Indian Steel prices remain on downtrend owing to weak demand in finished steel products and strong supply. The prices fall by INR 100-500/MT today in major markets.
The Billet prices down majorly in Central, East & Northern regions by INR 300-500/MT, while Sponge iron corrects in same proportion in Southern India. Meanwhile Rebar prices being slip by INR 300-500/MT and majorly in Central & Eastern regions.
Industry participants believe that, prices less likely to find support as persistent weak demand has increased selling pressure with the producers in major producing regions.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 31,300-34,800/MT (USD 448-498) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,200-20,300/MT (USD 274-291); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 11th March 2019 (Monday) INR to USD exchange rate stood at INR 69.85.
— ICEX (Indian Commodity Exchange Ltd) Apr’19 contract for STEELLONG today open at INR 34,400/MT & last traded (IST 18:13) at INR 34,200/MT.
— BSE Sensex closed at 37054(+382) on Monday, as against last day (Friday) at 36,671(-53).
— NSE Nifty50 index was closed today at 11,176(+140).
Raw Materials
— KIOCL has invited a tender for purchase of 50,000 DMT (dry metric tonne) iron ore concentrate-Haematite. Interested bidders can submit their bids till 15 Mar’19.
— According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 216.25/MT FoB Australia & USD 228.65/MT CNF India. Offers rise by USD 2-3/MT W-o-W.
— South African RB2 (5500 NAR) coal offers are assessed at USD 56/MT on FoB basis & USD 69/MT CNF India. Prices decline by USD 4/MT on weekly basis.
— Prices for HC Silico Manganese in Ex-Raipur are at INR 67,000/MT & in Durgapur are at INR 68,000/MT.
Semi Finished
— Pig iron prices in Northern India increased by INR 300-500/MT due to short supply, as per traders. The prices for steel grade reported at INR 30,600-30,800/MT & Foundry grade at INR 34,800-35,000/MT FoR Ludhiana.
— Electrosteels based in Bokaro, Jharkhand has maintained Pig iron prices and reported steel grade at INR 27,600-27,700/MT ex-plant.
— Rashmi Metaliks in Durgapur, known as price trend setter, has offered Sponge P-DRI at INR 18,000/MT – Sources.
— Raipur, Central India based Integrated plants offers decreased by INR 100-200/MT, offering Sponge P-DRI at INR 18,900-19,100/MT & Sponge DR CLO grade at INR 21,200-21,400/MT ex-plant.
— Odisha based manufacturer, Ganesh Metaliks offered Billet at INR 31,400/MT ex-plant, an official reported.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 19,300/MT & Billet at INR 31,200-31,300/MT ex-plant.
— East India, Odisha based manufacturer, Mahavir Ferro Alloys offered Billet at INR 31,500/MT ex-plant as per officials. However as per participants no major deals at this prices.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 20,700/MT & Billet at INR 33,600/MT ex-plant.
— South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI & Billet at INR 19,500/MT & INR 33,500/MT. Also offering 12 mm Rebar at INR 37,000/MT. All prices are ex-plant & excluding GST.
— BIOP Steels in South India has decreased sponge prices by INR 400/MT, offering FeM 80 & 82 C-DRI lumps at INR 19,800/MT & INR 20,100/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, an official reported.
Wire Rod & Pipe
— Raipur, Central India based ERW pipe manufacturers decreased prices by INR 200/MT & offers reported at around INR 37,500/MT ex-plant & excluding GST.
— Raipur based wire rod manufacturers reduced offers by INR 400/MT and trade discount through the manufacturers/suppliers is around INR 1,100-1,500/MT. The offers for 5.5 mm wire rod is hovering at around INR 38,400/MT ex-Raipur & INR 36,500-36,800/MT ex-Durgapur.
— Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 40,000/MT ex-plant. (basic & excluding GST).
Rebar (12 mm)
— Raipur based – SPEED TMT offering at INR 36,300/MT (Down by INR 200/MT).
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) offering at INR 39,600/MT FoR (Down by INR 200/MT).
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT current offering at INR 38,800/MT.
— Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) current offering at INR 38,900/MT.
— Mumbai based Vistar Metal Ind. Pvt. Ltd. (Vistar TMT) offering at INR 38,200/MT (Down by INR 500/MT).
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis.
Reference prices as on 11th March 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 25,700 | 25,600 | 25,800 | – 200 | 26,300 | 26,800 |
| Ex-Mumbai | HMS(80:20) | 25,200 | 25,100 | 25,300 | – 100 | 25,400 | 25,800 | |
| Ex-Chennai | HMS(80:20) | 24,900 | 24,800 | 25,100 | – 100 | 25,700 | 25,400 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,200 | 19,100 | 19,300 | – 300 | 20,200 | 22,100 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | – 200 | 20,300 | 21,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,200 | 20,100 | 20,300 | – 100 | 21,200 | 22,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,600 | 19,500 | 19,700 | – 300 | NA | 21,300 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,000 | 17,900 | 18,100 | – 300 | 19,000 | 20,800 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,900 | 18,800 | 19,000 | – 100 | 19,800 | 21,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | – 500 | NA | 20,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,600 | 19,500 | 19,700 | – 400 | 21,000 | 21,300 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,250 | 34,200 | 34,300 | – 400 | 35,200 | 36,200 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,400 | – 400 | 32,200 | 33,500 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,800 | 30,700 | 30,900 | – 300 | 31,900 | 33,300 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,700 | 31,600 | 31,800 | – 300 | 32,700 | 34,150 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,900 | 34,100 | – 400 | 35,500 | 36,000 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 34,700 | 34,600 | 34,800 | – 400 | 35,600 | 36,700 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 31,700 | 31,600 | 31,800 | – 400 | 32,700 | 34,000 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 31,300 | 31,200 | 31,400 | – 400 | 32,300 | 34,000 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 32,000 | 31,900 | 32,100 | – 200 | 33,400 | 35,100 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 34,800 | 34,700 | 34,900 | – 200 | 35,900 | 35,800 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 34,200 | 34,100 | 34,300 | – 400 | 35,750 | 36,200 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 33,800 | 33,800 | 34,000 | – 100 | 34,700 | 35,200 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 33,500 | 33,400 | 33,600 | – 200 | 35,000 | 35,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,800 | 37,600 | 38,000 | 0 | 38,600 | 39,100 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,500 | 36,300 | 36,700 | – 500 | 37,500 | 38,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,100 | 36,000 | 36,300 | – 300 | 36,700 | 37,700 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 37,800 | 37,700 | 38,200 | – 200 | 38,600 | 38,700 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 38,600 | 38,400 | 38,800 | – 200 | 39,000 | 39,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,800 | 37,200 | – 300 | 38,500 | 39,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 36,600 | 36,400 | 36,800 | – 300 | 38,000 | 39,400 |
| Ex-Raipur | Wire Rod(5.5 MM) | 38,400 | 37,100 | 38,400 | – 400 | 40,000 | 40,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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