Indian steel market poised over mismatch in supply-demand. Limited demand and high supply kept prices under pressure. This has resulted significant fall in prices of mid sized mills.
As per daily assessment, the Rebar & Billet prices slump by INR 100-500/MT, while Sponge iron marked corrections of INR 100-300/MT. The major price fall observed in Durgapur, eastern India by INR 300-500/MT (USD 4-7).
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,500-33,700/MT (USD 437-484) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,700-20,500/MT (USD 282-294); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 4th January 2019 (Friday) INR to USD exchange rate stood at INR 69.67.
— ICEX (Indian Commodity Exchange Ltd) Feb’19 contract for STEELLONG today open at INR 33,200/MT & last traded (IST 18:13) at INR 32,960/MT.
— BSE Sensex closed at 35,695 (+181) on Friday, as against last day (Thursday) at 35,513 (-377).
— NSE Nifty50 index was closed today at 10,727(+55)
Trade Updates
— Indian iron ore export in CY18 recorded at 10.52 MnT, drop by 47% Y-o-Y as against 19.91 MnT in CY17.
— According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 209/MT FoB Australia & USD 221.5/MT CNF India.
— Neelachal Ispat Nigam Ltd (NINL), India’s largest and state owned steel grade pig iron manufacturer & exporter has reduced pig iron prices by INR 500/MT (USD 7). The latest offers for Steel (N1) grade material are assessed at INR 27,400/MT (USD 391) & Foundry (N2) grade at INR 28,000/MT (USD 399); prices are excluding GST, ex-Cuttack, East India.
— Vizag Steel has issued an export tender of 30,000 MT basic grade steel making Pig iron for any country other than Nepal. The tender is due on 08 Jan’19 & the last date of delivery period shall be 28 Feb’19.
— The private pig iron producers in eastern India – Durgapur have reduced prices by INR 300-500/MT and latest price for Steel grade reported at INR 28,500-28,700/MT ex-plant.
— RINL Steel has invited tender for export of Wire rods, Billets and Blooms to Nepal. The quantity for each product is 5,418 MT (equivalent to 2 rakes).The due date for bid submission is 7 Jan’19 (till 15.00 HRS).
— The mid size mills Billet export offers to Nepal slump and assessed at USD 445/MT as against beginning of week at USD 455/MT ex-mill, Durgapur, eastern India. Participants believed prices to come down further due to weak demand & domestic fall.
— Aloke Steel Industries (Jharkhand) offered Fem 78-80 C-DRI lumps at INR 20,400/MT & Sponge mix material (60:40) at INR 20,100/MT ex-plant.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 19,700/MT & Billet at INR 30,700/MT ex-plant.
— Odisha based manufacturer, Ganesh Metaliks offered Billet at INR 30,800/MT ex-plant, an official reported.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 19,300/MT ex-Bellary, offers decline by INR 200-300/MT from the last trade; an official reported.
— South India based Amoda iron & steel ltd is offering FeM 75 & 80 C-DRI lump at INR 19,500/MT & INR 20,600/MT ex-plant (Hyderabad).
— BIOP Steels in South India has decreased sponge prices by INR 200/MT, offering FeM 80 & 82 C-DRI lumps at INR 19,900/MT & INR 20,300/MT ex-plant, Karnataka; an official reported.
— Raipur, Central India based ERW pipe manufacturers decreased prices by INR 400/MT & offers reported at around INR 37,300/MT ex-plant & excluding GST.
— Hyderabad (South India) based manufacturer Hari Om Pipe Industries Ltd has offered ERW Pipe at around INR 39,700/MT ex-plant. (basic & excluding GST).
Reference prices as on 4th January 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 25,600 | 25,500 | 25,700 | – 300 | 26,600 | 26,700 |
| Ex-Mumbai | HMS(80:20) | 25,200 | 25,100 | 25,300 | 0 | 25,500 | 26,200 | |
| Ex-Chennai | HMS(80:20) | 24,300 | 24,100 | 24,500 | + 100 | 24,100 | 24,900 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,500 | 20,400 | 20,600 | – 300 | 20,600 | 21,400 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,800 | 19,700 | 19,800 | – 100 | 20,000 | 20,800 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | – 300 | 21,000 | 22,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,700 | 19,600 | 19,800 | – 100 | 20,000 | 20,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,300 | 19,200 | 19,400 | – 300 | 19,400 | 20,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | – 100 | 19,600 | 20,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | – 200 | 19,600 | 20,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,100 | 20,000 | 20,100 | – 100 | 20,300 | 20,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,350 | 33,300 | 33,400 | – 350 | 34,000 | 34,600 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 30,700 | 30,600 | 30,800 | – 500 | 31,300 | 31,300 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 29,900 | 29,800 | 30,000 | – 400 | 30,300 | 30,600 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,350 | 30,300 | 30,400 | – 250 | 30,750 | 31,100 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,950 | 32,900 | 33,000 | + 50 | 33,300 | 33,300 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 33,700 | 33,600 | 33,700 | – 300 | 34,200 | 34,900 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 31,100 | 31,000 | 31,200 | – 500 | 31,700 | 31,800 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 30,500 | 30,400 | 30,600 | – 200 | 30,600 | 30,800 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 31,100 | 31,000 | 31,200 | – 400 | 31,600 | 31,700 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 32,800 | 32,700 | 32,900 | – 400 | 33,800 | 33,800 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 33,150 | 33,100 | 33,200 | + 50 | 33,500 | 33,500 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 33,300 | 33,200 | 33,500 | 0 | 33,500 | 33,400 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 32,500 | 32,300 | 32,700 | 0 | 33,000 | 33,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,300 | 37,100 | 37,500 | – 100 | 37,300 | 37,600 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,100 | 35,900 | 36,300 | – 400 | 36,300 | 37,000 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,000 | 34,800 | 35,100 | – 300 | 35,200 | 35,400 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,500 | 36,200 | 36,700 | + 100 | 36,700 | 36,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 37,400 | 37,300 | 37,600 | 0 | 37,600 | 37,600 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,800 | 37,200 | – 200 | 37,500 | 37,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,500 | 37,400 | 37,700 | – 400 | 37,600 | 38,000 |
| Ex-Raipur | Wire Rod(5.5 MM) | 38,200 | 37,300 | 38,200 | – 400 | 38,200 | 38,800 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research

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