Indian domestic steel prices further fall owing to limited spot trades and strengthening supply. As per assessment, the mid sized mills have reduced Rebar, Billet & Sponge iron prices by INR 100-400/MT, day on day, in major markets.
Further as per industry sources, prices likely to remain under pressure as inventories are rising with the mills specifically in Central & Eastern regions.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,200-34,100/MT (USD 436-493) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,500-19,200/MT (USD 267-278); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 6th June 2019 (Thursday) INR to USD exchange rate stood at INR 69.24.
— ICEX (Indian Commodity Exchange Ltd) Jul’19 contract for STEELLONG today open at INR 33,420/MT & last traded (IST 18:02) at INR 33,230/MT.
— BSE Sensex closed at 39,529(-553) on Thursday, as against last day (Tuesday) at 40,083(-184).
— NSE Nifty50 index was closed today at 11,843(-177) & Nifty Metal at 2,923(-33).
Raw Materials
— Indian pellet export volumes for May’19 have been recorded at 1.19 MnT, up 34% M-o-M as against 0.88 MnT a month ago
— Dispatches of Chrome Ore by Odisha miners have increased by almost 8% in May’19 against Apr’19.
— 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 14 Jun’19 at 14:00 hrs.
— As per vessel line up data maintained with SteelMint, a bulk scrap import vessel named ‘MV Sagar Kanya’ is expected to arrive at Kandla port on 09th Jun’19.
Semi Finished
— Neo Metaliks in Durgapur has lowered steel grade pig iron prices at INR 28,000-28,200/MT ex-plant.
— Officials from Mesco Steels in Jajpur, Odisha reported deals for steel grade pig iron at around INR 27,100/MT ex-plant.
— Raipur, Central India based Integrated plants offers decreased by INR 200/MT, offering Sponge P-DRI at INR 17,800-18,000/MT & Sponge DR CLO grade at INR 19,900-20,100/MT ex-plant.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 18,700/MT & Billet at INR 30,100-30,200/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 18,400-18,500/MT ex-Bellary, offers decline by INR 100-200/MT from the last trade; 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 19,000/MT & INR 19,400/MT ex-plant, Karnataka; an official reported.
— Hyderabad, Southern India based Sponge (Fem 80, P-DRI) manufacturer offers reported at around INR 19,100-19,200/MT ex-plant & excluding GST.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 20,000/MT & Billet at INR 31,300/MT ex-plant.
Wire Rod & Pipe
— Trade discounts in Raipur Wire rod further increased by INR 200/MT to INR 1,500-1,700/MT as base price steady by manufacturers at INR 37,200/MT ex-plant. Meanwhile in Durgapur base trade prices of 5.5 mm Wire rod narrowed down by INR 200/MT to INR 36,000-36,600/MT ex-plant.
— Raipur, Central India based ERW pipe manufacturers offers reported at around INR 37,800/MT ex-plant & excluding GST. Offers decline by INR 200/MT D-o-D.
— Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 40,000/MT ex-plant. (basic & excluding GST).
Reference prices as on 6th June 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 25,800 | 25,700 | 25,900 | + 100 | 26,100 | 25,700 |
| Ex-Mumbai | HMS(80:20) | 24,800 | 24,700 | 24,900 | – 100 | 24,800 | 25,000 | |
| Ex-Chennai | HMS(80:20) | 23,400 | 23,300 | 23,500 | 0 | 23,700 | 23,900 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,200 | 19,100 | 19,300 | – 200 | 19,800 | 18,900 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,500 | 18,400 | 18,600 | 0 | 18,850 | 18,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 19,100 | 19,000 | 19,200 | – 200 | 19,800 | 19,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,900 | 18,800 | 19,000 | – 100 | 19,100 | 19,100 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,200 | 18,100 | 18,300 | – 200 | 18,800 | 17,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 17,900 | 17,800 | 18,000 | – 200 | 18,700 | 18,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,500 | 18,400 | 18,600 | – 100 | 18,800 | 18,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,100 | 19,000 | 19,200 | 0 | 19,300 | 19,300 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,800 | 33,700 | 33,900 | – 200 | 34,400 | 34,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 30,600 | 30,500 | 30,700 | – 400 | 31,600 | 31,200 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 29,800 | 29,700 | 29,900 | – 200 | 30,350 | 30,400 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,000 | 29,900 | 30,100 | – 300 | 31,000 | 30,700 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 31,600 | 31,500 | 31,700 | – 50 | 32,200 | 32,600 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 34,100 | 34,000 | 34,200 | – 300 | 34,600 | 34,400 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | – 400 | 32,000 | 31,500 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 30,200 | 30,100 | 30,200 | – 300 | 30,900 | 30,700 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 30,700 | 30,600 | 30,800 | – 300 | 31,600 | 31,300 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 32,700 | 32,600 | 32,800 | 0 | 32,900 | 32,300 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 31,900 | 31,800 | 32,000 | 0 | 32,450 | 32,800 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 31,500 | 31,400 | 31,600 | 0 | 31,700 | 31,900 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 31,500 | 31,400 | 31,600 | 0 | 32,000 | 32,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,400 | 37,300 | 37,600 | 0 | 37,400 | 37,500 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,200 | 36,000 | 36,400 | – 100 | 37,000 | 36,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 34,800 | 34,700 | 34,900 | – 100 | 35,200 | 35,300 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 34,800 | 34,700 | 35,000 | 0 | 35,200 | 36,200 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 36,400 | 36,300 | 36,600 | 0 | 36,700 | 37,200 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 35,200 | 35,000 | 35,400 | – 300 | 36,000 | 35,700 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 36,300 | 36,000 | 36,600 | – 200 | 37,200 | 37,200 |
| Ex-Raipur | Wire Rod(5.5 MM) | 36,300 | 35,500 | 37,200 | 0 | 37,000 | 37,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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