Spot steel prices fell further on account of sparse inquiries and falling future orders of finished steel products among mid scale mills.
As per daily assessment, sponge iron & rebar prices fell by INR 100-300/t, while billet prices declined up to INR 500/t with major drop seen in southern & western India by INR 400-500/t, D-o-D.
Sources believe that spot trades will remain weak for a couple of days as the government in several states including Punjab has announced complete lockdown during the weekend. Hence trade activities are likely to get impacted for a shorter duration.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 28,250-31,300/t ($372-413) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,800-16,850/t ($208-222); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 12th June 2020 (Friday) INR to USD exchange rate stood at INR 75.90.
— ICEX (Indian Commodity Exchange Ltd) Jul’20 contract for STEELLONG today open at INR 30,760/t & last traded (IST 18:02 hrs) at INR 30,500/t.
— BSE Sensex closed at 33,780(+242) on Friday, as against last day (Thursday) at 33,538(-708).
— NSE Nifty50 index was closed today at 9,972(+70) & Nifty Metal at 1,966(+11).
Raw Material
— Silicon Manganese (60-14) offers in Raipur assessed at INR 59,000-60,000/t EXW.
Semi Finished
— Mid scale mills export offers to Nepal drop sharply by $5/t D-o-D and assessed at $370/t ex-mill at Durgapur, equivalent to $400/t; CPT Nepal, as per participants.
— Durgapur based Neo Metaliks has slithgly lower steel grade pig iron prices by INR 100/t to INR 24,600-700/t.
— Electrosteels has offered steel grade pig iron at INR 24,200/t ex-Bokaro, Jharkhand.
— Raipur based sponge manufacturers have furhter reduced P-DRI offers by INR 200/t to INR 15,500-600/t and around 2,000t deals reported in local market.
— Kharagpur (Durgapur) based Rashmi Metaliks has reduced sponge P-DRI prices by INR 200/t to INR 16,000/t FoR, as per sources.
Rebar (12 mm)
— Swarup TMT offers at INR 35200/t EXW (Muzaffarnagar).
— GK TMT offers at INR 36,000/t EXW (Raipur).
— Akshat TMT offers at INR 35,500/t FoR (Ahmedabad).
— National TMT offers at INR 35,900/t FoR (Ahmedabad).
— Kalika TMT offers at INR 34,900/t EXW (Jalna).
— Triple Power offers at INR 36,500/t EXW (Chennai).
Wire Rod
— Wire rod export offers to Nepal through the mid scale mills hovering at $435/t ex-plant, Durgapur, equivalent to $465/t CPT Nepal.
— Trade discounts in Raipur wire rod unchanged at INR 1,000/t, however base price drop again by INR 400/t to INR 32,600/t ex-plant. Also in Durgapur trade reference prices fell by INR 100/t to INR 32,900-33,400/t ex-plant.
Reference prices as on 12th Jun’20
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,600 | 21,500 | 21,700 | -400 | 22,000 | 22,500 |
| Ex-Mumbai | HMS(80:20) | 21,000 | 20,900 | 21,200 | 0 | 21,300 | NA | |
| Ex-Chennai | HMS(80:20) | 21,000 | 20,800 | 21,200 | 0 | 21,200 | 20,900 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,850 | 16,800 | 16,900 | -300 | 17,100 | 17,100 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | – 100 | 16,500 | 15,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | – 200 | 17,000 | 16,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,800 | 15,700 | 15,900 | -300 | 15,900 | 16,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,950 | 15,900 | 16,000 | – 200 | 16,100 | 16,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,700 | 15,600 | 15,800 | -50 | 16,100 | 15,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,350 | 15,300 | 15,400 | -250 | 15,600 | 16,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,000 | 15,900 | 16,100 | -100 | 16,600 | 16,900 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,200 | 31,100 | 31,300 | -300 | 31,550 | 31,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,850 | 27,800 | 27,900 | -350 | 28,200 | 26,750 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 27,750 | 27,700 | 27,800 | -200 | 28,050 | 26,300 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 28,250 | 28,200 | 28,300 | -250 | 28,750 | 26,650 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 28,700 | 28,600 | 28,800 | – 100 | 28,800 | NA | |
| Billet | Ex-Mandi Gobindgarh | 100x100mm, IS 2831 | 31,300 | 31,200 | 31,400 | -250 | 31,600 | 31,200 |
| Ex-Durgapur | 100x100mm, IS 2831 | 28,250 | 28,200 | 28,300 | -350 | 28,750 | 27,250 | |
| Ex-Rourkela | 100x100mm, IS 2831 | 28,250 | 28,200 | 28,300 | -50 | 28,500 | 26,700 | |
| Ex-Raipur | 100x100mm, IS 2831 | 28,750 | 28,700 | 28,800 | -300 | 29,250 | 27,200 | |
| Ex-Ahmedabad | 100x100mm, IS 2831 | 29,100 | 29,000 | 29,200 | -300 | 29,500 | 29,500 | |
| Ex-Mumbai | 100x100mm, IS 2831 | 29,100 | 29,000 | 29,200 | – 100 | 29,200 | NA | |
| Ex-Chennai | 100x100mm, IS 2831 | 29,700 | 29,600 | 30,000 | -100 | 30,100 | 30,500 | |
| Ex-Hyderabad | 100x100mm, IS 2831 | 29,000 | 28,900 | 29,100 | -500 | 29,500 | 28,700 | |
| TMT | Ex-Delhi/NCR | 12-25mm, Induction Grade, IS 1786- 500 Fe | 36,200 | 36,100 | 36,400 | -300 | 36,800 | NA |
| Ex-Durgapur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 33,300 | 33,100 | 33,500 | -200 | 34,000 | 32,500 | |
| Ex-Rourkela | 12-25mm, Induction Grade, IS 1786- 500 Fe | 33,700 | 33,500 | 33,800 | 0 | 34,900 | 32,700 | |
| Ex-Raipur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 33,800 | 33,700 | 34,000 | -100 | 34,900 | 33,500 | |
| Ex-Jalna | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,600 | 34,500 | 34,800 | -200 | 35,400 | NA | |
| Ex-Mumbai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 33,900 | 33,700 | 34,000 | -200 | 34,100 | 34,200 | |
| Ex-Chennai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 35,700 | 35,600 | 36,000 | 0 | 36,000 | 36,300 | |
| Ex-Hyderabad | 12-25mm, Induction Grade, IS 1786- 500 Fe | 33,500 | 33,300 | 33,600 | -300 | 34,400 | 35,000 | |
| Wire Rod | Ex-Durgapur | 5.5 mm, Wire Rod, Induction grade | 33,000 | 32,900 | 33,500 | -100 | 33,300 | 31,400 |
| Ex-Raipur | 5.5 mm, Wire Rod, Induction grade | 32,100 | 31,700 | 32,600 | -400 | 33,100 | 31,300 |
Basic prices in INR/t & excluding of GST @ 18%
Source: SteelMint Research
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