Indian Semis market observed subdued inquiries during the day as the prices of Sponge iron fell marginally by INR 100-200/MT, while billet offers moved up by INR 100-300/MT in Central & East regions. As per participants, the trade inquiries was poor during the 1st half, although by the end of day it improved.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 34,500-38,500/MT (USD 513-573) ex-plant. Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,700-21,700/MT (USD 292-323); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 10th May 2018 (Thursday) INR to USD exchange rate stood at INR 67.25
— BSE Sensex closed at 35,246(-73) on Thursday, as against last day (Wednesday) at 35,319(+103)).
Raw materials
— Bhushan Steel’s iron ore procurement in Apr’18 witnessed at 0.37 MnT, decrease by 40% M-o-M as against 0.62 MnT in Mar’18.
— Melting Scrap suppliers in Industrial hub – Mandi Gobindgarh, Punjab are planning to halt scrap supply due to widened purchase price gap from Ingot to Melting scrap (HMS) about INR 11,000-11,500/MT from earlier at close to INR 9,000/MT. The scrap suppliers are demanding with Induction’s to raise purchase prices with narrow down price gap between Ingot & Scrap.
— Melting scrap offers in Mumbai, Western India & Chennai, Southern India reported at INR 27,000/MT & INR 26,400/MT; ex-works & excluding GST.
Semi finished
— An Indian steel maker had floated a tender for export of 10,000 MT billets (IS 2830,GR A, size 90*90 mm 12 meters) and the tender was received the highest bid at around USD 530-535/MT, FoB India – as per sources.
— In the month of April 2018, Nepal’s billet imports from India hits 8-Month high
— Bokaro based Electro Steel which produces 25,000 tonnes of steel grade material has offered steel grade Pig iron at around INR 31,500/MT ex-plant.
— Raipur, Central India based Integrated plants have raised offers by INR 100/MT day-on-day and offering Sponge P-DRI at INR 19,500-19,700/MT ex-plant.
— Sources reported, few Raigarh based furnace owners are buying FeM 80 P-DRI from Odisha at around INR 19,000/MT on FoR basis.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,800/MT & billet at INR 35,000/MT ex-plant. As per official, trades weak at this offer prices.
— BMM Ispat a price trend setter in South Indian sponge market has open its sales and offered FeM 80 P-DRI lumps at INR 18,600-18,700/MT ex-Bellary, Karnataka.
— BIOP Steels in South India has reduced sponge offers by around INR 200-300/MT and offering FeM 80 & 82 C-DRI lumps at INR 20,100/MT & INR 20,400/MT ex-plant, Karnataka. Officials reported very limited trade activities in the market.
— Prakash Sponge, a prime grade sponge maker in Karnataka offered FeM 80 C-DRI lumps at INR 19,500-19,700/MT & billet at INR 35,000-35,200/MT ex-plant. An official reported, down trend prevails in the market amid less inquiries.
Finish Long
— Raipur Power and Steel Ltd offering Wire Rod (5.5 MM) at INR 40,000/MT ex-mill & excluding GST.
— The suppliers in Raipur have maintained trade discount on Wire rod at around INR 1,200-1,500/MT, size – 5.5 MM.
— Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT decreased prices by INR 300/MT on day basis and offering basic rebar at INR 38,500/MT, ex-work & excluding GST.
— Durgapur based Wire Rod manufacturer increased the price level by INR 200/MT during 2nd half & offered 5.5 MM at INR 40,700/MT amid improved inquiries.
Reference prices as on 10th May 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Chennai | HMS(80:20) | 26,400 | 26,300 | 26,500 | 0 | 26,200 | 25,800 |
| Ex-Mumbai | HMS(80:20) | 27,000 | 26,900 | 27,100 | 0 | 26,800 | 26,000 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,700 | 21,600 | 21,800 | – 300 | 23,000 | 21,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,900 | 20,800 | 21,000 | 0 | 21,200 | 20,900 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,700 | 21,600 | 21,800 | 0 | 22,400 | 22,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,600 | 19,400 | 19,800 | – 100 | 19,500 | 20,700 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,500 | 20,400 | 20,600 | – 100 | 21,500 | 19,500 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,600 | 19,500 | 19,700 | + 100 | 20,400 | 20,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,500 | 18,400 | 18,600 | – 200 | 18,700 | 20,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | – 100 | 19,400 | 20,900 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 37,800 | 37,700 | 37,900 | + 200 | 38,400 | 37,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 35,300 | 35,200 | 35,400 | + 300 | 36,400 | 34,500 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,900 | 34,100 | – 100 | 35,000 | 33,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,900 | 34,100 | + 400 | 34,800 | 34,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 36,000 | 35,900 | 36,100 | – 200 | 36,600 | 36,000 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 36,500 | 36,400 | 36,600 | 0 | 36,500 | 36,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 34,700 | 34,500 | 34,700 | 0 | 36,000 | 35,400 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 38,500 | 38,400 | 38,600 | + 200 | 39,100 | 37,600 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 35,800 | 35,700 | 35,900 | + 300 | 36,800 | 35,200 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 35,000 | 34,900 | 35,100 | + 100 | 35,800 | 34,200 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 35,000 | 34,900 | 35,100 | 0 | 35,800 | 35,200 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 36,600 | 36,500 | 36,700 | – 200 | 37,100 | 36,200 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 37,000 | 36,900 | 37,100 | 0 | 37,000 | 36,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 35,000 | 34,500 | 35,000 | 0 | 36,250 | 35,750 | |
| TMT | Ex-Delhi/NCR | 12MM | 40,800 | 40,600 | 41,000 | – 500 | 42,200 | 40,600 |
| Ex-Durgapur | 12MM | 40,600 | 40,400 | 40,800 | + 200 | 41,500 | 39,600 | |
| Ex-Raipur | 12MM | 39,100 | 38,900 | 39,300 | + 100 | 39,600 | 38,900 | |
| Ex-Mumbai | 12MM | 40,600 | 40,200 | 40,700 | 0 | 40,900 | 40,000 | |
| Ex-Chennai | 12MM | 41,400 | 41,200 | 41,600 | 0 | 41,200 | 41,000 | |
| Ex-Hyderabad | 12MM | 39,500 | 39,300 | 39,700 | 0 | 40,750 | 40,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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