In the week opening, Indian Billet & Sponge iron prices fluctuate by INR 100-300/MT amid average inquiries from domestic buyers.
Indian mills are likely to turn active for exports with Indian rupee (INR) crashed to its record low of 69.95 against the US dollar in trade today (13th Aug). Particularly the mills situated in coastal regions will try to raise their export volumes.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 32,000-36,100/MT (USD 457-515) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,200-23,000/MT (USD 288-328); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 13th August 2018 (Monday) INR to USD exchange rate stood at INR 69.95
— BSE Sensex closed at 37,644(-224) on Monday, as against last day (Friday) at 37,869(-155).
Raw Materials
— Indian Pellet export offers are nearly 4 years high & assessed at around USD 122-123/MT, FoB India
— Central India based Sarda Energy & Minerals Limited (SEML) – Iron ore pellet production has significantly increased by 136% to 2,03,464 MT in Q1 FY’19 on Q-o-Q basis while down by 1% on Y-o-Y basis.
Semi Finished
— As per participants, induction grade billet export deals conclude to Nepal at USD 480-482/MT ex-mill, Durgapur & USD 476-478/MT loaded to rake, Odisha.
— Officials from Electro Steels, Bokaro – Jharkhand reported small deals for Steel grade Pig iron at INR 28,800/MT ex-plant & INR 29,300/MT FoR Durgapur, (excluding GST).
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 21,700/MT & Billet at INR 32,500/MT ex-plant.
— 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 19,300-19,400/MT ex-Bellary, Karnataka.
— South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI & Billet at INR 19,800/MT & INR 34,500/MT. Also offering 28 MM Rebar at INR 35,500/MT. All prices are ex-plant & excluding GST.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 20,400/MT & 20,800/MT ex-plant, Karnataka; an official reported.
— Local manufacturers in Raigarh are offering 60-14 Silico Manganese at around INR 63,000-63,500/MT ex-plant.
— The steel grade pig iron export offers decline by USD 10/MT W-o-W & stood at USD 370-375/MT, FoB India – Sources
Finish Long
— Central region, Raipur based brand – SPEED TMT has increased their price by INR 100/MT on day basis and current offering at INR 33,900/MT (28 mm), ex-work & excluding GST.
— Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT unchanged their prices on day basis and offering 28 mm rebar at INR 35,200/MT, ex-work & excluding GST.
— Shakti Ferro Alloys in Chennai, South region has unchanged Rebar at INR 40,000/MT (12 mm) and slight increase in Billet to INR 35,500/MT with advance payment term, ex-work & excluding GST.
— Gujarat based Akshar TMT has unchanged their prices on day basis & current offering basic rebar at INR 45,600/MT FoR & including GST at 18%, Size – 20 mm.
— South Region based Pulkit Steel (Pulkit TMT) unchanged their prices on day basis & current offering at Rebars 12 mm at INR 42,000/MT, ex-plant & excluding GST.
— The suppliers in Raipur have decreased trade discount on Wire rod and current discount range at INR 500-1,000/MT.
Reference prices as on 13th August 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Mumbai | HMS(80:20) | 25,000 | 24,900 | 25,100 | 0 | 25,500 | 24,500 |
| Ex-Chennai | HMS(80:20) | 23,200 | 23,100 | 23,300 | + 200 | 22,600 | 23,200 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 23,000 | 22,900 | 23,100 | + 100 | 22,000 | 20,500 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 21,500 | 21,400 | 21,600 | – 100 | 21,100 | 20,800 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22,900 | 22,800 | 23,000 | + 100 | 22,500 | 21,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,200 | 20,000 | 20,300 | 0 | 19,800 | 19,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 22,000 | 21,900 | 22,100 | + 100 | 20,800 | 19,500 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 21,700 | 21,600 | 21,800 | + 100 | 21,400 | 19,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | – 100 | 19,000 | 18,600 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,700 | 19,600 | 19,800 | 0 | 19,500 | 19,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,400 | 35,300 | 35,500 | + 100 | 35,600 | 34,900 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 32,800 | 32,700 | 32,900 | 0 | 32,300 | 31,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,400 | 31,300 | 31,500 | 0 | 31,500 | 31,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,000 | 32,000 | 32,100 | + 200 | 32,200 | 31,550 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,200 | 33,100 | 33,300 | – 100 | 33,550 | 32,500 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 35,600 | 35,500 | 35,800 | + 100 | 34,700 | 34,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 34,200 | 34,100 | 34,300 | 0 | 34,200 | 33,700 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 35,900 | 35,800 | 35,900 | + 100 | 36,100 | 35,400 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 33,500 | 33,400 | 33,600 | + 100 | 32,900 | 32,100 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 32,400 | 32,300 | 32,500 | 0 | 32,100 | 31,500 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32,600 | 32,500 | 32,700 | + 200 | 33,000 | 32,150 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 33,400 | 33,300 | 33,500 | – 200 | 33,900 | 32,750 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 36,100 | 36,000 | 36,300 | + 100 | 35,200 | 34,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,500 | 34,400 | 34,600 | 0 | 34,500 | 34,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 38,000 | 37,800 | 38,200 | 0 | 37,800 | 39,200 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,600 | 36,400 | 36,800 | + 100 | 36,100 | 36,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,900 | 35,900 | 36,100 | 0 | 35,900 | 36,200 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 37,400 | 37,000 | 37,500 | – 300 | 37,100 | 36,300 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 40,000 | 39,800 | 40,200 | + 200 | 39,300 | 39,400 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 38,000 | 37,800 | 38,200 | 0 | 38,500 | 38,750 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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