In the week opening, Indian Billet & Sponge market reported price fluctuations of INR 100-300/MT by Medium mills. As per participants, due to festive holiday there was limited inquiries which in turn slight price changes through suppliers.
However during the day, the Large scale mills – Vizag Steel (RINL) & SAIL (Steel Authority of India Limited) have announced long steel prices for September’18 deliveries.
As per reports, Vizag Steel has increased Finish steel prices by INR 500-800/MT (USD 7-11), while SAIL has raised prices by INR 1,000-2,000/MT (USD 14-29). The latest price hike by the Large mills attributes to sharp surge in prices by medium mills in Aug’18. Another key factor mentioned that is limited stock of long products due to decent export bookings.
SteelMint’s latest price assessment for induction furnaces billet in domestic market stood at INR 35,200-37,900/MT (USD 495-533) and coal based sponge (78-80 FeM) C-DRI at INR 22,800-25,800/MT (USD 320-363); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 3rd September 2018 (Monday) INR to USD exchange rate stood at INR 71.1
— BSE Sensex closed at 38,312 (-333) on Monday, as against last day (Friday) at 38,645(-45).
Raw Material
— JSW Steel’s iron ore purchases from Karnataka e-auctions increased sharply by 61% M-o-M to 1.21 MnT in Aug’18 compared to 0.75 MnT in Jul’18
— NMDC’s iron ore sales decreased by 8% M-o-M to 1.01 MnT in Aug’18 compared to 1.1 MnT in Jul’18.
Semi Finished
— Medium mills export offers to Nepal declined about USD 15/MT W-o-W on slump domestic prices & devaluation of Indian Rupee against US dollar. Offers from Eastern India stood for Billet at USD 515/MT & Wire rod at around USD 585/MT Ex-Mill.
— Private pig iron producers in Eastern India anticipates sharp surge in NINL (Neelachal Ispat) & SAIL’s pig iron prices for Sept deliveries.
— Electro Steels based in Bokaro has offered Steel grade Pig iron at INR 31,500/MT FoR (landed) Durgapur, which was begining of last week traded around INR 30,200-30,400/MT, excluding GST.
— Tata Metaliks, India’s one of the largest foundry grade pig iron manufacturer has increased prices for Sept’18 by INR 800/MT (USD 11) & reported at INR 33,800/MT (USD 478) for high silicon, foundry grade Pig iron.
— Raipur, Central India based Integrated plants have maintained offers and reported P-DRI at INR 24,500-24,600/MT & Sponge DR CLO grade at INR 26,700-26,900/MT ex-plant.
— Raigarh based smelters purchased 80 FeM C-DRI mix material from Odisha at INR 25,100-25,200/MT FoR Raigarh
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 24,500/MT & Billet at INR 35,500/MT ex-plant.
— BIOP Steels in South India has decreased sponge prices by around INR 300/MT, offering FeM 80 & 82 C-DRI lumps at INR 23,200/MT & INR 23,700/MT ex-plant, Karnataka; an official reported.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ C-DRI lump at INR 23,500/MT & Billet at INR 36,000/MT ex-plant.
— South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI & Billet at INR 22,800/MT & INR 36,000/MT. Also offering 28 MM Rebar at INR 37,000/MT. All prices are ex-plant & excluding GST.
Finish Long
— Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT decreased their (28 mm) rebar prices by INR 300/MT on day basis and current offering at INR 36,700/MT, ex-work & excluding GST.
— Central region, Raipur based brand – SPEED TMT has increase their prices by INR 200/MT on day basis and current offering at INR 36,800/MT (28 mm), ex-work & excluding GST.
— Jalna based rebar manufacturer Rajuri Steel Pvt Ltd decrease their prices by INR 500/MT on day basis and offering basic rebar at INR 36,700/MT, ex-work & excluding GST.
— East region based – Baba Smelter Pvt. Ltd has unchanged their Structure offers on day basis & current (125,150 Channel) offering at INR 41,750/MT, ex-work, excluding GST.
— South India – Chennai based ARS Trusteel unchanged their prices on day basis & current offering Rebar (12 mm) at INR 42,700/MT, ex-plant & excluding GST.
— The suppliers in Raipur marginally decreased trade discount on wire rod and today’s discount at INR 500-1,300/MT.
Reference prices as on 3rd September 2018
| Products | Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 24,300 | 24,200 | 24,400 | 0 | 24,800 | 22,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 24,500 | 24,400 | 24,600 | +300 | 24,400 | 21,100 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 25,800 | 25,700 | 25,900 | +200 | 25,500 | 22,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 22,800 | 22,700 | 22,900 | -100 | 22,400 | 19,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 23,200 | 23,100 | 23,300 | -100 | 23,700 | 20,800 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 24,550 | 24,500 | 24,600 | 0 | 24,600 | 21,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 22,200 | 22,100 | 22,300 | -100 | 22,000 | 19,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 22,800 | 22,700 | 22,900 | -100 | 22,200 | 19,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 37,400 | 37,300 | 37,500 | -200 | 38,500 | 35,600 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 36,000 | 35,900 | 36,100 | -200 | 36,400 | 32,300 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 34,300 | 34,200 | 34,400 | +100 | 34,600 | 31,500 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 35,000 | 34,900 | 35,100 | +200 | 35,400 | 32,200 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 36,300 | 36,200 | 36,300 | -100 | 36,300 | 34,700 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 35,700 | 35,600 | 35,800 | 0 | 36,200 | 34,200 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 37,900 | 37,800 | 39,000 | -200 | 39,000 | 36,100 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 36,500 | 36,400 | 36,600 | -200 | 36,900 | 32,900 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 35,300 | 35,300 | 35,500 | +200 | 35,500 | 32,100 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 35,900 | 35,800 | 36,000 | +300 | 36,400 | 33,000 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 36,800 | 36,700 | 36,800 | -100 | 36,800 | 35,200 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 36,000 | 35,900 | 36,100 | 0 | 36,500 | 34,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 40,500 | 40,300 | 40,700 | 0 | 41,200 | 37,800 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 40,300 | 40,100 | 40,500 | -300 | 40,500 | 36,100 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 38,800 | 38,800 | 39,000 | +100 | 39,000 | 35,900 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 40,100 | 39,700 | 40,200 | 0 | 39,300 | 37,100 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 41,000 | 40,800 | 41,200 | -200 | 40,600 | 39,300 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 39,500 | 39,300 | 39,700 | 0 | 40,000 | 38,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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