Indian Steel prices moved down trend in the week opening and plunged by INR 100-300/MT. The trade participants reported, aggressive supply amid weak buying interest, leading to significant fall in prices through the mid size steel mills.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,300-33,600/MT (USD 435-483) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,300-20,200/MT (USD 277-290); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 7th January 2019 (Monday) INR to USD exchange rate stood at INR 69.61.
— ICEX (Indian Commodity Exchange Ltd) Feb’19 contract for STEELLONG today open at INR 33,020/MT & last traded (IST 18:20) at INR 32,830/MT.
— BSE Sensex closed at 35,850(+155) on Monday, as against last day (Friday) at 35,695 (+181).
— NSE Nifty50 index was closed today at 10,776(+49)
Raw Materials
— NMDC has announced a reduction in its today’s Karnataka e-auctions floor prices. Iron ore base prices at NMDC Kumaraswamy have decreased prices by around INR 320-330/MT in fines and INR 340–350/MT for lumps.
— Karnataka iron ore e-auction sales stood at 25.41 MnT in CY18, decline by 12% Y-o-Y as compared to 29 MnT in CY17.
— Vedanta turns out to be the largest iron ore supplier to JSW Steel in Dec’18 & supplied 0.67 MnT as compared to 0.04 MnT in Nov’18.
— OMC iron ore fines e-auction of 390,000 MT receives good response with entire quantity getting booked at about INR 50-100/MT above base price
— Pellet imports to India hit four years high in CY18 & recorded at 0.78 MnT on active buying from Essar Steel.
— Imported scrap offers to India for HMS (80:20) Europe origin containers stood at around USD 320/MT, CFR Nhava Sheva.
Semi Finished
— Sponge iron manufacturers book around 100,000 MT iron ore lumps from Serajuddin mines at revised prices of Rs 3,800/t (Ex-Mines,incld Royalty). Market expects lumps prices to stabilize in Odisha.
— Jharkhand, Giridih based Atibir Industries has reduced Pig iron prices by around INR 500/MT and latest offers for Steel grade stood at INR 28,800/MT ex-plant. Bulk purchase discount offered upto INR 500/MT.
— Raipur based manufacturers have offered Sponge P-DRI at INR 18,700-18,800/MT, however buying interest reported at INR 18,500-18,600/MT, ex-plant.
— Raigarh, Central India based a Integrated plant has offered Sponge P-DRI at around INR 18,200/MT & Pellets at INR 6,100/MT ex-plant. However as per officials no major buying interest at these prices.
— Durgapur based private pig iron manufacturer have poise due to cheaper landed cost of NINL pig iron at around INR 28,300/MT, while offers through the local suppliers hovering at INR 28,300-28,500/MT Ex-Plant.
— JSW Steel has reduced gas based DRI offers for Jan’19 and latest offers hovering at INR 21,750/MT ex-plant, Dolvi, Maharashtra.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 19,400-19,500/MT & Billet at INR 30,300/MT ex-plant. As per officials, trade activities are weak at the offer prices.
— Odisha based manufacturer, Ganesh Metaliks offered Billet at INR 30,500/MT ex-plant, 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 19,800/MT & INR 20,200/MT ex-plant, Karnataka; an official reported.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 19,000-19,100/MT ex-Bellary, offers decline by INR 200-300/MT from the last trade; an official reported.
Wire Rod & Pipe
— JSW steel Keep wire rod offers unchanged in Jan’19 and current offers stood at around INR 45,300/MT (FoR Bangalore, size 5.5 mm, SAE 1008) as per sources.
— Raipur based wire rod manufacturers offer decreased by INR 300/MT and trade discount through the manufacturers/suppliers is around INR 800-1,000/MT. The offers for 5.5 mm wire rod is hovering around INR 37,900/MT ex-Raipur & INR 36,800/MT ex-Durgapur.
— Rashmi Metaliks wire rod offers decreased and reported at INR 36,800/MT (5.5 mm), ex-Kharagpur, east India.
— Hyderabad (South India) based Pipe manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 39,000/MT ex-plant. (basic & excluding GST).
Rebar (12 mm)
— Rathi Steels based in North region offering at around INR 38,000/MT.
— Raipur based – SPEED TMT unchanged their offering at INR 34,800/MT.
— Raigarh based Anjani Steels Ltd. (Radhe TMT) offering at INR 35,000/MT (Down by INR 100/MT).
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) unchanged their offering at INR 38,200/MT FoR.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT offering at INR 36,300/MT (Down by INR 200/MT).
— Jalna based Rajuri Steel Pvt Ltd offering at INR 36,300/MT.
— Chennai based ARS Steel (ARS 500 D) current offering at INR 40,500/MT.
Note – The prices mentioned above are ex-work, excluding GST & changes are on day basis.
Reference prices as on 7th January 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 25,400 | 25,300 | 25,500 | 0 | 26,500 | 26,500 |
| Ex-Mumbai | HMS(80:20) | 25,100 | 25,000 | 25,200 | – 100 | 25,500 | 26,100 | |
| Ex-Chennai | HMS(80:20) | 24,400 | 24,200 | 24,600 | + 100 | 24,000 | 24,900 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,100 | 20,000 | 20,200 | – 200 | 21,150 | 21,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,400 | 19,300 | 19,500 | – 200 | 20,000 | 20,600 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,200 | 20,100 | 20,300 | – 200 | 21,100 | 21,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,500 | 19,400 | 19,600 | – 200 | 19,900 | 20,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,000 | 18,900 | 19,100 | – 200 | 19,950 | 20,000 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,600 | 18,500 | 18,700 | – 200 | 19,600 | 20,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | – 250 | 19,550 | 20,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,600 | 19,500 | 19,700 | – 300 | 20,300 | 21,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,300 | 33,200 | 33,300 | – 150 | 34,350 | 34,100 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 30,400 | 30,300 | 30,500 | – 200 | 31,700 | 30,800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 29,750 | 29,700 | 29,800 | – 50 | 30,600 | 30,400 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,100 | 30,000 | 30,200 | – 100 | 30,900 | 30,750 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,500 | 32,500 | 32,600 | – 200 | 33,250 | 32,800 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 33,600 | 33,500 | 33,600 | – 200 | 34,650 | 34,400 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 30,800 | 30,700 | 30,900 | – 200 | 31,950 | 31,300 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 30,300 | 30,200 | 30,400 | 0 | 30,900 | 30,700 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 30,900 | 30,800 | 31,000 | – 100 | 31,950 | 31,350 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 33,000 | 32,900 | 33,100 | + 150 | 33,900 | 33,500 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 32,700 | 32,700 | 32,800 | – 200 | 33,450 | 33,100 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 33,000 | 32,900 | 33,100 | 0 | 33,200 | 33,200 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 32,000 | 31,900 | 32,100 | – 300 | 33,000 | 33,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 36,800 | 36,600 | 37,000 | – 200 | 37,800 | 37,500 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 35,800 | 35,600 | 36,000 | 0 | 36,800 | 36,800 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 34,700 | 34,500 | 34,700 | – 100 | 35,400 | 35,400 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,100 | 35,800 | 36,300 | – 200 | 36,700 | 36,300 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 37,200 | 37,100 | 37,400 | – 100 | 37,500 | 37,500 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 36,700 | 36,500 | 36,900 | 0 | 37,500 | 37,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 36,900 | 36,700 | 37,100 | – 200 | 38,300 | 37,800 |
| Ex-Raipur | Wire Rod(5.5 MM) | 37,900 | 36,900 | 37,900 | – 300 | 38,400 | 38,600 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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