Indian spot steel trades observed limited inquiries with the producers. However, despite fewer trades the prices of Sponge iron & Billet have marginally fluctuated by INR 100-200/MT, day-on-day.
While market participants reported that market may remain volatile over the upcoming budget of 2019 which is to be rolled out tomorrow.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,800-34,000/MT (USD 433-478) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,200-20,300/MT (USD 270-286); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 31st January 2019 (Thursday) INR to USD exchange rate stood at INR 71.15.
— ICEX (Indian Commodity Exchange Ltd) Mar’19 contract for STEELLONG today open at INR 34,000/MT & last traded (IST 18:45) at INR 33,420/MT.
— BSE Sensex closed at 36,256(+665) on Thursday, as against last day (Wednesday) at 35,591(-1).
— NSE Nifty50 index was closed today at 10,830(+179).
Raw Materials
— Imported scrap offers to India for HMS (80:20) Europe origin containers stood at around USD 310/MT, CFR Nhava Sheva.
Semi Finished
— MMTC cancels 30,000 MT Pig iron export tender amid limited response. The company issued new export tender which is due to expire on 12 Feb’19.
— The latest price assessment for Steel grade Pig iron stood at INR 27,700-28,000/MT ex-Raipur (Central India) & INR 27,000-27,300/MT ex-Durgapur (East region).
— Neo Metaliks in Durgapur has maintained Pig iron prices despite no major trades and reported Steel grade at INR 27,200-27,300/MT ex-plant.
— Ludhiana, North India based trade participants reported steel & foundry grade pig iron offers at INR 29,500/MT & INR 31,000-31,200/MT on FoR basis & excluding 18% GST.
— Raipur, Central India based Integrated plants have increased Sponge P-DRI prices by INR 100/MT to INR 18,800/MT ex-plant.
— Odisha based manufacturer, KJS Ahluwalia offered billet at INR 30,800-30,900/MT ex-plant. And also offering FeM 80 Sponge mix material at INR 19,200-19,300/MT ex-plant.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 19,400/MT & Billet at INR 30,800/MT ex-plant.
— Odisha based manufacturer, Ganesh Metaliks offered Billet at INR 30,800-30,900/MT ex-plant, an official reported.
— Bellary, Karnataka based furnace owners offering billet at around INR 32,200-32,300/MT on ex-plant basis.
— Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 80 P-DRI at INR 18,600-18,800/MT ex-plant, an official reported.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 18,700/MT ex-Bellary, an official reported.
— BIOP Steels in South India has decreased sponge prices by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 19,200/MT & INR 19,500/MT ex-plant, Karnataka; an official reported.
Finished long
— Raipur based wire rod manufacturers kept offers unchanged and trade discount through the manufacturers/suppliers is around INR 1,000-1,200/MT. The offers for 5.5mm wire rod is hovering around INR 37,500/MT ex-Raipur & INR 36,300-36,500/MT ex-Durgapur.
— Raipur (Central India) & Mandi Gobindgarh (North India) based pipe manufacturers kept offers at firm level, offering ERW pipe at around INR 37,000/MT & INR 40,000/MT; prices are ex-plant & excluding GST.
— Hyderabad (South India) based manufacturer Hari Om Pipe Industries Ltd has offered ERW Pipe at around INR 39,000/MT ex-plant. (basic & excluding GST).
Reference prices as on 31st January 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 25,600 | 25,500 | 25,700 | + 100 | 26,100 | 25,900 |
| Ex-Mumbai | HMS(80:20) | 25,100 | 25,000 | 25,200 | 0 | 25,100 | 25,200 | |
| Ex-Chennai | HMS(80:20) | 24,400 | 24,300 | 24,600 | 0 | 24,300 | 24,200 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,300 | 20,200 | 20,400 | – 200 | 20,700 | 20,800 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | 0 | 19,500 | 19,900 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,100 | 20,000 | 20,200 | – 100 | 20,600 | 20,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | 0 | 19,300 | 19,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,200 | 19,100 | 19,300 | – 100 | 19,600 | 19,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | + 100 | 19,100 | 19,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,700 | 18,600 | 18,800 | 0 | 18,800 | 19,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | 0 | 19,500 | 20,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,600 | 33,500 | 33,700 | + 50 | 34,100 | 33,700 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,000 | 30,900 | 31,100 | 0 | 31,400 | 31,200 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,200 | 30,100 | 30,300 | 0 | 30,700 | 30,300 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,600 | 30,500 | 30,700 | – 100 | 31,100 | 30,600 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,300 | 33,200 | 33,400 | – 200 | 33,300 | 32,900 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 34,000 | 33,900 | 34,100 | + 100 | 34,500 | 34,000 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 31,500 | 31,400 | 31,600 | 0 | 32,000 | 31,600 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 30,800 | 30,700 | 30,900 | – 200 | 31,100 | 30,700 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 31,600 | 31,500 | 31,700 | – 100 | 32,050 | 31,500 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 32,900 | 32,800 | 33,000 | + 100 | 33,500 | 33,200 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 33,500 | 33,400 | 33,600 | – 200 | 33,500 | 33,100 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 32,500 | 32,300 | 32,500 | 0 | 32,200 | 33,300 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 32,000 | 31,900 | 32,100 | 0 | 32,500 | 32,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 36,800 | 36,600 | 37,000 | – 100 | 37,500 | 37,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,000 | 35,800 | 36,200 | – 100 | 36,300 | 36,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 34,600 | 34,500 | 34,700 | – 100 | 35,000 | 35,300 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,800 | 36,500 | 37,000 | – 200 | 36,500 | 36,400 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 36,800 | 36,700 | 37,000 | – 200 | 36,600 | 37,400 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 36,000 | 35,800 | 36,200 | 0 | 36,700 | 37,200 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 36,400 | 36,200 | 36,600 | – 100 | 37,100 | 37,900 |
| Ex-Raipur | Wire Rod(5.5 MM) | 37,500 | 36,500 | 37,500 | 0 | 38,100 | 38,600 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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