Indian steel prices fell further upto INR 500 ($7)/t, d-o-d on account of falling spot trades & limited future orders. The major drop in prices were reported in billets by INR 100-500/MT, while rebar & sponge iron prices declined upto INR 300/MT, compared to yesterday.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 26,800-30,600/t ($ 351-401) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,500-16,500/t ($ 203-216); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 18th June 2020 (Thursday) INR to USD exchange rate stood at INR 76.31.
— ICEX (Indian Commodity Exchange Ltd) Jul’20 contract for STEELLONG today open at INR 30,360/t & last traded (IST 18:16 hrs) at INR 30,300/MT.
— BSE Sensex closed at 34,208(+700) on Thursday, as against last day (Wednesday) at 33,507(-97).
— NSE Nifty50 index was closed today at 10,091(+210) & Nifty Metal at 1,998(+58).
Raw Material
— Essel Mining in Odisha has increased its iron ore fines (Fe 62%) offer by INR 100/t from its Koira mines to INR 1,675/t (Ex-mines, including Royalty, DMF & NMET).
— MOIL floats tenders for the sale of 8,750t HC ferro-manganese, ferro-manganese slag & manganese ore of dioxide grade through e-auctions. The due date for the auction is 25 Jun’20.
— Melting scrap offers in Western India- Jalna (Maharashtra) decline by INR 600/MT in a day trade activity.
Semi Finished
— Indian sponge iron export offers dropped by $10-15/t w-o-w to $260/t CFR Chittagong, Bangladesh in recent deals of around 2,000t.
— Mid scale mills export offers drop further and are assessed at $350-353/t for billet & $415-417/t for wire rod, ex-mill at Durgapur. As per suppliers, a Durgapur based renowned mill concludes about 1,000t billet deal at $350/t on ex-plant basis to Nepal.
— RINL is inviting the bids for the export tender of 30,000 t blooms (3SP/4SP) against 100% advance payment terms. The tender due date is 22 Jun’20.
— SAIL is to auction 500t OG grade pig iron on 22 Jun’20 from its Central marketing office (CMO), Kolkata,West Bengal.
— Neo Metaliks in Durgapur reduces steel grade pig iron price by INR 300/t to INR 24,000/t ex-plant, however inquiries remain limited, as per officials.
— Raipur based major sponge manufacturers have kept P-DRI offers firm at INR 15,000-15,200/t, however few deals learned at near to INR 14,800-14,900/t ex-plant.
— Monnet Ispat has offered sponge DR-CLO grade at INR 16,800/t & P-DRI at INR 14,300/t ex-plant, Raipur.
— Rashmi Metaliks has maintained sponge P-DRI offers firm at around INR 15,500/t FoR Durgapur, as per sources.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 15,000/t ex-Bellary & around 2,000 t deals reported in nearby region.
Rebar (12 mm)
— Swarup TMT offering at INR 34,400/t EXW (Muzaffarnagar).
— GK TMT offers at INR 34,300/t EXW Raipur (Down by INR 400/t).
— Scan Group branding (Shrishti TMT) is offering at INR 32,300/t EXW (Raigarh).
— Polaad TMT unchanged their offers at INR 33,000/t EXW (Jalna).
— Mono TMT Bars is offering at INR 34,600/t FoR Ahmedabad (Down by INR 1,000/t).
— Trade discount by Raipur based heavy structure manufacturers is at INR 500-800/t and trade price of 200 Angle is at INR 34,000-34,400/t EXW.
Wire Rod & Pipe
— ERW Pipe manufacturers have decreased offers by INR 200/t to INR 34,600/t ex-Raipur.
— Trade discounts in Raipur wire rod firm at around INR 600-800/t through the traders, while base price by plants reduced by INR 200/t to INR 31,000/t ex-plant. However in Durgapur trade reference prices steady at INR 31,800-32,200/t ex-plant.
Reference prices as on 18th Jun’20
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,300 | 21,200 | 21,400 | + 200 | 22,000 | 22,400 |
| Ex-Mumbai | HMS(80:20) | 19,600 | 19,400 | 19,700 | – 700 | 21,000 | NA | |
| Ex-Chennai | HMS(80:20) | 21,000 | 20,800 | 21,200 | 0 | 21,000 | 21,100 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,450 | 16,400 | 16,500 | – 50 | 17,150 | 17,200 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 15,500 | 15,400 | 15,600 | – 300 | 16,400 | 15,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 15,900 | 15,800 | 16,000 | 0 | 16,600 | 16,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,500 | 15,400 | 15,600 | – 200 | 16,100 | 16,300 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,450 | 15,400 | 15,500 | – 50 | 16,150 | 16,250 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 14,900 | 14,800 | 15,000 | 0 | 15,750 | 15,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,000 | 14,900 | 15,100 | 0 | 15,600 | 16,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 15,700 | 15,600 | 15,800 | – 100 | 16,100 | 17,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,500 | 30,400 | 30,600 | + 50 | 31,500 | 30,900 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,050 | 27,000 | 27,100 | – 100 | 28,200 | 27,100 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,600 | 26,500 | 26,700 | – 200 | 27,950 | 26,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27,200 | 27,100 | 27,300 | – 250 | 28,500 | 27,650 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 26,800 | 26,700 | 26,900 | – 300 | 28,800 | NA | |
| Billet | Ex-Mandi Gobindgarh | 100x100mm, IS 2831 | 30,550 | 30,500 | 30,600 | – 50 | 31,550 | 31,000 |
| Ex-Durgapur | 100x100mm, IS 2831 | 27,450 | 27,400 | 27,500 | – 150 | 28,600 | 27,600 | |
| Ex-Rourkela | 100x100mm, IS 2831 | 26,800 | 26,700 | 26,900 | – 300 | 28,300 | 27,300 | |
| Ex-Raipur | 100x100mm, IS 2831 | 27,500 | 27,400 | 27,600 | – 300 | 29,050 | 28,000 | |
| Ex-Ahmedabad | 100x100mm, IS 2831 | 28,400 | 28,300 | 28,500 | + 100 | 29,400 | 28,900 | |
| Ex-Mumbai | 100x100mm, IS 2831 | 27,100 | 27,000 | 27,200 | – 300 | 29,200 | NA | |
| Ex-Chennai | 100x100mm, IS 2831 | 29,500 | 29,500 | 29,700 | 0 | 29,800 | 31,000 | |
| Ex-Hyderabad | 100x100mm, IS 2831 | 27,500 | 27,400 | 27,600 | – 500 | 29,500 | 29,500 | |
| TMT | Ex-Delhi/NCR | 12-25mm, Induction Grade, IS 1786- 500 Fe | 35,100 | 34,900 | 35,300 | – 300 | 36,500 | NA |
| Ex-Durgapur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,200 | 32,000 | 32,400 | – 100 | 33,500 | 33,200 | |
| Ex-Rourkela | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,300 | 32,200 | 32,400 | – 300 | 33,700 | 34,000 | |
| Ex-Raipur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,100 | 31,900 | 32,200 | 0 | 33,900 | 34,400 | |
| Ex-Jalna | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,800 | 32,600 | 32,900 | – 100 | 34,800 | 36,000 | |
| Ex-Mumbai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,400 | 32,200 | 32,500 | – 100 | 34,100 | 34,200 | |
| Ex-Chennai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 35,500 | 35,400 | 35,800 | 0 | 35,700 | 36,600 | |
| Ex-Hyderabad | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,500 | 32,400 | 32,600 | 0 | 33,800 | 35,000 | |
| Wire Rod | Ex-Durgapur | 5.5 mm, Wire Rod, Induction grade | 32,000 | 31,800 | 32,200 | 0 | 33,100 | 32,100 |
| Ex-Raipur | 5.5 mm, Wire Rod, Induction grade | 30,500 | 30,200 | 31,000 | – 200 | 32,500 | 31,900 |
Basic prices in INR/t & excluding of GST @ 18%
Source: SteelMint Research
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