Indian spot steel trades remained stagnant and the prices volatile further for Billet by INR 100-500/MT & Sponge iron by INR 100-200/MT day-on-day basis.
As per industry participants raw material prices are high, however as the demand for finished steel is weak; the price fluctuations continue.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 35,200-37,900/MT (USD 489-527) ex-plant. Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 24,100-26,200/MT (USD 335-364); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 12th September 2018 (Wednesday) INR to USD exchange rate stood at INR 72.1
— BSE Sensex closed at 37,717(+304) on Wednesday, as against last day (Tuesday) 37,413(-509).
Key Updates
— Indian metallurgical coke imports rose by 51.76% to 0.46 million tonnes (MnT) in Aug’18, compared with 0.3 MnT in Jul’18, as per the vessel lineup data compiled by CoalMint Research.
— Jindal Steel has reduced prices by INR 500/MT and offered Pig iron at INR 31,500/MT ex-Raigarh & Panther shots (Granulated Pig iron) at INR 30,000/MT ex-plant, Odisha.
— Rashmi Metaliks in Durgapur has further cut sponge prices and offered P-DRI at INR 23,500-23,700/MT as against last day at INR 23,900-24,000/MT – Sources.
— Integrated plants in Raipr have slightly raised sponge prices by INR 200/MT and offered P-DRI at INR 24,800-25,000/MT. Offers from Odisha for Sponge C-DRI reported at INR 26,100-26,300/MT FoR Raipur & excluding GST.
— Today, the Pig iron prices in Central & East India have declined by INR 200-500/MT in line with cheaper landed cost of NINL’s Pig iron. The latest offers in Raipur stood at INR 31,500/MT & in Durgapur at INR 31,300-31,500/MT as against last day at INR 31,800-32,000/MT & INR 31,700-31,900/MT, respectively.
— The suppliers in Raipur decreased trade discount on wire rod and today’s discount at INR 800-1,000/MT
Reference prices as on 12th September 2018
| Products | Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 24,600 | 24,500 | 24,700 | -200 | 25,000 | 23,600 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 25,000 | 24,900 | 25,100 | +100 | 25,000 | 21,900 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 26,200 | 26,100 | 26,300 | 0 | 26,400 | 23,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 24,100 | 24,000 | 24,200 | 0 | 23,300 | 20,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 23,600 | 23,500 | 23,700 | -200 | 24,000 | 22,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 24,900 | 24,800 | 25,000 | +100 | 25,050 | 22,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 23,700 | 23,600 | 23,800 | 0 | 22,800 | 19,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 24,100 | 24,000 | 24,200 | 0 | 23,300 | 19,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 37,500 | 37,400 | 37,600 | 0 | 38,250 | 36,400 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 36,000 | 35,900 | 36,100 | -300 | 36,600 | 33,300 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 34,700 | 34,600 | 34,800 | 0 | 35,000 | 32,100 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 34,850 | 34,800 | 34,900 | +450 | 35,550 | 33,000 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 37,000 | 36,900 | 37,200 | 0 | 36,000 | 35,600 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 36,200 | 36,100 | 36,300 | -500 | 36,700 | 34,200 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 37,900 | 37,800 | 38,000 | 0 | 38,700 | 36,900 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 36,500 | 36,400 | 36,600 | -300 | 37,100 | 34,000 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 35,600 | 35,500 | 35,700 | 0 | 36,000 | 32,900 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 35,800 | 35,700 | 35,900 | +400 | 36,500 | 33,600 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 37,500 | 37,400 | 37,700 | 0 | 36,500 | 36,100 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 36,500 | 36,400 | 36,600 | -500 | 37,000 | 34,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 40,000 | 39,800 | 40,200 | -300 | 41,000 | 38,200 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 41,000 | 40,800 | 41,200 | 0 | 41,000 | 37,000 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 38,900 | 38,700 | 39,000 | +100 | 39,500 | 36,500 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 40,800 | 40,300 | 40,800 | 0 | 40,400 | 37,800 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 42,000 | 41,800 | 42,200 | 0 | 41,000 | 40,200 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 40,000 | 39,800 | 40,200 | -500 | 40,500 | 38,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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