Indian steel prices drop further on account of limited spot trades and rising stock with the mid sized mills. On daily assessment, the Rebar prices plunged by INR 100-800/t, Billet by INR 100-500/t & Sponge iron by INR 100-300/t.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 27,100-30,600/t ($ 355-402) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,600-16,500/t ($ 204-217); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 17th June 2020 (Wednesday) INR to USD exchange rate stood at INR 76.20.
— ICEX (Indian Commodity Exchange Ltd) Jul’20 contract for STEELLONG today open at INR 30,400/t & last traded (IST 18:25 hrs) at INR 30,380/MT.
— BSE Sensex closed at 33,507(-97) on Wednesday, as against last day (Tuesday) at 33,605(+376).
— NSE Nifty50 index was closed today at 9,881(-32) & Nifty Metal at 1,940(-15).
Semi Finished
— Neo Metaliks in Durgapur has reduced pig iron price to INR 24,000/t ex-plant, however no major inquiries as per officials.
— Ludhiana, North India based trade participants reported steel & foundry grade pig iron offers at INR 26,700/t & INR 29,200-29,300/t on FoR basis & excluding 18% GST.
— Raipur based sponge producers have reduced P-DRI offers by INR 100-200/t to INR 14,900-15,000/t ex-plant, however demand remains limited, as per participants.
— BIOP Steels in South India has decreased sponge prices by INR 100/t, offering FeM 80 & 82 C-DRI lumps at INR 15,800/t & INR 16,100/t ex-plant, Karnataka; an official reported.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 15,100/t ex-Bellary & around 1,500 t deals reported in nearby region.
Rebar (12 mm)
— Swarup TMT offering at INR 34,500/t EXW (Muzaffarnagar).
— GK TMT offers at INR 34,700/t EXW (Raipur).
— Scan Group branding (Shrishti TMT) is offering at INR 33,000/t EXW (Raigarh).
— Bajrangbali Steel Industries Pvt Ltd in Rourkela is offering Rebar at INR 32,600/t EXW.
— Polaad TMT offers at INR 33,000/t EXW (Jalna).
— Diamond TMT Bars is offering at INR 35,200/t FoR. (Ahmedabad)
— Saluja Gold TMT offering at INR 39000/t EXW (Giridih, Jharkhand).
— Trade discount by Raipur based heavy structure manufacturers is at INR 600-1,000/t and trade price of 200 Angle is at INR 34,000-34,400/t EXW.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod marginal down to INR 600-800/t through traders, while base price dropped by INR 500/t to INR 31,200/t ex-Raipur & by INR 300/t to INR 31,800-32,000/t ex-Durgapur.
— ERW Pipe manufacturers have decreased offers by INR 100-300/t to INR 34,800/t ex-Raipur, INR 37,000/t ex-Mandi Gobindgarh & INR 35,000/MT ex-Rourkela.
Reference prices as on 17th Jun’20
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,100 | 21,000 | 21,200 | + 200 | 22,300 | 22,400 |
| Ex-Mumbai | HMS(80:20) | 20,300 | 20,000 | 20,300 | – 300 | 21,100 | NA | |
| Ex-Chennai | HMS(80:20) | 21,000 | 20,800 | 21,200 | 0 | 21,100 | 21,100 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,500 | 16,500 | 16,600 | 0 | 17,300 | 16,900 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 15,800 | 15,700 | 15,900 | – 200 | 16,600 | 15,500 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 15,900 | 15,800 | 16,000 | – 200 | 16,700 | 16,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,700 | 15,600 | 15,800 | 0 | 16,100 | 16,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,500 | 15,500 | 15,600 | 0 | 16,300 | 15,900 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 14,900 | 14,800 | 15,000 | – 200 | 15,900 | 15,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,000 | 14,900 | 15,100 | – 100 | 15,600 | 16,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 15,800 | 15,700 | 15,900 | – 100 | 16,100 | 16,900 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,450 | 30,400 | 30,500 | – 200 | 31,450 | 30,650 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,150 | 27,100 | 27,200 | – 200 | 28,200 | 26,800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,800 | 26,700 | 26,900 | – 200 | 28,050 | 26,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27,450 | 27,400 | 27,500 | – 200 | 28,650 | 27,100 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,100 | 27,000 | 27,200 | – 400 | 28,900 | NA | |
| Billet | Ex-Mandi Gobindgarh | 100x100mm, IS 2831 | 30,600 | 30,500 | 30,700 | – 100 | 31,600 | 30,800 |
| Ex-Durgapur | 100x100mm, IS 2831 | 27,600 | 27,500 | 27,700 | – 150 | 28,600 | 27,300 | |
| Ex-Rourkela | 100x100mm, IS 2831 | 27,100 | 27,000 | 27,200 | – 200 | 28,550 | 26,700 | |
| Ex-Raipur | 100x100mm, IS 2831 | 27,800 | 27,700 | 27,900 | – 200 | 29,200 | 27,500 | |
| Ex-Ahmedabad | 100x100mm, IS 2831 | 28,300 | 28,200 | 28,400 | – 100 | 29,500 | 29,000 | |
| Ex-Mumbai | 100x100mm, IS 2831 | 27,400 | 27,300 | 27,500 | – 400 | 29,300 | NA | |
| Ex-Chennai | 100x100mm, IS 2831 | 29,500 | 29,500 | 29,700 | 0 | 30,000 | 31,000 | |
| Ex-Hyderabad | 100x100mm, IS 2831 | 28,000 | 27,900 | 28,100 | – 500 | 29,500 | 28,700 | |
| TMT | Ex-Delhi/NCR | 12-25mm, Induction Grade, IS 1786- 500 Fe | 35,400 | 35,200 | 35,600 | – 100 | 36,700 | NA |
| Ex-Durgapur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,300 | 32,100 | 32,500 | – 400 | 33,800 | 33,000 | |
| Ex-Rourkela | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,600 | 32,400 | 32,700 | – 300 | 34,500 | 33,300 | |
| Ex-Raipur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,100 | 32,000 | 32,300 | – 400 | 34,000 | 34,000 | |
| Ex-Jalna | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,900 | 32,700 | 33,000 | – 800 | 35,200 | 36,000 | |
| Ex-Mumbai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,500 | 32,300 | 32,500 | – 500 | 34,100 | 34,200 | |
| Ex-Chennai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 35,500 | 35,400 | 35,800 | – 100 | 35,800 | 36,500 | |
| Ex-Hyderabad | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,500 | 32,400 | 32,600 | – 500 | 34,000 | 34,500 | |
| Wire Rod | Ex-Durgapur | 5.5 mm, Wire Rod, Induction grade | 32,000 | 31,800 | 32,200 | – 300 | 33,300 | 31,600 |
| Ex-Raipur | 5.5 mm, Wire Rod, Induction grade | 30,700 | 30,400 | 31,200 | – 500 | 32,900 | 31,100 |
Basic prices in INR/t & excluding of GST @ 18%
Source: SteelMint Research
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