Indian mid size steel mills have reduced prices of Rebar by INR 100-500/MT, Billet by INR 100-400/MT & Sponge iron by INR 100-300/MT, day-on-day over limited spot trades.
As per participants, the prices are less likely to sharp fall as inventories are lessened with the producers. Also as the major mills are not making any price reductions in long steel, this may support demand of secondary mills.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,700-34,100/MT (USD 437-486) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,800-21,100/MT (USD 282-301); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 2nd January 2019 (Wednesday) INR to USD exchange rate stood at INR 70.12.
— ICEX (Indian Commodity Exchange Ltd) Feb’19 contract for STEELLONG today open at INR 33,630/MT & last traded (IST 18:44) at INR 33,540/MT.
— BSE Sensex closed at 35,891(-363) on Wednesday & NSE Nifty50 index was closed today at 10,792(-117).
Raw Materials
— Odisha’s Serajuddin Mines reduced iron ore lump prices for regular buyers by INR 500/MT w.e.f 1st Jan – Sources.
— MOIL reduces Manganese Ore prices for various grades by 10% on the prevailing prices, effective from 1 Jan, 2019.
— According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 220/MT FoB Australia & USD 232.4/MT CNF India.
— Melting scrap offers in Western India- Gujarat decline by INR 400/MT in a day trade activities.
— Local manufacturers in Raigarh offered 60-14 Silico Manganese at around INR 67,500-68,000/MT ex-plant.
Semi Finished
— RINL (Vizag Steel), South India’s largest long steel producer under the Ministry of Steel, has registered growth in saleable steel production by 15% during Apr-Dec’18 period.
— Mid size mills Billet export offers to Nepal hovering at USD 450-455/MT ex-Durgapur. As per participants, deals are taking place which was quite dull earlier.
— Raipur, Central India based Integrated plants offer decreased by INR 100-200/MT, offering Sponge P-DRI at INR 19,400-19,600/MT & Sponge DR CLO grade at INR 22,000-22,200/MT ex-plant.
— Odisha based manufacturer, Ganesh Metaliks offered Billet at INR 31,000/MT ex-plant, an official reported.
— Raigarh based Singhal Steel offered P-DRI at INR 19,000/MT ex-Raigarh, an official reported. Also, the company offered Billets at INR 31,800/MT FoR Raipur.
— Sources reported Chandrapur (Maharashtra) based manufacturers offered Sponge C-DRI (FeM 80) at INR 20,500/MT, ex-plant & excluding GST.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 20,100/MT & 20,500/MT ex-plant, Karnataka; an official reported.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 19,500-19,600/MT ex-Bellary.
— South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI & Billet at INR 20,000/MT & INR 33,000/MT. Also offering 12 mm Rebar at INR 37,500/MT. All prices are ex-plant & excluding GST.
Wire Rod & Pipe
— Mandi Gobindgarh, North India based ERW pipe manufacturers increased prices by INR 300/MT & offers reported at around INR 40,300/MT ex-plant & excluding GST.
Rebar (12 mm)
— Raipur based – SPEED TMT unchanged their offering at INR 35,500/MT.
— Raigarh based Scan Group branding Shrishti TMT current offering at INR 35,900/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) unchanged their offering at INR 38,700/MT FoR.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT offering at INR 36,700/MT (Down by INR 100/MT).
— Mumbai based Guardian TMT offering at INR 36,400/MT (Down by INR 500/MT).
— Chennai based Shakti Ferro Alloys, (SSI TMT) unchanged their 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 2nd January 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,100 | 26,000 | 26,200 | – 400 | 26,000 | 26,900 |
| Ex-Mumbai | HMS(80:20) | 25,500 | 25,400 | 25,600 | 0 | 25,300 | 26,000 | |
| Ex-Chennai | HMS(80:20) | 24,200 | 24,100 | 24,400 | + 200 | 24,200 | 24,900 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,900 | 20,800 | 21,000 | – 300 | 20,000 | 21,600 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,000 | 19,900 | 20,000 | – 200 | 19,800 | 20,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,100 | 21,000 | 21,200 | – 100 | 20,700 | 22,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | – 100 | 20,000 | 20,700 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,700 | 19,600 | 19,800 | – 300 | 18,900 | 20,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,500 | 19,400 | 19,600 | – 100 | 19,500 | 20,450 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,500 | 19,400 | 19,600 | – 50 | 19,600 | 20,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,200 | 20,100 | 20,300 | – 100 | 20,300 | 20,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,800 | 33,700 | 33,800 | – 350 | 33,500 | 34,800 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,400 | – 400 | 30,500 | 31,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,300 | 30,200 | 30,400 | – 400 | 29,800 | 30,600 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,700 | 30,600 | 30,800 | – 200 | 30,400 | 31,100 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,600 | 32,600 | 32,700 | – 400 | 33,400 | 33,300 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 34,100 | 34,000 | 34,200 | – 350 | 33,600 | 35,200 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 31,600 | 31,500 | 31,700 | – 400 | 31,000 | 32,000 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 30,700 | 30,600 | 30,700 | – 300 | 30,250 | 30,800 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 31,600 | 31,500 | 31,700 | – 350 | 31,300 | 31,700 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 33,700 | 33,600 | 33,700 | – 300 | 33,200 | 33,800 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 32,800 | 32,800 | 32,900 | – 400 | 33,600 | 33,500 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 33,300 | 33,300 | 33,500 | + 100 | 33,500 | 33,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 33,000 | 32,900 | 33,100 | 0 | 32,700 | 32,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,600 | 37,500 | 37,800 | – 300 | 36,800 | 37,600 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,500 | 36,300 | 36,700 | – 300 | 35,300 | 37,100 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,300 | 35,200 | 35,500 | – 100 | 34,800 | 35,200 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,200 | 36,000 | 36,400 | – 500 | 36,700 | 36,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 37,400 | 37,300 | 37,600 | 0 | 37,800 | 37,900 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 37,500 | 37,300 | 37,700 | + 300 | 37,000 | 37,200 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 38,100 | 37,900 | 38,300 | – 200 | 36,900 | 38,100 |
| Ex-Raipur | Wire Rod(5.5 MM) | 38,600 | 37,800 | 38,600 | 0 | 37,500 | 38,600 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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