Indian steel prices remained on downtrend. Rebar prices fell by INR 100-400/t, billet by INR 100-300/t, while sponge iron by INR 100-200/t, as per daily assessment.
The re-rollers in major locations reported rise in inventories, resulting in price corrections in rebar which has also put pressure on sponge iron & billet prices.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 26,600-30,300/t ($355-405) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,300-16,900/t ($204-226); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 2nd July 2020 (Thursday) INR to USD exchange rate stood at INR 74.84.
— ICEX (Indian Commodity Exchange Ltd) Aug’20 contract for STEELLONG today open at INR 30,200/t & last traded (IST 17:35 hrs) at INR 30,190/t.
— BSE Sensex closed at 35,843(+429) on Thursday, as against last day (Wednesday) at 35,414(+498).
— NSE Nifty50 index was closed today at 10,551(+121) & Nifty Metal at 2,017(+19).
Raw Material
— NMDC total iron ore sales for the month of June’20 recorded at 2.48 mn t, down 3% as against 2.55 mn t in May’20.
— MOIL, the largest manganese ore producer in India, reduced prices by up to 15% with effect from 1 July for the July-Sept quarter.
Semi Finished
— SAIL has floated an export tender of 30,000 t concast slab from its Bhilai Steel Plant for mid Aug shipment. The due date of the tender is 07 Jul’20.
— Tata Metaliks Ltd (TML), India’s one of the major foundry grade pig iron manufacturers has rolled over prices for Jul’20 deliveries. Offers for foundry grade pig iron are assessed at INR 29,500/t & for low silicon (1-1.5%) at INR 26,000/t ex-plant,
Kharagpur, eastern India.
— Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 24,300-500/t ex-plant.
— Jindal Steel is offering steel grade pig iron at INR 23,300/t ex-plant, Raigarh.
— Raipur based sponge iron producers have reduced P-DRI offers by INR 200/t at INR 15,800-16,000/t ex-plant & better response reported with nearly 2,000t deals in local market at around INR 15,800/t on ex-plant & FoR basis.
— Rashmi Metaliks has kept sponge P-DRI offers firm at around INR 15,700/t FoR Durgapur, as per sources.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 15,300/t ex-Bellary.
— BIOP Steels kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 15,400/t & INR 15,700/t ex-plant, Karnataka.
Rebar (12 mm)
— Rathi Stelmax TMT stable at INR 34,500/t EXW Delhi/NCR.
— GK TMT is offering at INR 33,000/t EXW Raipur (Down by INR 300/t).
— Scan Group (Shrishti TMT) is offering at INR 31,000/t EXW Raigarh.
— Bajrangbali Steel Industries Pvt Ltd is offering rebar at INR 30,700/t EXW Rourkela.
— Rajuri TMT is offering at INR 32,300/t EXW Jalna (Down by INR 300/t).
— Guardian TMT is offering at INR 31,500/t EXW Mumbai (Down by INR 200/t).
— Mono TMT is offering at INR 33,400/t FoR Ahmedabad (Down by INR 200/t).
— Arun Vyapar Udyog Pvt Ltd – Arun Plus TMT at INR 36,500/t EXW chennai.
— Trade discount given by Raipur based heavy structure manufacturers is at INR 600-900/t and trade price of 200 Angle is at INR 34,000-34,400/t EXW.
Wire Rod & Pipe
— Trade discount in Raipur wire rod through the traders increased to INR 1,200-1,400/t & around INR 500-700/t for hb wire. Base price of wire rod stood at INR 31,100/t ex-Raipur & INR 30,800-31,100/t ex-Durgapur.
— ERW Pipe manufacturers have decreased offers by INR 100-200/t to INR 33,500/t ex-Raipur, INR 37,000/t ex-Mandi Gobindgarh & INR 33,800/t ex-Rourkela.
Reference prices as on 2nd Jul’20
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 20,900 | 20,800 | 21,000 | + 100 | 21,000 | 21,900 |
| Ex-Mumbai | HMS(80:20) | 19,900 | 19,800 | 20,100 | – 100 | 19,700 | 21,200 | |
| Ex-Chennai | HMS(80:20) | 21,300 | 21,200 | 21,500 | 0 | 21,300 | 21,200 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,550 | 16,500 | 16,600 | – 50 | 16,800 | 16,800 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 15,600 | 15,500 | 15,700 | – 300 | 15,750 | 16,350 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,850 | 16,800 | 16,900 | – 150 | 16,500 | 17,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,300 | 15,200 | 15,400 | – 100 | 15,400 | 15,900 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,600 | 15,500 | 15,700 | 0 | 15,800 | 15,800 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,800 | 15,700 | 15,900 | – 200 | 15,600 | 16,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,100 | 15,000 | 15,200 | – 100 | 15,200 | 15,600 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 15,700 | 15,600 | 15,800 | + 100 | 15,700 | 16,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,200 | 30,100 | 30,300 | – 300 | 30,850 | 31,450 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,950 | 26,900 | 27,000 | – 200 | 27,250 | 28,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,300 | 26,200 | 26,400 | – 300 | 26,600 | 27,900 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,900 | 27,100 | – 250 | 27,500 | 28,450 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,100 | 27,000 | 27,200 | 0 | 27,400 | 28,800 | |
| Billet | Ex-Mandi Gobindgarh | 100x100mm, IS 2831 | 30,250 | 30,200 | 30,300 | – 300 | 31,000 | 31,600 |
| Ex-Durgapur | 100x100mm, IS 2831 | 27,150 | 27,100 | 26,200 | – 300 | 27,750 | 28,500 | |
| Ex-Rourkela | 100x100mm, IS 2831 | 26,600 | 26,500 | 26,700 | – 250 | 26,900 | 28,350 | |
| Ex-Raipur | 100x100mm, IS 2831 | 27,200 | 27,100 | 27,300 | – 200 | 27,850 | 28,950 | |
| Ex-Ahmedabad | 100x100mm, IS 2831 | 28,300 | 28,200 | 28,400 | – 100 | 28,700 | 29,200 | |
| Ex-Mumbai | 100x100mm, IS 2831 | 27,300 | 27,200 | 27,400 | – 100 | 27,900 | 29,300 | |
| Ex-Chennai | 100x100mm, IS 2831 | 29,200 | 29,200 | 29,400 | 0 | 29,500 | 30,100 | |
| Ex-Hyderabad | 100x100mm, IS 2831 | 28,500 | 28,400 | 28,600 | 0 | 28,000 | 29,500 | |
| TMT | Ex-Delhi/NCR | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,100 | 33,900 | 34,200 | – 100 | 34,600 | 36,700 |
| Ex-Durgapur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 31,000 | 30,800 | 31,200 | – 400 | 32,000 | 33,800 | |
| Ex-Rourkela | 12-25mm, Induction Grade, IS 1786- 500 Fe | 30,800 | 30,700 | 30,900 | – 100 | 31,400 | 34,800 | |
| Ex-Raipur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 30,700 | 30,500 | 30,800 | – 200 | 31,000 | 34,700 | |
| Ex-Jalna | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,000 | 31,700 | 32,000 | – 200 | 32,600 | 35,900 | |
| Ex-Mumbai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 31,400 | 31,200 | 31,500 | – 200 | 31,600 | 34,100 | |
| Ex-Chennai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 35,300 | 35,200 | 35,600 | 0 | 35,600 | 36,100 | |
| Ex-Hyderabad | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,700 | 32,600 | 32,800 | – 100 | 32,500 | 34,500 | |
| Wire Rod | Ex-Durgapur | 5.5 mm, Wire Rod, Induction grade | 30,900 | 30,800 | 31,300 | – 300 | 31,500 | 33,000 |
| Ex-Raipur | 5.5 mm, Wire Rod, Induction grade | 30,400 | 29,800 | 31,100 | – 100 | 30,800 | 32,800 |
Basic prices in INR/t & excluding of GST @ 18%
Source: SteelMint Research
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