Spot steel trades remained weak in Indian domestic market as prices drop further by INR 100-400/MT on day trade activities.
As per participants, limited inquiries amid strong supply resulting significant fall in prices through the mid sized mills.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 27,500-31,500/MT (USD 401-460) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,800-18,300/MT (USD 245-267); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 4th July 2019 (Thursday) INR to USD exchange rate stood at INR 68.53.
— ICEX (Indian Commodity Exchange Ltd) Aug’19 contract for STEELLONG today open at INR 30,950/MT & last traded (IST 18:08) at INR 30,480/MT.
— BSE Sensex closed at 39,908(+68) on Thursday, as against last day (Wednesday) at 39,839(+22).
— NSE Nifty50 index was closed today at 11,946(+30) & Nifty Metal at 2,962(-29).
Raw Materials
— Indian Iron ore export volumes double to 5.21 MnT in Q1 FY19 against last quarter on increased exports from Odisha and high global prices- SteelMint Stats.
— India’s largest Blast Furnace (BF) at Angul plant of JSPL has produced its highest ever hot metal production of 10,845 MT for a single day on Tuesday.
— SM Niryat stood largest iron ore exporter in Q1 FY19 at 1.32 MnT, up significantly as against 0.57 MnT in Q4 FY18.
— Coking Coal prices drop by USD 5/MT against last week on low demand. Premium HCC at USD 191/MT, FoB Australia
— Melting scrap offers in Western India- Gujarat decline by INR 300/MT in a day trade activities.
Semi Finished
— Jindal Steel has further reduced price and reported steel grade pig iron at around INR 26,300/MT ex-Raigarh & panther shots(granulated pig iron) at INR 24,400-24,500/MT ex-Angul, Odisha.
— Raipur based sponge producers have maintained offers, however no major deals learned and reference price stood at INR 16,300-16,400/MT ex-plant for P-DRI.
— Major sponge producers in Durgapur have reduced prices by INR 200/MT and reported P-DRI at INR 17,300/MT.
— Bokaro based Electrosteels has maintained steel grade pig iron prices and reported at INR 26,500/MT, however as per sources buying interest at around INR 26,000-26,200/MT; ex-plant.
— BMM Ispat, a renowned sponge manufacturer has offered FeM 80 P-DRI lumps at INR 16,400-16,500/MT ex-Bellary, an official reported.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 17,100/MT & INR 17,500/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod further increased to INR 1,300-1,500/MT with steady base price at INR 34,700/MT ex-plant. In Durgapur also trade reference prices drop by INR 200/MT to INR 32,800-33,500/MT ex-plant.
— Raipur, Central India based ERW pipe manufacturers offers reported at around INR 36,000/MT ex-plant & excluding GST.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 37,400/MT ex-plant & excluding GST.
Rebar (12 mm)
— Raipur based – SPEED TMT is offering at INR 32,600/MT (down by INR 200/MT).
— Real Ispat (GK TMT) is offering at INR 35,000/MT (down by INR 200/MT).
— Raigarh based Anjani Steels Ltd. (Radhe TMT) is offering at INR 32,600/MT (down by INR 200/MT).
— Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 33,000/MT (down by INR 200/MT).
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is offering at INR 34,800/MT FoR.
— Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their offers at INR 33,800/MT.
— Jalna based Rajuri Steel Pvt. Ltd. (Rajuri) TMT has unchanged their offers at INR 33,800/MT.
— West region based Bhagwati Ferro Metal (P) Ltd is offering at INR 32,500/MT.
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis. Prices are subject to reconfirmation.
Reference prices as on 4th July 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 23,500 | 23,400 | 23,600 | – 300 | 23,800 | 25,800 |
| Ex-Mumbai | HMS(80:20) | 22,400 | 22,300 | 22,500 | – 100 | 22,500 | 24,800 | |
| Ex-Chennai | HMS(80:20) | 21,800 | 21,700 | 22,000 | – 200 | 22,100 | 23,400 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,250 | 18,200 | 18,300 | – 250 | 17,800 | 19,200 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | – 200 | 16,700 | 18,500 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,300 | 17,200 | 17,400 | – 100 | 17,300 | 19,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,900 | 16,800 | 17,000 | 0 | 17,100 | 18,900 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,250 | 17,200 | 17,300 | – 250 | 16,800 | 18,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | 0 | 16,300 | 17,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,500 | 16,400 | 16,500 | 0 | 16,700 | 18,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | 0 | 17,100 | 19,100 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,300 | – 300 | 31,100 | 33,800 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,800 | 27,700 | 27,900 | – 450 | 27,900 | 30,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 27,300 | 27,200 | 27,400 | – 100 | 27,000 | 29,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27,300 | 27,200 | 27,400 | – 300 | 27,600 | 30,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 29,100 | 29,000 | 29,100 | – 200 | 29,300 | 31,600 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 31,500 | 31,400 | 31,600 | – 300 | 31,300 | 34,100 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 28,300 | 28,200 | 28,400 | – 350 | 28,500 | 31,000 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 27,700 | 27,600 | 27,800 | – 100 | 27,500 | 30,200 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 28,100 | 28,000 | 28,200 | – 300 | 28,200 | 30,700 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 29,800 | 29,700 | 29,900 | – 400 | 30,300 | 32,700 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 29,300 | 29,200 | 29,300 | – 200 | 29,500 | 31,900 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 29,700 | 29,700 | 29,800 | – 200 | 30,100 | 31,500 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 29,000 | 28,900 | 29,100 | 0 | 28,500 | 31,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 35,400 | 35,200 | 35,500 | 0 | 35,600 | 37,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 33,500 | 33,300 | 33,700 | – 200 | 33,400 | 36,200 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 32,400 | 32,300 | 32,600 | – 100 | 32,400 | 34,800 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 32,600 | 32,400 | 32,800 | – 200 | 32,900 | 34,800 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 34,900 | 34,800 | 35,200 | 0 | 35,000 | 36,400 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 33,000 | 32,800 | 33,200 | 0 | 32,700 | 35,200 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 33,000 | 32,800 | 33,500 | – 200 | 33,400 | 36,300 |
| Ex-Raipur | Wire Rod(5.5 MM) | 34,000 | 33,300 | 34,700 | 0 | 33,700 | 36,300 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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