Spot steel prices rebounded and the prices increased up to INR 700/t, in which rebar and billet prices up by INR 100-700/t, d-o-d in major locations. Sponge prices have increased by INR 100-500/t after hitting three-year low.
Sources reported slight improvement in demand along with buyer’s assumption that prices may not fall further. However future price trends remain uncertain due to monsoons which has slowed construction activities.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 26,600-30,500/t ($352-404) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,400-16,500/t ($203-219); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 23rd June 2020 (Tuesday) INR to USD exchange rate stood at INR 75.48.
— ICEX (Indian Commodity Exchange Ltd) Jul’20 contract for STEELLONG today open at INR 29,900/t & last traded (IST 18:35 hrs) at INR 30,300/t.
— BSE Sensex closed at 35,430(+519) on Tuesday, as against last day (Monday) at 34,911(+179).
— NSE Nifty50 index was closed today at 10,471(+159) & Nifty Metal at 2,085(+36).
Raw Material
— Odisha based pellet maker is reported to have concluded an export deal of around 25,000t pellets to Malaysia at $115/t on CFR basis.
— A Jamshedpur based pellet maker has further lowered its offers by INR 200/t to INR 5,300/t, EXW.
— Paradip Port Trust in state of Odisha has floated an auction for around 33,680t spillage iron ore mixed with fines pellets/lumps on 15 Jul’20.
— Raipur based manufacturers have offered 60-14 silico manganese at INR 59,500/MT EXW.
Semi Finished
— Vizag Steel has invited spot sale notice for export of 30,000t bloom (3SP/4SP, 150*150mm) for end Jul shipment. The tender is due on 24 Jun’20
— Eastern India based exporters have concluded around 5,000t sponge iron (80 FeM, 100% lumps) deals to Bangladesh this week at an average price of $235/t CPT Benapole.
— Durgapur based Neo Metaliks has kept steel grade pig iron price firm at INR 23,300-400/t ex-plant & demand remains limited, as per officials.
— Rashmi Metaliks has sharply hike sponge P-DRI price by INR 500/t to INR 15,500/t FoR Durgapur, as per sources.
— Sponge manufacturers in Raipur increased offers for P-DRI by INR 300-400/t to INR 15,000-15,200/t ex-plant on improved buying interest and about 3,000-4,000t deals reported in the local market.
— Billet deals reported at INR 27,400-27,500/t FoR Raipur from Raigarh based manufacturers.
— Keonjhar (Odisha) based manufacturers have sold about 1,000t FeM 80 C-DRI lumps to Mandi Gobindgarh, Punjab at INR 15,500-600/t EXW & freight cost to Mandi (via road delivery) at INR 3,000-3,200/t.
— Bhaskar Steel and Ferro Alloy Ltd is offering billet at INR 26,500/t ex-plant.
— BIOP Steels in South India has increased sponge prices by INR 200/t, offering FeM 80 & 82 C-DRI lumps at INR 15,500/t & INR 15,900/t ex-plant, Karnataka; an official reported.
— Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 15,000/t ex-plant, an official reported.
Rebar (12 mm)
— National TMT is offering at INR 34,100/t FoR Ahmedabad.
— Paras TMT is offering at INR 33,500/t EXW Muzaffarnagar.
— GK TMT unchanged their offers at INR 33,200/t EXW Raipur.
— Polaad TMT offering at INR 32,700/t EXW Jalna (Up by INR 200/t).
— Trade discount by Raipur based heavy structure manufacturers is at INR 500-800/t and trade price of 200 Angle is at INR 33,600-34,000/t EXW.
— Scan Group branding (Shrishti TMT) is offering at INR 31,700/t EXW Raigarh.
— Bajrangbali Steel Industries Pvt Ltd is offering Rebar at INR 31,300/t EXW Rourkela .
Wire Rod & Pipe
— Trade discount in Raipur dropped by INR 300/t to INR 700/t, however base price steady at INR 30,500/t ex-plant. In Durgapur trade reference price up by INR 200/t to INR 30,900-31,200/t EXW.
— ERW Pipe Manufacturers have kept offers at firm level to INR 33,500/MT ex-Raipur, INR 36,600/MT ex-Mandi Gobindgarh & INR 34,000/MT ex-Rourkela.
Reference prices as on 23rd Jun’20
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,000 | 20,900 | 21,100 | 0 | 20,900 | 22,000 |
| Ex-Mumbai | HMS(80:20) | 19,400 | 19,300 | 19,600 | 0 | 20,600 | 20,500 | |
| Ex-Chennai | HMS(80:20) | 21,000 | 20,900 | 21,200 | + 100 | 21,000 | 21,000 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,500 | 16,400 | 16,600 | + 500 | 16,500 | 17,800 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 15,600 | 15,500 | 15,700 | + 200 | 16,000 | 16,600 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 15,900 | 15,800 | 16,000 | + 300 | 16,100 | 17,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,400 | 15,300 | 15,500 | + 200 | 15,700 | 16,100 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,500 | 15,400 | 15,600 | + 500 | 15,500 | 16,800 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,000 | 14,900 | 15,100 | + 400 | 15,100 | 16,450 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,100 | 15,000 | 15,200 | + 200 | 15,100 | 16,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 15,600 | 15,500 | 15,700 | + 200 | 15,900 | 16,900 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,550 | 30,500 | 30,600 | + 550 | 30,650 | 31,200 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,900 | 27,100 | + 550 | 27,350 | 28,300 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,250 | 2,200 | 26,300 | + 250 | 27,000 | 28,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,900 | 27,100 | + 550 | 27,650 | 29,100 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,100 | 27,000 | 27,200 | + 200 | 27,500 | 29,300 | |
| Billet | Ex-Mandi Gobindgarh | 100x100mm, IS 2831 | 30,700 | 30,600 | 30,800 | + 700 | 30,700 | 31,300 |
| Ex-Durgapur | 100x100mm, IS 2831 | 27,500 | 27,400 | 27,600 | + 700 | 27,750 | 28,800 | |
| Ex-Rourkela | 100x100mm, IS 2831 | 26,600 | 26,500 | 26,700 | + 250 | 27,300 | 28,600 | |
| Ex-Raipur | 100x100mm, IS 2831 | 27,300 | 27,200 | 27,400 | + 550 | 28,000 | 29,600 | |
| Ex-Ahmedabad | 100x100mm, IS 2831 | 28,500 | 28,400 | 28,600 | + 600 | 28,400 | 29,400 | |
| Ex-Mumbai | 100x100mm, IS 2831 | 27,400 | 27,300 | 27,500 | + 200 | 27,800 | 29,600 | |
| Ex-Chennai | 100x100mm, IS 2831 | 29,500 | 29,400 | 29,600 | 0 | 29,500 | 31,000 | |
| Ex-Hyderabad | 100x100mm, IS 2831 | 27,500 | 27,400 | 27,600 | 0 | 28,500 | 30,000 | |
| TMT | Ex-Delhi/NCR | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,500 | 34,300 | 34,700 | + 100 | 35,500 | NA |
| Ex-Durgapur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 31,700 | 31,500 | 31,900 | + 400 | 32,700 | 34,200 | |
| Ex-Rourkela | 12-25mm, Induction Grade, IS 1786- 500 Fe | 31,400 | 31,300 | 31,500 | 0 | 32,900 | 35,200 | |
| Ex-Raipur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 30,900 | 30,800 | 31,100 | – 100 | 32,500 | 35,500 | |
| Ex-Jalna | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,400 | 32,300 | 32,600 | + 100 | 33,700 | 36,500 | |
| Ex-Mumbai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 31,600 | 31,400 | 31,700 | 0 | 33,000 | 34,200 | |
| Ex-Chennai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 35,600 | 35,500 | 35,800 | 0 | 35,600 | 36,700 | |
| Ex-Hyderabad | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,000 | 31,800 | 32,100 | – 100 | 33,000 | 35,500 | |
| Wire Rod | Ex-Durgapur | 5.5 mm, Wire Rod, Induction grade | 31,000 | 30,900 | 31,300 | + 200 | 32,300 | 33,400 |
| Ex-Raipur | 5.5 mm, Wire Rod, Induction grade | 30,000 | 29,800 | 30,500 | + 100 | 31,200 | 33,900 |
Basic prices in INR/t & excluding of GST @ 18%
Source: SteelMint Research
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