Indian Steel prices fall further on limited trades. The manufacturers in Central, East & Southern regions stated, dull response at current offers, hence forced to cut prices.
As per daily assessment, the Billet prices have slump by INR 200-1,000/MT (USD 3-14) and major corrections was in South India – Hyderabad by INR 1,000/MT.
Meanwhile local sponge iron prices being fall by INR 100-500/MT amid poor off take and rising stock with the producers.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 33,300-36,900/MT (USD 450-499) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 22,300-23,400/MT (USD 301-316); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 11th October 2018 (Thursday) INR to USD exchange rate stood at INR 74.02
— BSE Sensex closed at 34,001(-759) on Thursday, as against last day (Wednesday) at 34,760(+461).
— NSE Nifty50 index was closed today at 10,234(-225).
Raw Materials
— Bhushan Steel – a major integrated steel maker has recorded iron ore sourcing at 0.44 MnT in Sep’18, down by 15% M-o-M as against 0.51 MnT in Aug’18.
— According to the latest assessment of Coking coal, spot prices of Australian Premium HCC have increased by around USD 14-15/MT W-o-W & assessed at USD 233-234/MT CNF India
— Domestic melting scrap offers declined – Mumbai by INR 300/MT, Alang INR 600/MT, Chennai INR 100/MT, Hyderabad INR 400/MT, Mandi Gobindgarh & Ludhiana by INR 500-700/MT, as per SteelMint’s daily assessment
Semi Finished
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 22,000-22,100/MT & Sponge DR CLO grade at INR 24,400-24,600/MT ex-plant
— In West Bengal – Durgapur, big manufacturers have decreased sponge prices by INR 300-400/MT D-o-D; offering P-DRI at INR 20,900-21,000/MT.
— Odisha based manufacturer, KJS Ahluwalia offers Billet at INR 33,300/MT & Sponge mix material (FeM 80) at INR 22,300-22,400/MT ex-plant.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 22,500/MT & Billet at INR 33,500/MT ex-plant
— BMM Ispat in South India (Karnataka) has reduced offers for FeM 80 P-DRI by INR 200-300/MT to INR 21,700-21,800/MT ex-Bellary, an official reported. And added offers fall due to limited demand amid festive season.
— Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 80 P-DRI at INR 22,000-22,200/MT ex-plant, an official reported.
— BIOP Steels in South India has decreased sponge prices by INR 300/MT, offering FeM 80 & 82 C-DRI lumps at INR 22,200/MT & INR 22,700/MT ex-plant, Karnataka; an official reported.
— South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI & Billet at INR 22,000/MT & INR 34,500/MT. Also offering 28 MM Rebar at INR 36,000/MT. All prices are ex-plant & excluding GST.
Finish Long
— JSW Steel’s long steel output slightly down by 2% in Q2FY’19 and stood at 0.91 MnT against 0.93 MnT in Q1 FY’19. Whereas on Y-o-Y basis, its steel output surge by 17% in Q2 FY19 as compared to 0.77 MnT in Q2 FY18.
— Vizag Steel (RINL) has exported about 5.25 lakh tonnes of steel in FY17-18, as per company’s website.
— Raipur Central India based ERW pipe manufacturers has reduced prices by INR 400/MT & offers reported at INR 40,600-40,800/MT. Prices are ex-plant & excluding GST.
— Trade discounts on Wire rod through the Raipur based suppliers are more or less unchanged at INR 1,000-1,200/MT.
Reference prices as on 11th October 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,700 | 26,600 | 26,800 | – 600 | 26,700 | 27,800 |
| Ex-Mumbai | HMS(80:20) | 25,800 | 25,600 | 26,000 | – 300 | 26,100 | NA | |
| Ex-Chennai | HMS(80:20) | 26,700 | 26,500 | 26,900 | – 100 | 26,800 | NA | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,600 | 22,500 | 22,700 | – 300 | 21,600 | 24,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 22,500 | 22,400 | 22,600 | – 200 | 22,300 | 25,100 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 23,400 | 23,300 | 23,500 | – 400 | 23,500 | 26,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 22,300 | 22,200 | 22,400 | – 400 | 22,500 | 24,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,000 | 20,900 | 21,100 | – 300 | 20,200 | 23,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 22,000 | 21,900 | 22,100 | – 400 | 21,900 | 25,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 21,700 | 21,600 | 21,800 | – 400 | 21,900 | 23,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 22,300 | 22,200 | 22,400 | – 300 | 22,300 | 24,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 36,100 | 36,000 | 36,200 | – 500 | 35,000 | 38,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 33,600 | 33,500 | 33,700 | – 400 | 33,000 | 36,300 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 32,700 | 32,600 | 32,800 | – 300 | 31,800 | 34,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 33,000 | 32,900 | 33,100 | – 500 | 32,200 | 35,100 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,900 | 33,800 | 34,000 | – 700 | 33,800 | NA | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 35,500 | 35,500 | 35,700 | – 200 | 36,200 | NA | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 34,200 | 34,100 | 34,300 | – 1,000 | 34,700 | NA | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 36,900 | 36,800 | 37,000 | – 500 | 35,800 | 38,500 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | – 400 | 33,500 | 36,800 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 33,500 | 33,400 | 33,600 | – 100 | 32,600 | 35,800 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 33,900 | 33,800 | 34,000 | – 500 | 33,000 | 36,100 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 34,700 | 34,600 | 34,800 | – 500 | 34,500 | 36,250 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 34,200 | 34,100 | 34,300 | – 600 | 34,100 | NA | |
| Ex-Chennai | 125×125 mm, IS 2831 | 36,000 | 36,000 | 36,200 | – 200 | 36,700 | NA | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 34,500 | 34,400 | 34,600 | – 1,000 | 35,000 | NA | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 39,400 | 39,300 | 39,600 | 0 | 38,200 | 40,000 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 39,000 | 38,800 | 39,200 | 0 | 38,500 | 41,000 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 37,800 | 37,700 | 38,000 | – 300 | 37,300 | 39,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 39,100 | 38,700 | 39,200 | 0 | 38,700 | 40,800 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 41,200 | 41,000 | 41,400 | – 200 | 41,800 | NA | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 38,500 | 38,300 | 38,700 | – 500 | 38,500 | NA |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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