Indian steel prices continued rally on the wake of improved domestic demand and prices surge by INR 100-500/MT, day on day.
The Billet manufacturers in Eastern India – Durgapur reported boost demand from the re-rollers in Northern India – Punjab & Bhiwadi. Also, the rolling mills in Central & Western India stated, none selling pressure as demand soar from the local buyers.
On day trade activities, domestic Rebar & Billet prices increase by INR 200-500/MT (USD 3-7), meanwhile sponge iron prices rise by INR 100-400/MT (upto USD 6) in major markets.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 32,200-35,500/MT (USD 454-502) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,000-21,300/MT (USD 282-301); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 28th February 2019 (Thursday) INR to USD exchange rate stood at INR 70.83.
— ICEX (Indian Commodity Exchange Ltd) Mar’19 contract for STEELLONG today open at INR 34,260/MT & last traded (IST 18:15) at INR 34,470/MT.
— BSE Sensex closed at 35,867(-37) on Thursday, as against last day (Wednesday) at 35,905(-68).
— NSE Nifty50 index was closed today at 10,792(-14).
Raw Materials
— Odisha Mining Corporation (OMC) – a state-owned miner is to conduct next e-auction for 580,000 MT iron ore fines on 07th Mar’19.
— According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 212.25/MT FoB Australia & USD 223.75/MT CNF India.
Semi Finished
— SAIL’s Rourkela Steel Plant tender held yesterday (27th Feb’19) to sell about 15,000 MT steel grade pig iron & had received weak response. The base price for the tender was quoted by RSP at INR 27400/MT and near about 90% (13,500-14,000 MT) material remained unsold.
— Vizag Steel- a leading state-owned Pig iron producer and exporter, has issued an export tender of 25,000 MT basic grade steel making Pig iron for any country other than Nepal. This tender is due on 4 Mar’19.
— Raipur, Central India based Integrated plants offers increased by INR 200-300/MT, offering Sponge P-DRI at INR 19,900-20,100/MT & Sponge DR CLO grade at INR 22,300-22,500/MT ex-plant.
— In West Bengal – Durgapur, big manufacturers have increased sponge prices by INR 200/MT D-o-D; offering P-DRI at INR 18,800-18,900/MT.
— Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 20,300-20,500/MT ex-plant & excluding GST.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 19,900-20,000/MT ex-Bellary, an official reported.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 20,200/MT & 20,600/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
— Tata Metaliks based in Khargapur, eastern India in recent board meeting has announced to two-fold increase in its DI pipe production capacity from 2 lakh tone p.a. to 4 lakh tone p.a.
— Raipur (Central India) & Mandi Gobindgarh (North India) based pipe manufacturers kept offers at firm level, offering ERW pipe at around INR 38,300/MT & INR 41,000/MT; prices are ex-plant & excluding GST.
— Raipur based wire rod manufacturers increased offers by INR 400/MT and trade discount through the manufacturers/suppliers is around INR 800-1,000/MT. The offers for 5.5 mm wire rod is hovering at INR 39,700/MT ex-Raipur & INR 37,000-37,400/MT ex-Durgapur.
— Hyderabad (South India) based manufacturer Hari Om Pipe Industries Ltd has offered ERW Pipe at around INR 40,400/MT ex-plant. (basic & excluding GST).
Rebar (12 mm)
— Raipur based – SPEED TMT offering at INR 36,600/MT (Up by INR 300/MT).
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT unchanged their offering at INR 38,800/MT.
— South region based – VRKP Steel Industry Pvt Ltd – (VRKP TMT) offering at INR 40,100/MT (Up by INR 300/MT).
— Chennai based ARS Steel (ARS 500 D) unchanged their offering at INR 41,300/MT.
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis.
Reference prices as on 28th February 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,300 | 26,200 | 26,400 | + 200 | 26,000 | 25,600 |
| Ex-Mumbai | HMS(80:20) | 25,300 | 25,200 | 25,500 | + 100 | 25,500 | 25,100 | |
| Ex-Chennai | HMS(80:20) | 25,300 | 25,100 | 25,500 | + 200 | 25,100 | 24,400 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,000 | 19,900 | 20,100 | + 200 | 20,200 | 20,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,400 | 20,300 | 20,500 | + 300 | 20,600 | 19,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,300 | 21,200 | 21,400 | + 300 | 21,400 | 20,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,300 | 20,200 | 20,400 | + 100 | 20,700 | 19,300 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,800 | 18,700 | 18,900 | + 200 | 18,900 | 19,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | + 300 | 20,400 | 18,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | + 100 | 20,300 | 18,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | 0 | 20,800 | 19,300 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,000 | 34,900 | 35,100 | + 450 | 35,200 | 33,600 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,800 | 31,700 | 31,900 | + 500 | 31,800 | 31,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,700 | 31,600 | 31,800 | + 400 | 31,800 | 30,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,700 | 32,600 | 32,800 | + 400 | 32,450 | 30,600 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 35,200 | 35,100 | 35,300 | + 300 | 35,800 | 33,300 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 35,400 | 35,300 | 35,500 | + 400 | 35,900 | 34,000 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 32,300 | 32,200 | 32,400 | + 500 | 32,200 | 31,500 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 32,200 | 32,100 | 32,300 | + 400 | 32,500 | 30,800 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 33,500 | 33,400 | 33,600 | + 500 | 33,400 | 31,600 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 35,300 | 35,200 | 35,400 | + 250 | 35,450 | 32,900 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 35,450 | 35,400 | 35,500 | + 350 | 36,100 | 33,500 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 34,150 | 34,100 | 34,200 | – 50 | 34,500 | 32,500 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 34,500 | 34,400 | 34,600 | + 500 | 34,300 | 32,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,900 | 37,800 | 38,100 | + 300 | 38,300 | 36,800 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,800 | 36,600 | 37,000 | + 500 | 37,300 | 36,000 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,300 | 36,100 | 36,500 | + 200 | 36,600 | 34,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 38,300 | 38,200 | 38,700 | 0 | 39,100 | 36,800 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 38,500 | 38,400 | 38,800 | 0 | 39,000 | 36,800 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 37,500 | 37,300 | 37,700 | 0 | 37,800 | 36,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,300 | 37,100 | 37,500 | + 300 | 37,300 | 36,400 |
| Ex-Raipur | Wire Rod(5.5 MM) | 39,700 | 38,700 | 39,700 | + 400 | 40,000 | 37,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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