Indian Sponge iron & Billet prices marginally drop by INR 100-300/MT today owing to limited spot trades. Following the trends, rebar offers being slump by INR 100-400/MT amid rising stock with the re-rollers.
The major fall of INR 300-400/MT in Rebar & Billet prices seen in Jalna, Maharashtra west India over low inquiries. Inline, Silvasa based few mills which were shut down due to pollution concerns are now operational, as per market sources.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 28,600-31,800/MT (USD 401-446) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 18,900-19,800/MT (USD 265-278); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 10th February 2020 (Monday) INR to USD exchange rate stood at INR 71.31.
— ICEX (Indian Commodity Exchange Ltd) Mar’20 contract for STEELLONG today open at INR 31,900/MT & last traded (IST 18:06 hrs) at INR 31,720/MT.
— BSE Sensex closed at 40,979(-162) on Monday, as against last day (Friday) at 41,141(-164).
— NSE Nifty50 index was closed today at 12,031(-66) & Nifty Metal at 2,628(-81).
Raw Material
— Karnataka iron ore e-auction sales down sharply by 38% in Jan’20 to 2.25 MnT as compared to 3.6 MnT in Dec’19.
— Silicon Manganese prices drop further and assessed at around INR 64,500-65,000/MT ex-Raipur.
Semi Finished
— Durgapur (Kharagpur) based Rashmi Metaliks has roll-over sponge P-DRI price at INR 19,000/MT, as per sources.
— Raipur based sponge P-DRI manufacturers have further reduced prices by INR 200/MT to INR 18,800-18,900/MT (ex-plant), however as per sources demand better as orders received of around 5,000 MT.
— 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 19,000/MT ex-Bellary, Karnataka.
— 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.
— BIOP Steels in South India has offering FeM 80 & 82 C-DRI lumps at INR 18,700/MT & INR 19,100/MT ex-plant & around 1,000 MT deals reported in nearby region.
Rebar (12 mm)
— Rathi Steels based in North region is current offering at INR 36,700/MT.
— Muzaffarnagar based Swarup Rolling Mills Limited (Swarup TMT) is current offering at INR 34,200/MT.
— Raipur based Real Ispat (GK TMT) is current offering at INR 35,400/MT.
— Raigarh based Scan Group branding (Shrishti TMT) is current offering at INR 33,400/MT.
— Bajrangbali Steel Industries Pvt Ltd based in Odisha is offering rebar at INR 33,500/MT.
— Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) is offering at INR 35,500/MT (down by INR 200/MT).
— Gujarat based, Mono Steel (India) Ltd.(Mono TMT) has unchanged their offer at INR 36,500/MT FoR.
Wire Rod & Pipe
— As per market sources, Indian govt owned large mill in eastern India (Durgapur) is offering low carbon wire rod (size 6mm, grade SAE 1010) at around INR 36,000/MT ex-plant.
— Wire rod trade reference price through the traders at INR 32,500-32,600/MT & by manufacturers offers were at INR 32,900/MT ex-Raipur. Also, in Durgapur trade reference price drop by INR 200/MT to INR 33,100-33,500/MT ex-plant.
— ERW Pipe Manufacturers have decreased offers by INR 100-300/MT to INR 34,200/MT ex-Raipur, INR 36,500/MT ex-Mandi Gobindgarh & INR 34,300/MT ex-Rourkela.
Reference prices as on 10th February 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 23,400 | 23,300 | 23,500 | – 200 | 23,600 | 24,000 |
| Ex-Mumbai | HMS(80:20) | 22,500 | 22,400 | 22,600 | – 100 | 22,800 | 22,900 | |
| Ex-Chennai | HMS(80:20) | 22,000 | 21,800 | 22,200 | 0 | 22,400 | 23,900 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,800 | 19,700 | 19,900 | 0 | 20,200 | 20,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,900 | 18,800 | 19,000 | – 300 | 19,100 | 19,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | – 100 | 20,000 | 20,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | 0 | 18,600 | 19,700 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,900 | 18,800 | 19,000 | 0 | 19,200 | 19,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | – 200 | 18,800 | 19,750 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | 0 | 18,500 | 19,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,400 | 19,300 | 19,500 | 0 | 19,000 | 19,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,400 | – 50 | 31,500 | 32,350 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 29,100 | 29,000 | 29,200 | – 100 | 29,500 | 29,900 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 28,200 | 28,100 | 28,300 | – 200 | 28,300 | 29,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 28,700 | 28,600 | 28,800 | – 100 | 28,600 | 29,400 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 30,100 | 30,000 | 30,200 | – 300 | 30,700 | 31,800 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 31,800 | 31,700 | 31,900 | 0 | 32,000 | 32,750 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 29,600 | 29,500 | 29,700 | – 150 | 30,000 | 30,500 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 28,600 | 28,500 | 28,700 | – 200 | 28,700 | 29,500 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 29,200 | 29,100 | 29,300 | – 100 | 29,200 | 29,900 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 30,700 | 30,600 | 30,800 | – 100 | 31,000 | 32,400 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 30,400 | 30,300 | 30,500 | – 300 | 31,000 | 32,000 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 31,000 | 31,000 | 31,200 | 0 | 31,000 | 32,500 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | 0 | 31,000 | 31,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 35,600 | 35,400 | 35,800 | 0 | 36,000 | 36,200 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 33,700 | 33,500 | 33,900 | 0 | 33,800 | 34,500 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 33,500 | 33,400 | 33,600 | 0 | 33,300 | 33,900 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 33,100 | 33,000 | 33,200 | – 200 | 33,200 | 33,900 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 35,300 | 35,100 | 35,500 | – 400 | 35,900 | 36,500 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 34,700 | 34,500 | 34,900 | – 200 | 35,300 | 36,400 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 35,500 | 35,300 | 35,700 | + 100 | 35,400 | 36,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 34,700 | 34,600 | 34,800 | – 300 | 34,700 | 34,700 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 33,200 | 33,100 | 33,500 | – 200 | 33,800 | 34,700 |
| Ex-Raipur | Wire Rod(5.5 MM) | 32,700 | 32,500 | 32,900 | 0 | 32,700 | 34,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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