Indian Semi finished offers witness further rise by INR 100-400/MT on 27th April across major markets. The trade inquiries remained strong, as per market participants.
The sources also stated that, most of standalone Billet & Rebar producers in Central & East India are running out of stock, hence the prices rose significantly. These regions are largest producer of Semis & Long steel products in India.
SteelMInt’s latest price assessment for induction furnaces billet in Indian market stood at INR 35,200-38,700/MT (USD 527-580) ex-plant. Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,900-22,400/MT (USD 298-336); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 27th Apr 2018 (Friday) INR to USD exchange rate stood at INR 66.76
— BSE Sensex closed at 34,969(+256) on Friday, as against last day (Thursday) at 34,713(+212).
Key Market Updates:
— Indian iron ore import increased sharply by 49% to 8.6 MnT in FY’18 against 5.79 MnT in FY’17.
— Odisha based iron ore miners offers discount of INR 200-400/MT on bulk bookings- Sources
— Neelachal Ispat Nigam Limited has finally fired up its furnace which had been under capital repair works since December’17 & the Commercial sale would commence from May 15
— Odisha based manufacturer, Ganesh Metaliks offered Billet at INR 35,300/MT ex-plant, an official reported.
— As per trade participants in Punjab-Mandi Gobindgarh presently none-viability to source Billet from Central India-Raipur/Raigarh & from East India – Durgapur. Hence, shortage of Billet remain in Mandi local market, they added. Today’s trade prices for 100*100 mm Billet in Mandi assessed at INR 38,700-38,900/MT, excluding GST.
— Induction furnace grade billet 100×100, export buying interest from Nepal are reported at around USD 530-535/MT (ex-mill) Rourkela. However, selling interest by the producers stated at USD 540-545/MT ex-mill, Rourkela.
— Raipur, Central India based Integrated plants have raised offers by INR 100/MT day-on-day and offering Sponge P-DRI at INR 19,900-20,100/MT ex-plant.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 21,100/MT & billet at INR 35,200/MT ex-plant.
— Rashmi Metaliks in Durgapur has raised sponge prices by around INR 400/MT and the latest offer for P-DRI heard at INR 21,000/MT.
— BMM Ispat in Karnataka has offered sponge P-DRI at INR 19,000-19,100/MT and Sunvik Steels sponge C-DRI lumps at INR 20,400/MT. Both offers for FeM 80, excluding GST & ex-plant basis.
— BIOP Steels in South India has reduced sponge offers by around INR 400-500/MT and offering FeM 80 & 82 C-DRI lumps at INR 20,300/MT & INR 20,800/MT ex-plant, Karnataka
— The commercial grade Wire rod export offers to Nepal have remained firm at USD 615-620/MT against SteelMint’s last week assessment at around USD 620/MT; ex-mill, Durgapur. Further, the large producers export offers for Wire rod (SAE1008) to Nepal heard at around USD 690-695/MT CIF Jogbani, Nepal (Indo-Nepal border).
— The big manufacturers have increased Wire rod (5.5mm) prices in Raipur by INR 300/MT & in Durgapur by INR 500/MT.
Reference prices as on 27th April 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Mumbai | HMS(80:20) | 26,300 | 26,200 | 26,400 | + 200 | 26,000 | 25,200 |
| Ex-Chennai | HMS(80:20) | 26,300 | 26,200 | 26,300 | 0 | 26,300 | 25,600 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,400 | 22,300 | 22,500 | + 400 | 21,300 | 20,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 21,000 | 20,900 | 21,100 | + 100 | 20,700 | 20,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22,200 | 22,100 | 22,300 | + 200 | NA | 21,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,900 | 19,800 | 20,000 | + 100 | 20,400 | 20,000 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,900 | 20,800 | 21,000 | + 300 | 20,100 | 18,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | + 100 | 19,700 | 19,550 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,100 | 19,000 | 19,200 | + 100 | 19,500 | 19,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,900 | 19,800 | 20,000 | 0 | 20,700 | 20,300 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 38,000 | 37,900 | 38,100 | 0 | 36,800 | 35,750 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 36,000 | 35,900 | 36,100 | + 400 | 34,500 | 32,500 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 34,800 | 34,700 | 34,900 | + 200 | 34,100 | 31,650 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 34,800 | 34,700 | 34,900 | + 200 | 34,000 | 32,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 36,000 | 35,900 | 36,100 | – 100 | 35,700 | 34,500 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 36,500 | 36,400 | 36,600 | 0 | 36,500 | 35,200 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 36,200 | 36,100 | 36,300 | 0 | 36,200 | 33,700 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 38,700 | 38,600 | 38,800 | + 100 | 37,400 | 36,400 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 36,500 | 36,400 | 36,600 | + 400 | 35,000 | 32,800 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 35,200 | 35,100 | 35,300 | + 200 | 34,500 | 32,200 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 35,800 | 35,700 | 35,900 | + 200 | 34,900 | 33,200 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 36,400 | 36,300 | 36,500 | + 100 | 35,900 | 34,700 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 37,000 | 37,000 | 37,300 | 0 | 37,000 | 35,700 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 36,500 | 36,300 | 36,700 | 0 | 36,500 | 34,000 | |
| TMT | Ex-Delhi/NCR | 12MM | 41,300 | 41,200 | 41,500 | + 100 | 40,800 | 38,600 |
| Ex-Durgapur | 12MM | 40,500 | 40,300 | 40,700 | + 200 | 39,700 | 37,800 | |
| Ex-Raipur | 12MM | 39,600 | 39,400 | 39,800 | + 200 | 38,900 | 37,100 | |
| Ex-Mumbai | 12MM | 40,100 | 39,700 | 40,200 | 0 | 39,600 | 38,200 | |
| Ex-Chennai | 12MM | 40,800 | 40,600 | 41,000 | 0 | 41,000 | 40,800 | |
| Ex-Hyderabad | 12MM | 41,000 | 41,000 | 41,500 | 0 | 41,400 | 39,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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