Indian rebar prices fell sharply by INR 200-800/MT D-o-D with major drop of INR 500-800/MT seen in central & eastern regions due to limited future orders and spot bookings, as reported by trade associates.
Following the sharp corrections in rebar price, billet prices plunged by INR 100-400/MT, in which major decline was noticed in north-east regions by INR 250-400/MT on D-o-D basis.
In context to sponge iron, prices fluctuated by INR 100-200/MT as in central & eastern regions prices declined, while in southern India prices increased in the same proportion.
Sources believe that, if demand continues to remains less in coming days, prices may come under pressure as supply has improved since the beginning of June with resumption of operations by most of the plants in few locations.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 28,500-31,600/MT (USD 377-419) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 16,100-17,300/MT (USD 213-229); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 10th June 2020 (Wednesday) INR to USD exchange rate stood at INR 75.51.
— ICEX (Indian Commodity Exchange Ltd) Jul’20 contract for STEELLONG today open at INR 30,930/MT & last traded (IST 18:17 hrs) at INR 30,720/MT.
— BSE Sensex closed at 34,247(+290) on Wednesday, as against last day (Tuesday) at 33,956(-413).
— NSE Nifty50 index was closed today at 10,116(+69) & Nifty Metal at 2,010(-11).
Raw Material
— SAIL to conduct an auction for around 1,300 MT Silico Manganese on 16 Jun’20 from its Chandrapur ferro alloy plant, Maharashtra.
— Raipur based manufacturers have offered 60-14 Silico Manganese at INR 59,000/MT EXW.
Semi Finished
— SAIL to conduct basic grade pig iron auction for 7,600 MT, equivalent to 2 rakes from IISCO Steel plant, West Bengal on 12 June. The last auction held on 9 June was concluded at INR 24,000-24,050/MT EXW.
— Bokaro based Electrosteels has maintained steel grade pig iron price firm at INR 24,000/MT ex-plant.
— Kharagpur (Durgapur) based Rashmi Metaliks has slightly reduced sponge P-DRI prices by INR 100-200/MT to INR 16,500/MT FoR, as per sources.
— Neo Metaliks in Durgapur has offered steel grade pig iron at INR 24,700-800/MT ex-plant and few deals reported in local market at less price by INR 100-200/MT.
— Raipur based sponge manufacturers have reduced P-DRI offers by INR 300/MT to INR 15,800-900/MT ex-plant, however no major deals reported as most of the buyers have booked good volumes since a couple of days at around INR 16,000-16,100/MT ex-plant & FoR basis.
— Haq Steel & Metaliks Ltd based in Samakhiyali, Gujarat is offering 80 FeM P-DRI at INR 18,000/MT EXW.
— BIOP Steels in South India is offering FeM 80 & 82 C-DRI lumps at INR 16,300/MT & INR 16,600/MT ex-plant, Karnataka.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 15,500-15,600/MT ex-Bellary & around 1,500 MT deals reported in nearby region.
Rebar (12 mm)
— Shival Udyog (I) Pvt. Ltd., (Vandana TMT) – one of the major mid scale rolling mills in Raipur, central India has reduced rebar offers by INR 800/MT to INR 34,200/MT.
— Rajuri Steel Pvt. Ltd. (Rajuri TMT) is offering at INR 35,600/MT EXW (Jalna)
— Vinayak TMT Bars Pvt. Ltd. is offering at INR 36,000/MT FoR. (Gujarat).
— Scan Group branding (Shrishti TMT) is offering at INR 34,500/MT EXW (Raigarh).
— South region based Prakash Ferrous Ind. Pvt. Ltd (Tirumala) currently offers at INR 37,500/MT EXW.
— In heavy structural steel, trade discount maintained by Raipur based manufacturers is at INR 500-700/MT and trade reference prices at INR 35,300-35,600/MT (200 Angle) EXW.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod increased by INR 300-400/MT to INR 1,000-1,100/MT, however base price remains unchanged at INR 33,400/MT ex-plant. Although in Durgapur trade reference prices dropped by INR 400/MT to INR 33,200-33,700/MT ex-plant.
— ERW Pipe manufacturers have decreased offers by INR 200/MT to INR 36,000/MT ex-Raipur.
Reference prices as on 10th Jun’20
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,300 | 22,100 | 22,400 | – 200 | NA | 21,800 |
| Ex-Mumbai | HMS(80:20) | 21,100 | 21,000 | 21,300 | – 100 | 21,200 | NA | |
| Ex-Chennai | HMS(80:20) | 21,100 | 20,900 | 21,300 | – 100 | 21,200 | 20,900 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,300 | 17,200 | 17,400 | – 200 | 16,850 | 16,400 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | – 100 | 16,400 | 15,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | – 100 | 17,000 | 15,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,100 | 16,000 | 16,200 | + 200 | 15,900 | 16,100 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,300 | 16,200 | 16,400 | – 200 | 15,850 | 15,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,900 | 15,800 | 16,000 | – 150 | 16,100 | 14,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,600 | 15,500 | 15,700 | + 100 | 15,750 | 16,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,100 | 16,000 | 16,200 | 0 | 16,700 | 16,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,450 | 31,400 | 31,500 | – 400 | 31,150 | 29,350 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 28,200 | 28,100 | 28,300 | – 400 | 27,800 | 25,900 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 28,050 | 28,000 | 28,100 | – 300 | 27,900 | 25,300 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 28,650 | 28,600 | 28,700 | – 300 | 28,400 | 25,600 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 28,900 | 28,800 | 29,000 | – 100 | 28,800 | NA | |
| Billet | Ex-Mandi Gobindgarh | 100x100mm, IS 2831 | 31,600 | 31,500 | 31,700 | – 400 | 31,300 | 29,400 |
| Ex-Durgapur | 100x100mm, IS 2831 | 28,600 | 28,500 | 28,700 | – 500 | 28,300 | 26,400 | |
| Ex-Rourkela | 100x100mm, IS 2831 | 28,550 | 28,500 | 28,600 | – 250 | 28,500 | 25,800 | |
| Ex-Raipur | 100x100mm, IS 2831 | 29,200 | 29,100 | 29,300 | – 250 | 28,900 | 26,100 | |
| Ex-Ahmedabad | 100x100mm, IS 2831 | 29,500 | 29,300 | 29,500 | – 400 | 29,200 | NA | |
| Ex-Mumbai | 100x100mm, IS 2831 | 29,300 | 29,200 | 29,400 | – 100 | 29,300 | NA | |
| Ex-Chennai | 100x100mm, IS 2831 | 30,000 | 29,800 | 30,100 | 0 | 30,200 | 30,200 | |
| Ex-Hyderabad | 100x100mm, IS 2831 | 29,500 | 29,400 | 29,600 | 0 | 29,500 | 27,500 | |
| TMT | Ex-Delhi/NCR | 12-25mm, Induction Grade, IS 1786- 500 Fe | 36,700 | 36,500 | 36,900 | – 200 | 37,100 | NA |
| Ex-Durgapur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 33,800 | 33,600 | 34,000 | – 500 | 33,800 | 31,700 | |
| Ex-Rourkela | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,500 | 34,400 | 34,600 | – 700 | 34,700 | 32,300 | |
| Ex-Raipur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,000 | 33,900 | 34,100 | – 800 | 34,800 | 32,500 | |
| Ex-Jalna | 12-25mm, Induction Grade, IS 1786- 500 Fe | 35,200 | 35,000 | 35,400 | 0 | 36,000 | NA | |
| Ex-Mumbai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,100 | 33,900 | 34,200 | 0 | 34,100 | NA | |
| Ex-Chennai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 35,800 | 35,700 | 36,000 | 0 | 36,100 | 36,000 | |
| Ex-Hyderabad | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,000 | 33,900 | 34,100 | 0 | 34,500 | 34,500 | |
| Wire Rod | Ex-Durgapur | 5.5 mm, Wire Rod, Induction grade | 33,300 | 33,200 | 33,700 | – 400 | 33,000 | 30,700 |
| Ex-Raipur | 5.5 mm, Wire Rod, Induction grade | 32,900 | 32,400 | 33,400 | – 300 | 33,000 | 29,300 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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