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | 0 | 31,000 | 31,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 35,800 | 35,600 | 36,000 | – 100 | 36,200 | 36,800 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 34,000 | 33,800 | 34,200 | – 100 | 34,200 | 35,000 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 33,500 | 33,400 | 33,600 | 0 | 33,600 | 34,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 33,300 | 33,200 | 33,400 | 0 | 33,400 | 34,400 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 35,800 | 35,500 | 35,900 | – 100 | 36,100 | 36,700 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 34,900 | 34,700 | 35,100 | 0 | 35,800 | 36,400 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 35,500 | 35,300 | 35,700 | 0 | 35,600 | 36,100 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 35,000 | 34,900 | 35,100 | + 100 | 34,800 | 35,200 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 33,600 | 33,500 | 34,000 | – 200 | 34,000 | 35,000 |
| Ex-Raipur | Wire Rod(5.5 MM) | 33,000 | 32,900 | 33,200 | 0 | 33,100 | 34,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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