Indian mid sized steel mills have further reduced prices following limited inquiries. The prices of Billet & Rebar have declined by INR 100-300/MT, while Sponge iron offers fell by INR 100-200/MT day on day.
As per participants, inventories are more than average with the standalone mills, which has resulted significant drop in prices since the start of week.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,800-34,400/MT (USD 442-494) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,800-19,850/MT (USD 270-285); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 8th May 2019 (Wednesday) INR to USD exchange rate stood at INR 69.65
— ICEX (Indian Commodity Exchange Ltd) Jun’19 contract for STEELLONG today open at INR 33,810/MT & last traded (IST 18:22) at INR 33,850/MT.
— BSE Sensex closed at 37,789(-487) on Wednesday, as against last day (Tuesday) at 38,276(-323).
— NSE Nifty50 index was closed today at 11,359(-138).
Trade Updates
— Indian coking coal imports have decreased by 9.72% M-o-M in Apr’19 to 4.38 MnT as compared to 4.85 MnT in Mar’19, as per vessel lineup data compiled by CoalMint Research.
— As per sources, Silicon Manganese(60-14) in Central, India Raipur trading at INR 66,000-66,500/MT ex-plant.
— Indian Ferro Chrome prices fell again in line with lacklustre stainless steel demand. Domestic price for Ferro Chrome is assessed at INR 70,000/MT Ex-Jajpur.
— India pellet export market seems to be strengthening this week. SteelMint has learned from sources that Chinese mills have marginally raised its bids for Indian pellets to USD 121-122/MT CFR, China against last assessment at USD 117-119/MT, CFR China.
— SAIL’s pig iron auction today for 12,600 MT steel grade pig iron from its Rourkela Steel plant (Eastern India) has unable to attract participants as almost all offered material remained unsold at the base price of INR 27,500/MT ex-plant.
— Bhaskar Steel and Ferro Alloy Ltd based in Odisha has offered FeM 80 C-DRI at INR 18,800/MT & Billet at INR 30,800/MT ex-plant.
— Rashmi Metaliks in Durgapur has further reduced sponge prices & offers for P-DRI heard at INR 17,700-17,800/MT.
— The major sponge producers in Raipur, Central India have reduces sponge price by INR 100-200/MT to INR 18,600-18,800/MT ex-plant.
— Mid sized mills in Durgapur have offered Billet(100*100mm) for exports at USD 445-450/MT ex-plant, however no major deals reported.
— Trade discount in Raipur Wire rod more or less firm at INR 1,000-1,100/MT, however basic prices for 5.5mm fell by INR 200/MT to INR 37,700/MT ex-plant. In Durgapur also offers down by INR 100-200/MT to INR 36,800-37,600/MT ex-plant.
— Hyderabad based Mahalakshmi Profiles Pvt Ltd (MPL) has roll-over ERW Pipe prices at INR 40,100/MT ex-plant, basic & excluding GST.
Reference prices as on 8th May 2019.
| Products | Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M |
| Scrap | Ex-Alang | HMS(80:20) | 25,600 | 25,500 | 25,700 | -400 | 26,500 | 25,900 |
| Ex-Mumbai | HMS(80:20) | 25,200 | 25,100 | 25,300 | -100 | 25,100 | 25,300 | |
| Ex-Chennai | HMS(80:20) | 23,800 | 23,700 | 24,000 | -100 | 24,300 | 24,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,900 | 18,800 | 19,000 | -100 | 19,200 | 20,500 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | 0 | 18,800 | 18,800 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | -100 | 19,800 | 19,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | 0 | 19,100 | 19,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,600 | 17,500 | 17,700 | -200 | 18,000 | 19,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,600 | 18,500 | 18,700 | -200 | 18,900 | 18,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | 0 | 18,800 | 19,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | 0 | 19,300 | 19,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,100 | 34,100 | 34,200 | 0 | 34,300 | 34,450 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,200 | 31,100 | 31,300 | -100 | 31,300 | 31,500 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,400 | 30,300 | 30,500 | -200 | 30,700 | 30,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,700 | 30,600 | 30,800 | -150 | 31,000 | 30,850 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,800 | 32,700 | 32,900 | -200 | 33,500 | 32,800 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 34,500 | 34,400 | 34,600 | 0 | 34,600 | 34,850 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 31,500 | 31,400 | 31,600 | -100 | 31,700 | 31,900 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 30,800 | 30,700 | 30,900 | -200 | 31,000 | 31,200 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 31,350 | 31,300 | 31,400 | -150 | 31,600 | 31,300 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 32,250 | 32,200 | 32,300 | -150 | 33,250 | 33,600 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 33,050 | 33,000 | 33,100 | -250 | 33,700 | 33,000 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 31,900 | 31,800 | 32,000 | -100 | 31,900 | 33,300 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 32,000 | 31,900 | 32,100 | 0 | 32,000 | 33,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,500 | 37,300 | 37,700 | -200 | 37,700 | 38,500 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,600 | 36,400 | 36,800 | -200 | 36,500 | 37,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,300 | 35,200 | 35,500 | -100 | 35,300 | 36,300 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,400 | 36,200 | 36,600 | -300 | 36,900 | 37,100 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 37,100 | 37,000 | 37,400 | -100 | 37,400 | 38,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 35,700 | 35,500 | 35,900 | -100 | 35,800 | 36,700 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,200 | 36,800 | 37,600 | -100 | 37,000 | 37,300 |
| Ex-Raipur | Wire Rod(5.5 MM) | 37,700 | 36,700 | 37,700 | -200 | 37,900 | 38,300 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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