Indian steel prices fall further through the mid size mills on poor off take in finished steel products amid strong supply.
The Rebar & Billet prices declined by INR 100-300/MT & Sponge iron by INR 200/MT, day-on-day, in major Indian markets.
Participants feel that rising selling pressure may force producers to keep prices on lower side.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,100-33,400/MT (USD 423-470) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,000-19,800/MT (USD 267-278); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 18th January 2019 (Friday) INR to USD exchange rate stood at INR 71.11
— ICEX (Indian Commodity Exchange Ltd) Feb’19 contract for STEELLONG today open at INR 32,680/MT & last traded (IST 18:25) at INR 32,720/MT.
— BSE Sensex closed at 36,386(+12) on Friday, as against last day (Thursday) at 36,374 (+52).
— NSE Nifty50 index was closed today at 10,906(+1).
Raw Materials
— Odisha’s merchant iron ore miner – Rungta Mines dispatched about 1.53 MnT iron ore in Dec’18, rise by 17% M-o-M against 1.31 MnT in Nov’18.
— Iron ore dispatches from OMC state-owned miner, decreased by 21% in Dec’18 & stood at 0.74 MnT as against 0.94 MnT in Nov’18.
— As per customs data, India imported 516,879 MT ferrous scrap in Nov’18, up 17% as against 442,304 MT recorded in Oct’18.
Semi Finished
— Jindal Steel has reduced pig iron prices by INR 400/MT and fresh offers for steel grade at INR 27,800/MT ex-Raigarh. Bulk purchase discount being offered by INR 100-300/MT.
— Eastern India – Durgapur & Jharkhand based private pig iron producers receiving weak response despite sharp cut in prices. The offers for steel grade reported at INR 27,300-27,500/MT, ex-plant.
— Raipur, Central India based Integrated plants offers decreased by INR 200/MT, offering Sponge P-DRI at INR 18,200-18,300/MT & Sponge DR CLO grade at INR 20,800-21,000/MT ex-plant.
— Raigarh based Singhal Steel offered P-DRI at INR 17,900/MT ex-Raigarh & Billet at INR 31,000/MT FoR Raipur, officials reported.
— Odisha based manufacturer, KJS Ahluwalia offered billet at INR 30,100/MT & FeM 80 Sponge mix material at INR 19,000/MT ex-plant.
— Jharsuguda, Odisha based sponge manufacturer offered FeM 80 C-DRI at INR 19,200/MT on ex-plant basis.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 19,000-19,100/MT & Billet at INR 30,000-30,100/MT ex-plant.
— BMM Ispat a price trend setter in South Indian sponge market has kept offers unaltered today and offered FeM 80 P-DRI lumps at INR 18,700-18,800/MT ex-Bellary, Karnataka.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 19,400/MT & INR 19,800/MT ex-plant, Karnataka; an official reported.
— Bellary, Karnataka based furnace owners offering billet at around INR 31,800-32,000/MT on ex-plant basis.
Finish Long
— Raipur (Central India) & Mandi Gobindgarh (North India) based pipe manufacturers kept offers at firm level, offering ERW pipe at around INR 36,800/MT & INR 39,600/MT; prices are ex-plant & excluding GST.
— Raipur based wire rod manufacturers reduced offers by INR 300/MT and trade discount through the manufacturers/suppliers is around INR 900-1,100/MT. The offers for 5.5mm wire rod is hovering around INR 37,300/MT ex-Raipur & INR 36,200-36,400/MT ex-Durgapur.
— As per sources, a Large Mill is offering wire rod at around INR 43,700-44,000/MT (ex-Chennai, grade SAE 1008, size-5.5-6mm, GST extra).
Rebar (12mm)
— East region based – Shakambhari Ispat & Power Ltd. offered Wire Rod 5.5 mm at INR 36,500/MT.
— Rathi Steels based in North region offering at INR 38,000/MT (Down by INR 200/MT).
— Raipur based – GK TMT offering at INR 36,700/MT (down by INR 200/MT).
— Raipur based – SPEED TMT offering at INR 34,700/MT (Down by INR 200/MT).
— Raigarh based Anjani Steels Ltd. (Radhe TMT) unchanged their offering at INR 35,000/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) offering at INR 38,000/MT FoR (Down by INR 300/MT).
— Jalna based Kalika Steel Alloys Pvt Ltd unchanged their offering at INR 36,300/MT.
— Mumbai based – Vistar TMT unchanged their offering at INR 36,800/MT.
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis.
Reference prices as on 18th January 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 25,400 | 25,300 | 25,500 | – 200 | 25,600 | 26,200 |
| Ex-Mumbai | HMS(80:20) | 24,900 | 24,800 | 25,100 | 0 | 25,200 | 25,200 | |
| Ex-Chennai | HMS(80:20) | 24,200 | 24,000 | 24,300 | NA | 24,300 | 24,000 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,800 | 19,700 | 19,900 | – 150 | 20,200 | 20,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,050 | 19,000 | 19,100 | – 250 | 19,400 | 19,900 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | – 200 | 20,100 | 21,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,200 | 19,000 | 19,200 | + 100 | 19,100 | 20,000 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,600 | 18,500 | 18,700 | – 200 | 19,100 | 18,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,200 | 18,100 | 18,300 | – 200 | 18,550 | 19,550 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | 0 | 18,700 | 19,600 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,500 | 19,400 | 19,600 | 0 | 19,500 | 20,400 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,100 | 33,000 | 33,200 | – 100 | 33,700 | 33,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 30,250 | 30,200 | 30,300 | – 150 | 30,500 | 30,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 29,800 | 29,700 | 29,900 | 0 | 29,900 | 29,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,250 | 30,200 | 30,300 | – 150 | 30,500 | 30,300 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,900 | 32,800 | 33,000 | – 200 | 33,300 | 32,900 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 33,400 | 33,300 | 33,500 | – 200 | 33,900 | 33,100 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 30,650 | 30,600 | 30,700 | – 150 | 31,000 | 30,500 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 30,100 | 30,000 | 30,200 | – 200 | 30,400 | 30,200 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | – 100 | 31,300 | 30,800 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 32,800 | 32,700 | 32,900 | – 100 | 33,600 | 33,150 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 33,100 | 33,000 | 33,200 | – 200 | 33,500 | 33,100 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 32,500 | 32,400 | 32,600 | – 100 | 32,800 | 33,400 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 32,000 | 31,900 | 32,100 | 0 | 32,500 | 32,300 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 36,800 | 36,600 | 36,900 | – 200 | 37,000 | 37,000 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 35,500 | 35,300 | 35,700 | 0 | 35,900 | 35,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 34,500 | 34,400 | 34,700 | – 200 | 35,000 | 35,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,400 | 36,100 | 36,600 | 0 | 36,700 | 36,500 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 36,700 | 36,500 | 36,900 | NA | 37,000 | 37,500 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 36,500 | 36,300 | 36,700 | 0 | 37,000 | 36,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 36,300 | 36,100 | 36,500 | – 100 | 36,900 | 36,700 |
| Ex-Raipur | Wire Rod(5.5 MM) | 37,300 | 36,300 | 37,300 | – 300 | 38,100 | 38,400 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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