Indian steel prices drop further on account of limited spot trades and as per daily assessment the prices slump by INR 100-500/MT with major fall in Billet by INR 500/MT (USD 7).
The sharp fall in Billet prices observed in Western India – Gujarat by INR 500/MT, following Sponge iron in Durgapur by INR 300/MT & Rebar in Durgapur and Southern India by INR 300/MT, day on day.
The participants in major producing regions reported surge in finished steel inventories, hence there are assumptions that prices to remain under pressure in coming days.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 26,600-30,400/MT (USD 388-444) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,600-17,700/MT (USD 242-258); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 15th July 2019 (Monday) INR to USD exchange rate stood at INR 68.51.
— ICEX (Indian Commodity Exchange Ltd) Aug’19 contract for STEELLONG today open at INR 29,900/MT & last traded (IST 18:19) at INR 29,490/MT.
— BSE Sensex closed at 38,896(+160) on Monday, as against last day (Friday) at 38,736(-86).
— NSE Nifty50 index was closed today at 11,588(+35) & Nifty Metal at 2,823(-3).
Raw Materials
— JSW Steel’s iron ore sourcing recorded at 2.05 MnT in June’19, rise by 18% M-o-M as against 1.73 MnT in May’19.
— As per bulk vessel line up data maintained with SteelMint, South African export shipments of iron ore to India witnessed 15% drop to 0.39 MnT in Q2 CY19 as against 0.46 MnT in Q1 CY19.
— Melting scrap offers in Western India- Gujarat decline by INR 400/MT in a day trade activities.
— South African RB2 (5500 NAR) coal offers are assessed at USD 53.53/MT on FoB basis & USD 66.53/MT CNF India.
Semi Finished
— TATA Metaliks Limited (TML) in eastern India has reduced foundry pig iron prices by INR 700/MT (USD 10) today & the latest offers is reported at INR 31,000/MT (USD 452); ex-plant, Kharagpur, eastern India.
— Jindal Steel is offering steel grade pig iron at INR 25,500-25,600/MT ex-Raigarh, Central India.
— Sponge iron manufacturers in Raipur raised prices due to sufficient orders in hand & surge pellet offers. The producers have offered P-DRI at INR 16,600-16,800/MT, however deals learned at near to INR 16,600/MT ex-plant.
— Rashmi Metaliks in Durgapur has reduced Sponge P-DRI prices by INR 200/MT to INR 16,800/MT, as reported by sources.
— Raipur based mills sourcing billet from Raigarh at around INR 27,700/MT FoR Raipur.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,600/MT & Billet at INR 26,600/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,300-16,400/MT ex-Bellary, an official reported.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,600/MT & INR 17,000/MT ex-plant, Karnataka; an official reported.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 17,200/MT & Billet at INR 28,100-28,200/MT ex-plant.
— Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 16,300-16,500/MT ex-plant, an official reported.
Wire Rod & Pipe
— Trade discounts in Raipur Wire rod increased by INR 200/MT to INR 1,400-1,600/MT on slump billet prices and base price of 5.5 mm wire rod stood at INR 33,900/MT ex-plant. The trade reference prices in Durgapur being drop by INR 300/MT to INR 31,500-32,500/MT ex-plant.
— Raipur, Central India based ERW pipe manufacturers offers reported at around INR 34,700/MT ex-plant & excluding GST.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 36,500/MT ex-plant & excluding GST.
Rebar (12 mm)
— Raipur based – SPEED TMT has unchanged their offers at INR 31,400/MT
— Real Ispat (GK TMT) has unchanged their offers at INR 34,000/MT.
— Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 31,300/MT(down by INR 500/MT)
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is offering at INR 33,800/MT FoR.
— Jalna based Rajuri Steel Pvt. Ltd. (Rajuri) TMT has unchanged their offers at INR 32,900/MT
— South region based – VRKP Steel Industry Pvt Ltd – (VRKP TMT) is offering at INR 33,800/MT.
— Chennai based Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) is offering at INR 34,500/MT.
— Chennai based Ponneri Steel Ind. (Triple Power) is offering at INR 35,000/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 15th July 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,300 | 22,200 | 22,400 | – 400 | 23,000 | 25,900 |
| Ex-Mumbai | HMS(80:20) | 21,200 | 21,100 | 21,300 | – 100 | 21,600 | 24,400 | |
| Ex-Chennai | HMS(80:20) | 20,800 | 20,600 | 20,800 | – 500 | 21,300 | 22,500 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,700 | 17,600 | 17,800 | – 300 | 17,700 | 18,100 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | 0 | 16,500 | 17,800 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,500 | 17,400 | 17,600 | + 100 | 16,900 | 18,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | – 100 | 16,600 | 17,900 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,700 | 16,600 | 16,800 | – 300 | 16,700 | 17,100 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | + 100 | 15,900 | 16,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | 0 | 16,100 | 17,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | 0 | 16,700 | 18,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,300 | 30,200 | 30,300 | – 150 | 30,100 | 32,800 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,700 | 26,600 | 26,800 | – 500 | 26,900 | 29,500 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,300 | 26,200 | 26,400 | – 150 | 26,200 | 28,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,900 | 27,100 | – 200 | 26,600 | 28,950 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 28,000 | 27,900 | 28,100 | – 100 | 27,900 | 30,900 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 30,400 | 30,300 | 30,400 | – 100 | 30,200 | 33,100 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 27,300 | 27,200 | 27,400 | – 400 | 27,400 | 30,000 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 26,600 | 26,500 | 26,700 | – 200 | 26,800 | 29,150 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 27,500 | 27,400 | 27,600 | – 300 | 27,100 | 29,550 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 29,050 | 29,000 | 29,100 | – 550 | 28,700 | 32,100 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 28,250 | 28,200 | 28,300 | – 150 | 28,100 | 31,100 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 29,500 | 29,400 | 29,600 | – 200 | 29,600 | 30,300 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 28,800 | 28,500 | 29,000 | 0 | 28,000 | 30,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 34,500 | 34,300 | 34,700 | 0 | 34,800 | 36,800 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 32,000 | 31,800 | 32,400 | – 300 | 32,800 | 34,600 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 31,100 | 31,000 | 31,300 | 0 | 31,600 | 34,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,500 | 31,300 | 31,500 | 0 | 31,500 | 34,000 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 34,000 | 33,800 | 34,200 | – 300 | 34,300 | 35,800 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 32,700 | 32,500 | 32,900 | 0 | 32,200 | 34,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 31,700 | 31,500 | 32,500 | – 300 | 32,100 | 34,600 |
| Ex-Raipur | Wire Rod(5.5 MM) | 33,100 | 32,300 | 33,900 | – 100 | 33,000 | 35,200 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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