Indian Semi-finished steel prices remained on down trend over limited inquiries from the domestic buyers. The Billet prices fall by INR 100-500/MT and majorly in West & Southern regions by INR 300-500/MT (USD 4-7), day-on-day.
The local Sponge iron prices also slump in same proportion and sharply in East India by INR 500/MT due to uncertain power cuts.
The Ingot/Billet producers in Central & Eastern India are assuming, domestic sponge iron prices to remain under pressure as supply improved with the clear weather.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 35,300-38,500/MT (USD 488-532) ex-plant. Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 23,900-26,200/MT (USD 330-362); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 19th September 2018 (Wednesday) INR to USD exchange rate stood at INR 72.37
— BSE Sensex closed at 37,121(-169) on Wednesday, as against last day (Tuesday) at 37,290(-294).
Raw Materials
— Durgapur (Eastern India) reference pellet price assessment stands at INR 8,500-8,600/MT (delivered) this week against last week INR 8,700-8,800/MT.
— Jindal SAW (Rajasthan) has increased pellet prices by INR 400/MT. Current offers for Fe 63% grade pellets have moved up to INR 9,400/MT (delivered Kandla) against a previous assessment of INR 9,000/MT.
— Melting scrap offers in Western India- Gujarat decline by INR 500/MT in a day trade activities.
Semi Finished
— The latest export offers for Induction grade Billet from Eastern India stood at USD 500-505/MT ex-mill, Durgapur & loaded to wagon Odisha.
— Raipur, Central India based Integrated plants offer decreased by INR 100-200/MT, offering Sponge P-DRI at INR 24,700-24,800/MT & Sponge DR CLO grade at INR 27,000-27,200/MT ex-plant.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 25,200/MT & Billet at INR 35,700/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 23,700-23,800/MT ex-Bellary, Karnataka
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 24,700/MT & Billet at INR 36,800/MT ex-plant.
— South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI & Billet at INR 24,000/MT & INR 37,000/MT. Also offering 28 MM Rebar at INR 38,000/MT. All prices are ex-plant & excluding GST.
— Electro Steels in Bokaro, Jharkhand has further reduced pig iron prices and offered Steel grade at INR 30,500/MT ex-plant & INR 31,000/MT FoR (landed) Durgapur.
— Jindal Steel has maintained prices and reported Panther shots at INR 30,000/MT ex-plant, Odisha & Pig iron at INR 31,500/MT ex-plant, Raigarh. The company is also offering bulk purchase discount of INR 100-300/MT, officials reported.
Finish Long
— RINL (Vizag Steel), latest offer for 12mm rebar heard at around INR 43,200/MT ex-Chennai & excluding 18% GST, as per sources.
— Central India, Raipur based GK TMT kept offers unchanged & today’s offer for 10-25mm rebar at INR 41,500/MT, ex-plant & excluding GST.
— The suppliers in Raipur keeps trade discount more or less unchanged on wire rod and today’s discount at INR 1,000-1,200/MT.
— Central region, Raipur based brand – SPEED TMT decreased their prices by INR 200/MT on day basis and current offering at INR 37,000/MT (28 mm), ex-work & excluding GST.
— Gujarat based Akshar TMT has decreased their price by around INR 200/MT and current offering rebar at INR 48,000/MT (20 mm), FoR & including GST at 18%.
— Shakti Ferro Alloys in Chennai, South region has unchanged rebar at INR 43,000/MT (12 mm) and Billet at INR 38,000/MT, ex-work & excluding GST.
— Central region (Raigarh) based Scan Group branding Shrishti TMT reduced offers by INR 400/MT & offering rebar at INR 37,000/MT (28 mm), ex-work & excluding GST.
— Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT decreased their rebar prices by around INR 300/MT to INR 37,000/MT (28 mm), ex-work & excluding GST.
Reference prices as on 19th September 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Mumbai | HMS(80:20) | 27,500 | 27,400 | 27,700 | – 100 | 27,000 | 25,400 |
| Ex-Chennai | HMS(80:20) | 26,200 | 26,100 | 26,300 | 0 | 25,800 | 23,700 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 23,900 | 23,800 | 24,000 | – 400 | 24,600 | 24,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 25,100 | 25,000 | 25,200 | – 200 | 25,000 | 22,800 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 26,200 | 26,100 | 26,300 | – 100 | 26,200 | 24,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 24,100 | 24,000 | 24,200 | – 100 | 24,100 | 20,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 22,600 | 22,500 | 22,700 | – 500 | 23,600 | 22,800 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 24,700 | 24,600 | 24,800 | – 200 | 24,900 | 23,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 23,600 | 23,600 | 23,700 | – 100 | 23,700 | 20,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 24,200 | 24,000 | 24,200 | – 100 | 24,100 | 20,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 38,000 | 37,900 | 38,100 | + 200 | 37,500 | 36,900 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 36,100 | 36,000 | 36,200 | + 100 | 36,000 | 34,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 34,600 | 34,500 | 34,700 | – 300 | 34,700 | 32,900 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 35,000 | 34,900 | 35,100 | + 100 | 34,850 | 33,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 36,400 | 36,300 | 36,500 | 0 | 36,500 | 34,400 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 37,500 | 37,500 | 37,700 | – 300 | 37,000 | 35,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 36,700 | 36,600 | 36,800 | – 600 | 36,200 | 34,200 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 38,500 | 38,400 | 38,600 | + 200 | 37,900 | 37,300 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 36,600 | 36,500 | 36,700 | + 100 | 36,500 | 35,100 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 35,700 | 35,600 | 35,800 | – 100 | 35,600 | 33,600 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 36,000 | 35,900 | 36,100 | + 100 | 35,800 | 34,300 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 36,700 | 36,600 | 36,800 | + 100 | 36,900 | 34,700 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 38,000 | 38,000 | 38,200 | – 300 | 37,500 | 35,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 37,000 | 36,900 | 37,100 | – 500 | 36,500 | 34,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 40,700 | 40,500 | 40,900 | – 300 | 40,000 | 39,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 40,800 | 40,600 | 41,000 | 0 | 41,000 | 38,200 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 38,900 | 38,700 | 39,000 | – 400 | 38,900 | 37,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 40,700 | 40,300 | 40,800 | – 200 | 40,800 | 37,900 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 42,300 | 42,100 | 42,500 | – 100 | 42,000 | 39,800 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 40,500 | 40,300 | 40,600 | – 500 | 40,000 | 38,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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