Indian Semi-finished steel offers decline further on seasonal limited trades. As per assessment, domestic Billet offers plunged by INR 100-400/MT, while Sponge iron offers marginally fluctuates by INR 100/MT, day-on-day. Major price fall in Billet seen by INR 400/MT in Mumbai, Maharashtra – West India.
The Industry experts are assuming, domestic steel prices are likely to remain under pressure over dull domestic and export demand & rising inventories.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 31,100-34,700/MT (USD 450-503) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,300-21,800/MT (USD 280-316); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 19th July 2018 (Thursday) INR to USD exchange rate stood at INR 69.10
— BSE Sensex closed at 36,351(-22) on Thursday, as against last day (Wednesday) at 36,373(-146).
Raw material
— Sources reported – Gujarat based steelmakers booked 150,000 MT South African lump for August shipment and is expected to arrive in Aug’18 end or early September at Kandla port (Gujarat).
— Melting scrap offers in Western India- Gujarat fall by INR 600/MT in a day trade activities.
Semi finished
— Jindal Steel (JSPL) has reduced offers for Panther shots (Granulated pig iron) and currently reported at INR 27,500-28,000/MT ex-plant, Angul, Odisha. Pig iron offers rolled over by the company at INR 29,000-29,200/MT ex-plant, Raigarh.
— Electro Steel, a private producer in Bokaro – Jharkhand has resumed Pig iron sales and latest price stated at INR 29,500/MT FoR Durgapur. The suppliers in Durgapur being offered same grade material at INR 29,300-29,500/MT ex-plant.
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 19,900-20,000/MT & Sponge DR CLO grade at INR 22,800-23,000/MT ex-plant
— Odisha based medium size sponge manufacturers selling FeM 80 C-DRI (70:30 mix material) at INR 21,800-21,900/MT FoR Raipur & excluding GST.
— BMM Ispat a price trend setter in South Indian sponge market has kept offers unaltered today and offering FeM 80 P-DRI lumps at INR 18,600-18,700/MT ex-Bellary, Karnataka. BIOP Steels in same place has also rolled over prices and reported FeM 80 C-DRI lumps at INR19,400/MT & & FeM 82 at INR 19,800/MT ex-plant, Karnataka. As per officials, slight rise in inventories which have increased selling pressure.
Finish Long
— Central India, Raipur based brand – SPEED TMT has decline their price by around INR 500/MT on day basis and current offering at INR 33,300/MT (28 mm), ex-work & excluding GST.
— North region based Rathi Steels has increased their prices by around INR 250/MT on day basis and current offering at INR 39,200/MT, size – 12 mm & excluding 18% GST.
— Chennai based manufacturer Kamachi Industries Ltd unchanged their offering 12 mm on day basis and reported at INR 41,000/MT, ex-plant & excluding GST.
— Jalna based rebar manufacturer Rajuri Steel Pvt Ltd reduce their offers by around INR 300-400/MT on day basis & current offering rebar at INR 34,000/MT, ex-work & excluding GST.
— The suppliers in Raipur have unchanged their trade discount on Wire rod to around INR 1,300-1,400/MT.
— West region – Wada based rolling mills reported rebar demand exist in the market but supply movement affected due to monsoon. However, they mentioned clearing weather which likely to raise inquiries and would release selling pressure.
— West region, Wada based – Vistar tmt has reduce their price by around INR 200/MT on day basis & current offering 28 mm Rebar at INR 32,600/MT, Ex-work basis & excluding GST.
Reference prices as on 19th July 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Mumbai | HMS(80:20) | 24,500 | 24,400 | 24,600 | 0 | 24,400 | 25,900 |
| Ex-Chennai | HMS(80:20) | 22,600 | 22,500 | 22,700 | – 200 | 23,500 | 25,500 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,400 | 20,300 | 20,500 | 0 | 20,200 | 22,900 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | – 100 | 20,700 | 20,900 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,800 | 21,700 | 21,900 | + 100 | 21,200 | 21,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | 0 | 18,900 | 20,300 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,200 | 19,100 | 19,300 | 0 | 19,200 | 21,900 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,900 | 19,800 | 20,000 | 0 | 19,300 | 19,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,600 | 18,500 | 18,700 | 0 | 18,300 | 19,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | – 100 | 18,700 | 20,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,200 | 34,100 | 34,300 | – 100 | 34,000 | 39,200 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,100 | 31,000 | 31,200 | – 100 | 31,300 | 36,100 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,500 | 30,400 | 30,600 | – 200 | 30,600 | 35,300 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,000 | 30,900 | 31,100 | 0 | 30,800 | 34,800 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 31,450 | 31,400 | 31,500 | – 400 | 31,700 | 36,200 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 33,500 | 33,400 | 33,600 | – 300 | 34,000 | 34,700 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,200 | 33,100 | 33,300 | 0 | 33,500 | 34,700 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 34,700 | 34,600 | 34,800 | – 100 | 34,500 | 39,600 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 31,600 | 31,500 | 31,700 | – 100 | 31,800 | 36,500 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 31,200 | 31,100 | 31,300 | – 300 | 31,300 | 35,700 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 31,600 | 31,500 | 31,700 | – 100 | 31,400 | 35,900 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 31,800 | 31,700 | 31,900 | – 400 | 32,000 | 36,400 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | – 300 | 34,500 | 35,200 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 33,500 | 33,400 | 33,600 | 0 | 33,750 | 35,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 38,500 | 38,200 | 38,600 | – 300 | 39,200 | 44,100 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,100 | 35,900 | 36,300 | 0 | 36,500 | 41,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,400 | 35,300 | 35,600 | – 300 | 36,200 | 40,300 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 35,800 | 35,400 | 35,900 | – 300 | 36,500 | 39,900 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 39,200 | 39,000 | 39,400 | 0 | 39,500 | 40,400 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 38,000 | 37,500 | 38,000 | 0 | 38,500 | 39,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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