India’s domestic steel prices maintained downward trend owing to lack of trading activity, which caused manufacturers to lower their offers in line to attract buyers. As an impact, on day trade activities Sponge iron offers declined by INR 100-600/MT & Billet by INR 400-1,000/MT (USD 6-15).
During the day, major price fall in Billet seen by INR 1,000/MT in Central India, followed by East region INR 700/MT & Western region by INR 400-500/MT.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 32,000-35,700/MT (USD 465-519) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,200-21,700/MT (USD 279-315); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 10th July 2018 (Tuesday) INR to USD exchange rate stood at INR 68.78
— BSE Sensex closed at 36,239(+304) on Tuesday, as against last day (Monday) at 35,934(+276)
Key Updates
— NMDC (Chhattisgarh) increased iron ore prices by INR 140-180/MT with effect from today. Baila fines and lumps prices have moved up by INR 150/MT and prices of ROM by INR 140/MT. DR-CLO prices have increased by INR 180/MT.
— In Durgapur (eastern India) reference pellet price assessment stands at INR 6,600-6,700/MT (delivered) this week against last week’s assessment INR 6,900-7,000/MT.
— Melting scrap prices in Maharashtra (Mumbai & Jalna) slump about INR 700/MT (USD 10) in line with falling Billet prices which fell by INR 1,400/MT in current week.
— Nepal has observed decline in its billet imports from India by 6% during Jan-Jun (H1) of 2018 & stood at 526,384 MT as against 560,281 MT in Jul-Dec (H2) of 2017.
— Indian induction grade billet & wire rod export offers to Nepal hovering at USD 475/MT & USD 545/MT ex-mill Durgapur, Eastern India.
— Raipur, Central India based Integrated plants offers reduced by INR 100-200/MT, offering Sponge P-DRI at INR 19,500-19,700/MT & Sponge DR CLO grade at INR 22,200-22,400/MT ex-plant
— In West Bengal – Durgapur, big manufacturers have reduced Sponge prices by INR 600/MT today and quoted Sponge P-DRI at around INR 20,000/MT, Sources.
— BMM Ispat, a renowned sponge manufacturer offering FeM 80 P-DRI lumps at INR 18,400-18,500/MT ex-Bellary, Karnataka.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 19,400/MT & 19,800/MT ex-plant, Karnataka, trade activities are weak at these offers; an official reported.
— Vizag Steel (RINL), one of the largest long steel producer in South India, has further reduced its rebar prices by INR 500-1,000/MT (USD 7-15) for rest of Jul’18 deliveries.
Reference prices as on 10th July 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Mumbai | HMS(80:20) | 24,300 | 24,200 | 24,400 | – 200 | 25,000 | 26,000 |
| Ex-Chennai | HMS(80:20) | 23,500 | 23,400 | 23,600 | – 100 | 24,500 | 26,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,000 | 20,900 | 21,100 | – 600 | 22,000 | 23,200 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,800 | 20,700 | 20,900 | – 100 | 20,800 | 20,800 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,400 | 21,300 | 21,500 | – 200 | 21,800 | 21,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,100 | 19,000 | 19,200 | – 100 | 19,200 | 20,000 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,000 | 19,900 | 20,100 | – 600 | 20,900 | 21,800 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,550 | 19,500 | 19,600 | – 150 | 20,000 | 19,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,300 | 18,200 | 18,400 | – 200 | 18,500 | 19,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | – 200 | 19,300 | 20,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,300 | 35,200 | 35,400 | – 600 | 36,400 | 38,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 32,300 | 32,200 | 32,400 | – 700 | 33,600 | 35,800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,600 | 31,500 | 31,700 | – 500 | 32,700 | 35,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,600 | 31,500 | 31,700 | – 800 | 33,100 | 34,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,200 | 32,100 | 32,300 | – 400 | 33,600 | 36,000 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,200 | 34,100 | 34,300 | – 100 | 34,300 | 35,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,700 | 33,600 | 33,800 | 0 | 33,700 | 34,700 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 35,700 | 35,600 | 35,800 | – 600 | 36,900 | 38,600 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 32,800 | 32,700 | 32,900 | – 700 | 34,000 | 36,200 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 32,500 | 32,400 | 32,600 | – 500 | 33,400 | 35,600 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32,500 | 32,400 | 32,600 | – 900 | 34,100 | 35,500 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 32,400 | 32,300 | 32,500 | – 400 | 33,800 | 36,200 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,700 | 34,600 | 34,800 | – 100 | 34,800 | 35,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | 0 | 34,000 | 35,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 39,900 | 39,700 | 40,100 | – 300 | 41,500 | 43,800 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 37,300 | 37,100 | 37,500 | – 600 | 38,600 | 40,900 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,800 | 37,200 | – 900 | 38,800 | 40,400 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 37,500 | 37,100 | 37,600 | 0 | 38,200 | 39,800 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 39,600 | 39,400 | 39,800 | – 100 | 39,800 | 40,800 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 38,500 | 38,300 | 38,700 | – 500 | 38,750 | 39,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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