Indian sponge iron & billet prices were assessed slight fluctuation of INR 100-200/t today on subdued demand. While, rebar prices continued to remain on down trend and plunged by INR 100-500/t with major drop of INR 400-500/t in central & northern regions.
Sources believed semis prices should not fall further due to limited margins (conversion spread), however sufficient stock of rebars among mid scale mills, remains a major concern in current circumstances.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 26,450-30,450/t ($354-408) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,300-16,700/t ($204-224); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 3rd July 2020 (Thursday) INR to USD exchange rate stood at INR 74.68.
— ICEX (Indian Commodity Exchange Ltd) Aug’20 contract for STEELLONG today open at INR 30,100/t & last traded (IST 18:45 hrs) at INR 30,300/t.
— BSE Sensex closed at 36,021(+177) on Friday, as against last day (Thursday) at 35,843(+429).
— NSE Nifty50 index was closed today at 10,607(+55) & Nifty Metal at 2,008(-8).
Raw Material
— Jindal Steel (JSPL) has reported its highest quarterly crude steel production at 1.67 mn t in Q1FY’21, increased by 8% against 1.54 mn t in the previous quarter.
— Indian chrome ore dispatches increased by 32% m-o-m in June, as the buyers are stocking up material before monsoons.
Semi Finished
— Neo Metaliks in Durgapur has slightly reduced its steel grade pig iron prices to INR 24,300/t ex-plant.
— Jindal Steel is offering steel grade pig iron at INR 23,200/t ex-plant, Raigarh.
— Raipur based sponge iron producers have reduced P-DRI offers by INR 100/t at INR 15,700-15,800/t ex-plant & few deals reported in local market.
— Rashmi Metaliks has increased sponge P-DRI offers by INR 100/t to INR 15,800-900/t FoR Durgapur, as per sources.
Rebar (12-25 mm)
— Jalna based Bhagyalaxmi rolling mill (Polaad TMT) reported about 5,000 t of rebar deals today at INR 32,000/t EXW.
— Paras TMT is offering at INR 32,400/t EXW Muzaffarnagar.
— Polaad TMT is offering at INR 32,000/t EXW Jalna (Down by INR 300/t).
— Guardian TMT stable at INR 31,500/t EXW Mumbai.
— Mono TMT is offering at INR 33,200/t FoR Ahmedabad (Down by INR 200/t).
— Triple Power offers 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 33,900-34,300/t EXW.
Wire Rod
— Trade discount in Raipur wire rod through the traders assessed at INR 1,000-1,200/t & around INR 500-700/t for hb wire. Base price of wire rod stood at INR 30,700/t ex-Raipur & INR 30,700-31,000/t ex-Durgapur.
Reference prices as on 3rd Jul’20
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 20,800 | 20,700 | 20,900 | – 100 | 21,200 | 22,000 |
| Ex-Mumbai | HMS(80:20) | 19,700 | 19,600 | 19,900 | – 200 | 19,800 | 21,300 | |
| Ex-Chennai | HMS(80:20) | 21,300 | 21,200 | 21,500 | 0 | 21,300 | 21,200 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,600 | 16,500 | 16,700 | 0 | 16,850 | 17,100 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 15,600 | 15,500 | 15,700 | 0 | 15,950 | 16,500 | |
| Ex-Raipur | 0-20 mm, -1 mm (20-25%), FeM 82%, +/-1 | 17,700 | 17,600 | 17,800 | – 200 | 17,600 | 17,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,300 | 15,200 | 15,400 | 0 | 15,400 | 15,900 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,650 | 15,600 | 15,700 | + 50 | 15,850 | 16,100 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,700 | 15,600 | 15,800 | – 100 | 15,600 | 16,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,100 | 15,000 | 15,200 | 0 | 15,000 | 15,600 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 15,650 | 15,600 | 15,700 | – 50 | 15,600 | 16,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,400 | 30,300 | 30,500 | + 200 | 30,750 | 31,550 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,100 | 27,000 | 27,200 | + 150 | 27,200 | 28,200 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,100 | 26,000 | 26,200 | – 200 | 26,600 | 28,050 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,950 | 26,900 | 27,000 | – 50 | 27,500 | 28,750 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,900 | 27,100 | – 100 | 27,600 | 28,800 | |
| Billet | Ex-Mandi Gobindgarh | 100x100mm, IS 2831 | 30,500 | 30,400 | 30,600 | + 250 | 30,900 | 31,600 |
| Ex-Durgapur | 100x100mm, IS 2831 | 27,350 | 27,300 | 27,400 | + 200 | 27,700 | 28,750 | |
| Ex-Rourkela | 100x100mm, IS 2831 | 26,500 | 26,400 | 26,600 | – 100 | 27,000 | 28,500 | |
| Ex-Raipur | 100x100mm, IS 2831 | 27,100 | 27,000 | 27,200 | – 100 | 27,800 | 29,250 | |
| Ex-Ahmedabad | 100x100mm, IS 2831 | 28,300 | 28,300 | 28,500 | 0 | 28,700 | 29,500 | |
| Ex-Mumbai | 100x100mm, IS 2831 | 27,200 | 27,100 | 27,300 | – 100 | 27,900 | 29,200 | |
| Ex-Chennai | 100x100mm, IS 2831 | 29,200 | 29,200 | 29,500 | 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 | 33,700 | 33,500 | 33,800 | – 400 | 34,900 | 36,800 |
| Ex-Durgapur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 30,800 | 30,600 | 31,000 | – 200 | 32,000 | 34,000 | |
| Ex-Rourkela | 12-25mm, Induction Grade, IS 1786- 500 Fe | 30,600 | 30,500 | 30,700 | – 200 | 31,500 | 34,900 | |
| Ex-Raipur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 30,200 | 30,100 | 30,400 | – 500 | 31,300 | 34,900 | |
| Ex-Jalna | 12-25mm, Induction Grade, IS 1786- 500 Fe | 31,800 | 31,600 | 32,000 | – 200 | 32,800 | 35,400 | |
| Ex-Mumbai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 31,400 | 31,200 | 31,500 | 0 | 31,600 | 34,100 | |
| Ex-Chennai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 35,300 | 35,200 | 35,600 | 0 | 35,500 | 36,000 | |
| Ex-Hyderabad | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,600 | 32,500 | 32,700 | – 100 | 32,200 | 34,400 | |
| Wire Rod | Ex-Durgapur | 5.5 mm, Wire Rod, Induction grade | 30,800 | 30,700 | 31,200 | – 100 | 31,500 | 33,300 |
| Ex-Raipur | 5.5 mm, Wire Rod, Induction grade | 30,000 | 29,600 | 30,700 | – 400 | 31,100 | 33,100 |
Basic prices in INR/t & excluding GST @ 18%
Source: SteelMint Research
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