Indian Steel prices further drop owing to limited trade activities, as reported by participants. The prices on daily assessment fell by INR 100-600/MT through the mid sized mills.
The major drop in Billet prices registered in Western India – Gujarat by INR 600/MT (USD 8.5), while in remaining markets it decline by INR 100-300/MT.
In line Sponge iron, prices down by INR 100-200/MT in Central & Eastern region, meanwhile in Southern India, the producers have keep prices unchanged for the day.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 31,000-34,600/MT (USD 447-499) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,800-19,900/MT (USD 271-286); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 7th May 2019 (Friday) INR to USD exchange rate stood at INR 69.41
— ICEX (Indian Commodity Exchange Ltd) Jun’19 contract for STEELLONG today open at INR 33,920/MT & last traded (IST 18:29) at INR 33,870/MT.
— BSE Sensex closed at 38,276(-323) on Tuesday, as against last day (Monday) at 38,600(-362).
— NSE Nifty50 index was closed today at 11,497(-100).
Trade Wise – Raw Material
— NMDC – India’s largest iron ore mine, production in Apr’19 recorded at 2.9 MnT, up 20% as against 2.41 MnT in Apr’18. However, on monthly basis production fell as against 4.04 MnT in Mar’19.
— Central India, Raipur pellet offers inch up for this week is at INR 6,400/MT against last week offers of at INR 6,300/MT.
— Southern India based Janki Corp is offering Fe 63% grade pellets at INR 7,000/MT (ex-plant) in Bellary.
Semi-finished
— BMM Ispat in Southern India – Bellary is offering sponge P-DRI at INR 18,800-18,900/MT and as per officials deals are taking place at this offers.
— Rashmi Metaliks in Kharagpur(Durgapur) has reduced sponge P-DRI prices by INR 100/MT to INR 17,900/MT.
— Raipur based mid sized & integrated plants have offered sponge P-DRI at INR 18,800-19,000/MT ex-plant, however offers from outside markets reported at INR 18,700-18,800/MT FOR & excluding GST.
— Odisha based 100-300 TPD Sponge manufactuers have cuts sponge prices by INR 100/MT to INR 18,800-18,900/MT ex-plant & FeM 80 mix material.
— Neo Metaliks in Durgapur has maintained pig iron prices despite limited inquiries and reported steel grade material at INR 28,400-28,500/MT ex-plant.
— Electrosteels Ltd has also maintained prices and reported steel grade pig iron at INR 27,800-28,000/MT ex-plant, Bokaro, Jharkhand.
— SAIL has scheduled a auction on 8th May to sale about 12,600 MT steel grade pig iron from its Rourkela Steel Plant(RSP) based in Eastern India.
Wire rod & Pipe
— Trade discounts in Raipur Wire rod has reduced today following drop in base prices by INR 400/MT and trade discount learned at INR 1,000-1,200/MT. Basic prices for 5.5mm is hovering at INR 37,900/MT ex-Raipur & INR 37,000-37,800/MT ex-Durgapur.
— Hyderabad (South India) based Mahalakshmi Profiles Pvt Ltd (MPL) has roll-over ERW Pipe prices at INR 40,100/MT ex-plant. (basic & excluding GST).
Rebar (12mm)
— Rathi Steels based in North region current offering around INR 38,700/MT (ex-Delhi).
— Raipur based – SPEED TMT is offering at INR 35,500/MT (down by INR 400/MT).
— Real Ispat (GK TMT) is current offering at INR 38,000/MT (down by INR 200/MT).
— Raigarh based Anjani Steels Ltd (Radhe TMT) has unchanged their offers at INR 35,700/MT.
— Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 36,000/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd (National TMT) is offering at INR 37,600/MT FoR.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is offering at INR 36,800/MT (down by INR 100/MT).
— Jalna based Rajuri Steel Pvt. Ltd. (Rajuri) TMT has unchanged their offers at INR 36,900/MT.
— West region based Bhagwati Ferro Metal (P) Ltd is offering at INR 36,900/MT.
— Chennai based Ponneri Steel Ind. (Triple Power) has offers at INR 37,800/MT.
— Chennai based J.R. Metal Chennai Ltd. (JR TMT) is offering at INR 37,500/MT.
Note – the prices mentioned above are ex-work, excluding GST & changes are on day basis.
Reference prices as on 7th May 2019.
| Products | Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M |
| Scrap | Ex-Alang | HMS(80:20) | 26,000 | 25,900 | 26,100 | -400 | 26,600 | 26,100 |
| Ex-Mumbai | HMS(80:20) | 25,300 | 25,200 | 25,400 | 0 | 25,100 | 25,300 | |
| Ex-Chennai | HMS(80:20) | 23,900 | 23,800 | 24,100 | -300 | 24,300 | 24,900 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,000 | 18,900 | 19,100 | -200 | 19,300 | 20,600 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | -100 | 18,800 | 19,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 19,900 | 19,800 | 20,000 | -100 | 19,800 | 19,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | 0 | 19,100 | 19,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,800 | 17,700 | 17,900 | -200 | 18,100 | 19,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | -100 | 18,750 | 18,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | 0 | 18,800 | 19,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | 0 | 19,300 | 19,400 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,100 | 34,000 | 34,200 | -400 | 34,100 | 34,750 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,400 | -200 | 31,300 | 31,700 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,600 | 30,500 | 30,700 | -100 | 30,600 | 31,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,850 | 30,800 | 30,900 | -200 | 30,900 | 31,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,000 | 32,900 | 33,100 | -100 | 33,500 | 33,000 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 34,500 | 34,400 | 34,600 | -300 | 34,400 | 35,100 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 31,600 | 31,500 | 31,700 | -250 | 31,700 | 32,100 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | -100 | 31,000 | 31,500 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 31,500 | 31,400 | 31,600 | -200 | 31,600 | 31,500 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 32,400 | 32,300 | 32,500 | -600 | 33,300 | 33,650 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 33,300 | 33,200 | 33,400 | -150 | 33,700 | 33,200 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 32,000 | 31,900 | 32,100 | -100 | 31,900 | 33,300 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 32,000 | 31,900 | 32,100 | -200 | 32,000 | 33,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,700 | 37,500 | 37,900 | 0 | 37,800 | 38,700 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,800 | 36,600 | 37,000 | -100 | 36,500 | 37,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,400 | 35,300 | 35,500 | -300 | 35,400 | 36,300 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,700 | 36,600 | 36,900 | 0 | 36,900 | 37,100 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 37,200 | 37,100 | 37,500 | -200 | 37,400 | 38,100 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 35,800 | 35,500 | 36,000 | -200 | 36,000 | 36,700 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,300 | 37,000 | 37,800 | -200 | 37,100 | 37,400 |
| Ex-Raipur | Wire Rod(5.5 MM) | 37,900 | 36,800 | 37,900 | -400 | 38,200 | 38,600 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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