Indian steel prices slightly rise by INR 100-300/MT today in major markets, however spot trades remained limited, as reported by participants. The prices gain on account of rising Sponge prices amid short supply in merchant market.
The participants assuming that, prices to remain volatile looking at slight change in raw materials and subdued demand from domestic buyers.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 26,500-30,100/MT (USD 385-438) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,500-17,800/MT (USD 239-259); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 19th July 2019 (Friday) INR to USD exchange rate stood at INR 68.84.
— ICEX (Indian Commodity Exchange Ltd) Aug’19 contract for STEELLONG today open at INR 29,290/MT & last traded (IST 18:13) at INR 29,270/MT.
— BSE Sensex closed at 38,337(-560) on Friday, as against last day (Thursday) at 38,897(-318).
— NSE Nifty50 index was closed today at 11,419(-177) & Nifty Metal at 2,741(-36).
Raw Materials
— Bhushan Steel has recorded iron ore & pellet sourcing at 0.44 MnT in June’19, fell 11% as against 0.50 MnT in May’19.
— Melting scrap offers in Western India- Gujarat incline by INR 300/MT in a day trade activities.
— Imported scrap offers to India for HMS (80:20) Europe origin containers stood at around USD 300/MT, CFR Nhava Sheva.
Semi Finished
— Jindal Steel has maintained offers firm and reported steel grade pig iron at INR 25,500/MT ex-Raigarh & panther shots(granulated pig iron) at INR 24,500/MT ex-Angul, Odisha.
— Rail Wheel Factory (Formerly Wheel and Axle Plant) is situated in Bangalore, India has invited tender for the purchase of 57,300 MT Bloom. Due date for submitting the offer is 9 Aug’19 till 14:15 hrs.
— RINL has invited a tender for export of 30,000 MT Billets, 10,000 MT Wire Rod and 30,000 MT Bloom. Interested bidders can submit their bids till 26 July ‘19 at 14:00 hrs.
— Raipur based integrated plants have maintained sponge P-DRI offers firm despite limited response. Also SteelMint’s price assessment stood similar to last day at INR 16,800/MT ex-plant.
— Rashmi Metaliks in Durgapur has traded Sponge P-DRI at INR 16,500-16,600/MT, as reported by market sources.
— East India, Odisha based manufacturer, Mahavir Ferro Alloys offered Billet at INR 26,500/MT ex-plant as per officials.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,700/MT & Billet at INR 26,500/MT ex-plant.
— Odisha based manufacturer, Ganesh Metaliks offered Billet at INR 26,500/MT ex-plant, an official reported.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 17,100/MT & Billet at INR 27,800/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 16,000-16,100/MT ex-Bellary, Karnataka.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 16,500/MT & INR 16,800/MT ex-plant, Karnataka; an official reported.
Finished Long
— Trade discounts in Raipur Wire rod unchanged at INR 1,500-1,700/MT as base prices rise by INR 200/MT to INR 33,400/MT ex-plant. However, in Durgapur trade reference prices down by INR 200/MT to INR 30,800-31,600/MT ex-plant.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 35,900/MT ex-plant & excluding GST.
— Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 38,300/MT ex-plant. (basic & excluding GST).
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis. Prices are subject to reconfirmation.
Reference prices as on 19th July 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,400 | 22,300 | 22,500 | + 300 | 22,400 | 24,600 |
| Ex-Mumbai | HMS(80:20) | 21,100 | 20,900 | 21,300 | 0 | 21,300 | 23,500 | |
| Ex-Chennai | HMS(80:20) | 20,600 | 20,500 | 20,700 | 0 | 21,300 | 22,200 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,550 | 17,500 | 17,600 | + 50 | 18,000 | 17,500 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | + 100 | 16,450 | 16,900 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,800 | 17,700 | 18,000 | NA | 17,300 | 17,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | + 100 | 16,600 | 17,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,550 | 16,500 | 16,600 | + 50 | 17,000 | 16,500 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 17,000 | 0 | 16,400 | 16,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,100 | 16,000 | 16,200 | + 100 | 16,100 | 17,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | + 100 | 16,500 | 17,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,000 | 30,000 | 30,100 | 0 | 30,650 | 31,700 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,400 | 26,300 | 26,500 | + 100 | 27,200 | 28,500 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,100 | 26,000 | 26,100 | 0 | 26,500 | 27,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,950 | 26,900 | 27,000 | + 150 | 27,100 | 27,650 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,800 | 27,700 | 27,900 | + 300 | 27,900 | 29,600 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 30,100 | 30,000 | 30,200 | 0 | 30,700 | 31,900 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 27,100 | 27,000 | 27,200 | + 100 | 27,700 | 29,000 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 26,500 | 26,400 | 26,600 | 0 | 26,800 | 27,700 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 27,500 | 27,400 | 27,600 | + 100 | 27,700 | 28,300 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 29,200 | 29,100 | 29,300 | + 200 | 29,100 | 30,850 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 28,000 | 27,900 | 28,100 | + 200 | 28,100 | 29,800 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 29,200 | 29,000 | 29,300 | 0 | 29,500 | 30,100 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 28,500 | 28,400 | 28,500 | 0 | 28,500 | 29,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 34,400 | 34,200 | 34,600 | 0 | 34,500 | 36,100 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 31,600 | 31,400 | 31,800 | + 100 | 32,300 | 33,800 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,800 | 30,700 | 31,000 | + 300 | 31,000 | 33,100 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,100 | 31,000 | 31,300 | 0 | 31,300 | 33,100 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 33,800 | 33,700 | 34,000 | 0 | 34,000 | 35,400 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 32,500 | 32,300 | 32,700 | 0 | 32,500 | 33,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 31,000 | 30,800 | 31,600 | – 200 | 32,000 | 33,600 |
| Ex-Raipur | Wire Rod(5.5 MM) | 32,600 | 31,800 | 33,400 | + 200 | 33,000 | 34,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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