Indian Semi-finished steel offers remain on down trend over thin trades, Sponge iron offers fall by INR 100-400/MT & Billet by INR 200-500/MT (USD 3-8) day-on-day.
The manufacturers in major producing markets stated, limited trade inquires resulting significant fall in domestic prices.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 34,600-38,300/MT (USD 514-569) ex-plant. Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,700-22,300/MT (USD 292-331); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 9th May 2018 (Wednesday) INR to USD exchange rate stood at INR 67.27
— BSE Sensex closed at 35,319(+103) on Wednesday, as against last day (Tuesday) at 35,216(+8).
Key Updates
— JSW Steel (Dolvi) procured 49 rakes from NMDC Chhattisgarh mines in Apr’18, down as against 60 rakes in Mar’18
— MMTC has issued a tender for purchase of 80,000 MT (approx) iron ore fines (0-10 mm) from the Mines owner of Joda/Barbil in Odisha for supplying to NINL Plant at Duburi, Odisha. The due date for bid submission is 28th May’18.
— Durgapur based Neo Metalics has reported latest offers for steel grade Pig iron at around INR 31,800-32,000/MT against last trading at INR 32,500/MT ex-plant. Foundry grade pig iron offers being reported by the producer at INR 34,000/MT, ex-plant.
— Ludhiana, North India based trade participants reported steel & foundry grade pig iron offers at INR 32,000/MT & INR 34,700/MT on FoR basis & excluding 18% GST.
— As per the trade sources, India’s largest merchant steel grade Pig iron manufacturer, Neelachal Ispat (NINL) booked bulk quantity (20,000 MT) of pig iron at around INR 29,600/MT ex plant, Odisha.
— Raipur, Central India based Integrated plants offer decreased by INR 200-300/MT D-o-D, offering Sponge P-DRI at INR 19,400-19,600/MT & Sponge DR CLO grade at INR 22,600-22,800/MT. Both ex-plant & excluding GST
— In West Bengal – Durgapur, big manufacturers have cut sponge offers by INR 300-400/MT D-o-D; P-DRI at INR 20,500-20,700/MT & C-DRI at INR 21,900-22,100/MT ex-plant.
— Raigarh based Singhal Steel offered P-DRI at INR 19,200/MT ex-plant, an official reported. Also, the company is offering Billet at INR 35,000/MT FoR Raipur.
— Punjipatra, Raigarh based steel manufacturers are still facing problems of power cut by JSP. The plant’s are getting power supply of about 18 hrs per day.
— Odisha based medium size sponge manufacturers reported firm offers; FeM 80 C-DRI (70:30 mix material) at INR 20,800-21,000/MT ex-plant & excluding GST. According to officials, major deals for North-east regions. Trade activities remains low for Western India (Maharashtra).
— Bellary, Karnataka based furnace owners selling billet (S+P 130) to Chennai (Tamil Nadu) at around INR 36,200/MT on FoR basis.
— South India based Cauvery Iron & Steel offers FeM 80 P-DRI at INR 19,400/MT & Billet at INR 35,000/MT. Also offering 28 MM Rebars at INR 37,000/MT. prices are ex-plant & excluding GST.
Reference prices as on 9th May 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Chennai | HMS(80:20) | 26,400 | 26,300 | 26,500 | – 100 | 26,400 | 25,700 |
| Ex-Mumbai | HMS(80:20) | 27,000 | 26,900 | 27,100 | + 100 | 26,700 | 25,900 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,000 | 21,900 | 22,100 | – 300 | 23,200 | 20,600 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,900 | 20,800 | 21,000 | – 100 | 21,300 | 20,800 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,700 | 21,600 | 21,800 | – 300 | 22,400 | 22,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,700 | 19,600 | 20,000 | 0 | 19,700 | 20,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,600 | 20,500 | 20,700 | – 400 | 21,700 | 19,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,500 | 19,400 | 19,600 | – 250 | 20,300 | 20,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,700 | 18,600 | 19,000 | 0 | 18,800 | 20,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,100 | 19,000 | 19,200 | + 100 | 19,700 | 20,900 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 37,600 | 37,500 | 37,700 | – 400 | 38,800 | 37,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 35,000 | 34,900 | 35,100 | – 500 | 36,700 | 34,300 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 34,100 | 34,000 | 34,200 | – 500 | 35,200 | 33,400 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 33,600 | 33,500 | 33,700 | – 550 | 35,000 | 34,100 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 36,200 | 36,100 | 36,300 | 0 | 37,000 | 35,400 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 36,500 | 36,400 | 36,600 | 0 | 36,500 | 36,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 34,700 | 34,500 | 34,700 | – 500 | 36,000 | 35,200 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 38,300 | 38,200 | 38,400 | – 400 | 39,500 | 37,700 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 35,500 | 35,400 | 35,600 | – 500 | 37,200 | 34,900 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 34,900 | 34,800 | 35,000 | – 500 | 35,800 | 33,800 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 35,000 | 34,900 | 35,100 | – 400 | 36,000 | 34,900 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 36,800 | 36,700 | 36,900 | – 100 | 37,400 | 35,600 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 37,000 | 36,900 | 37,100 | 0 | 37,000 | 36,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 35,000 | 34,500 | 35,000 | – 500 | 36,250 | 35,500 | |
| TMT | Ex-Delhi/NCR | 12MM | 41,300 | 41,100 | 41,500 | – 100 | 42,200 | 40,100 |
| Ex-Durgapur | 12MM | 40,400 | 40,200 | 40,600 | – 300 | 41,500 | 39,300 | |
| Ex-Raipur | 12MM | 39,000 | 38,800 | 39,200 | – 200 | 39,800 | 38,200 | |
| Ex-Mumbai | 12MM | 40,600 | 40,200 | 40,700 | 0 | 40,900 | 39,600 | |
| Ex-Chennai | 12MM | 41,400 | 41,200 | 41,600 | 0 | 41,200 | 41,000 | |
| Ex-Hyderabad | 12MM | 39,500 | 39,300 | 39,700 | – 500 | 40,750 | 40,250 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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