Indian sponge iron, billet & rebar prices fell further by INR 100-200/MT D-o-D, due to limited inquiries along with improved supply in the spot market.
Sources believe that the major buyers seem cautious over unclear market trends as there is no material availability shortage & it seems no further hike in price range in coming short term.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 28,300-31,300/MT (USD 375-415) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,900-17,000/MT (USD 210-225); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 3rd June 2020 (Wednesday) INR to USD exchange rate stood at INR 75.44.
— ICEX (Indian Commodity Exchange Ltd) Jul’20 contract for STEELLONG today open at INR 30,600/MT & last traded (IST 18:06 hrs) at INR 30,600/MT.
— BSE Sensex closed at 34,109(+284) on Wednesday, as against last day (Tuesday) at 33,825(+522).
— NSE Nifty50 index was closed today at 10,061(+82) & Nifty Metal at 1,952(-3).
Semi Finished
— Mid scale mills billet exports offer drop by USD 3-5/MT to USD 370-372/MT ex-mill at Durgapur, equivalent to USD 400/MT CPT Nepal.
— Steel grade pig iron offers in Raipur increased to INR 24,500-700/MT FoR, however Silicon Manganese prices remained under pressure and few deals reported at INR 61,250-61,500/MT EXW.
— Raipur based sponge producers have reduced P-DRI offers by INR 100/MT to INR 16,100/MT ex-plant, however demand remains limited, as per participants.
— Ind Synergy (Raigarh) offered P-DRI at INR 15,700/MT & Billet at INR 28,400/MT ex-Raigarh.
— Raigarh based Singhal Steel offered P-DRI at INR 15,800/MT & Billet at INR 28,400/MT ex-Raigarh. However, the plant is not offering Silicon Manganese due to less availability of stock.
— Rashmi Metaliks has further cut sponge P-DRI offers by INR 100/MT to INR 15,900/MT FoR Durgapur, as per sources.
— Odisha based sponge supplier sold around 1,000 MT FeM 80 C-DRI lumps to Jalna (Maharashtra) at around INR 18,800/MT FoR Jalna.
— Odisha based manufacturers offered Billet to Jalna at INR 30,700/MT, however buying interest from the buyer source reported at INR 30,500/MT, prices are FoR basis.
— BIOP Steels in South India has decreased sponge prices by INR 100-200/MT, offering FeM 80 & 82 C-DRI lumps at INR 16,300-16,400/MT & INR 16,800/MT ex-plant, Karnataka.
— BMM Ispat, a renowned sponge manufacturer decreased offers by INR 300/MT for FeM 80 P-DRI lumps to INR 15,700-15,800/MT ex-Bellary.
Rebar (12 mm)
— Rathi Stelmax Steel has unchanged their offer at INR 38,000/MT EXW (North Region).
— Real Ispat (GK TMT) has unaltered their offer at INR 36,800/MT EXW Raipur.
— Bajrangbali Steel Industries Pvt Ltd in Rourkela is offering Rebar at INR 34,700/MT EXW.
— Scan Group branding (Shrishti TMT) has kept offers unaltered at INR 35,000/MT EXW (Raigarh).
— Sarvottam Rolling Mills (Paras TMT) is offering at INR 35,600/MT EXW (Muzaffarnagar).
— Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) keep their offer same at INR 36,300/MT EXW (Jalna).
— Diamond TMT & Procon Pvt. Ltd. is offering at INR 35,500/MT FoR. (Gujarat).
— In heavy structural steel, trade discount maintained by Raipur based manufacturers is at INR 700-1,000/MT and trade reference prices at INR 36,200-36,600/MT (200 Angle) EXW.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod up by INR 200/MT to around INR 1,000/MT through the traders, however base prices were steady at INR 33,500/MT ex-plant. Meanwhile trade reference price in Durgapur almost firm at INR 32,900-33,200/MT ex-plant.
— ERW Pipe manufacturers have kept offers at firm level to INR 36,000/MT ex-Raipur & INR 36,000-36,200/MT ex-Rourkela.
Reference prices as on 3rd Jun’20
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Kandla | HMS(80:20) | 21,100 | 20,900 | 21,200 | + 100 | 21,100 | 21,800 |
| Ex-Mumbai | HMS(80:20) | 21,200 | 21,000 | 21,300 | + 200 | 20,500 | 22,500 | |
| Ex-Chennai | HMS(80:20) | 21,200 | 21,100 | 21,400 | + 200 | 21,000 | 21,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,850 | 16,800 | 16,900 | – 50 | 17,500 | 17,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | – 100 | 16,400 | 16,400 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,000 | 16,900 | 17,100 | – 100 | 17,100 | 17,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,900 | 15,800 | 16,000 | – 100 | 16,500 | 16,450 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,850 | 15,800 | 15,900 | – 50 | 16,500 | 16,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,100 | 16,000 | 16,200 | – 50 | 16,200 | 16,750 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,750 | 15,700 | 15,800 | – 200 | 16,400 | 16,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | – 100 | 17,000 | 16,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,150 | 31,100 | 31,200 | – 50 | 31,150 | 29,650 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,800 | 27,700 | 27,900 | – 100 | 28,100 | 26,150 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 27,900 | 27,800 | 28,000 | – 100 | 27,900 | 25,750 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 28,400 | 28,300 | 28,500 | – 200 | 28,500 | 26,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 28,800 | 28,700 | 28,900 | – 100 | 29,200 | 28,300 | |
| Billet | Ex-Mandi Gobindgarh | 100x100mm, IS 2831 | 31,300 | 31,200 | 31,400 | – 100 | 31,300 | 29,800 |
| Ex-Durgapur | 100x100mm, IS 2831 | 28,300 | 28,200 | 28,400 | – 100 | 28,600 | 26,600 | |
| Ex-Rourkela | 100x100mm, IS 2831 | 28,500 | 28,500 | 28,600 | – 100 | 28,300 | 26,100 | |
| Ex-Raipur | 100x100mm, IS 2831 | 28,900 | 28,800 | 29,000 | – 200 | 29,050 | 26,400 | |
| Ex-Ahmedabad | 100x100mm, IS 2831 | 29,200 | 29,000 | 29,300 | – 200 | 29,000 | 28,400 | |
| Ex-Mumbai | 100x100mm, IS 2831 | 29,300 | 29,200 | 29,400 | 0 | 29,500 | 28,800 | |
| Ex-Chennai | 100x100mm, IS 2831 | 30,200 | 30,100 | 30,400 | 0 | 30,900 | 30,000 | |
| Ex-Hyderabad | 100x100mm, IS 2831 | 29,500 | 29,400 | 29,600 | 0 | 29,500 | 28,000 | |
| TMT | Ex-Delhi/NCR | 12-25mm, Induction Grade, IS 1786- 500 Fe | 37,100 | 36,900 | 37,300 | 0 | NA | NA |
| Ex-Durgapur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 33,800 | 33,600 | 34,000 | – 200 | 34,300 | 31,500 | |
| Ex-Rourkela | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,700 | 34,600 | 34,800 | 0 | 35,300 | 32,700 | |
| Ex-Raipur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,800 | 34,800 | 34,900 | – 100 | 35,300 | 32,800 | |
| Ex-Jalna | 12-25mm, Induction Grade, IS 1786- 500 Fe | 36,000 | 35,700 | 36,100 | 0 | 36,400 | NA | |
| Ex-Mumbai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,100 | 33,900 | 34,300 | 0 | 34,200 | NA | |
| Ex-Chennai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 36,100 | 36,000 | 36,400 | – 100 | 36,400 | NA | |
| Ex-Hyderabad | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,500 | 34,400 | 34,600 | 0 | 35,000 | 35,200 | |
| Wire Rod | Ex-Durgapur | 5.5 mm, Wire Rod, Induction grade | 33,000 | 32,800 | 33,300 | 0 | 33,500 | 30,800 |
| Ex-Raipur | 5.5 mm, Wire Rod, Induction grade | 33,000 | 32,500 | 33,500 | – 100 | 33,700 | 30,600 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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