Indian spot steel trades observed dull amid limited inquiries with the producers. However, despite fewer trades the prices of Sponge iron & Billet have marginally fluctuates by INR 100-300/MT, day-on-day.
Market expects, domestic demand to pick gradually owing to pick season for constructions. Also, as the conversion spread (margins) are low, the producers may force to keep prices strong.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 33,000-36,800/MT (USD 452-504) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 21,800-23,600/MT (USD 298-323); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 12th November 2018 (Monday) INR to USD exchange rate stood at INR 72.93.
— BSE Sensex closed at 34,812(-345) on Monday & NSE Nifty50 index was closed today at 10,482(-103).
Raw Materials
— Steel Authority of India Ltd (SAIL) said it will invest Rs 41,000 crore to ramp up capacity of its Rourkela unit (RSP) from 4 MnT pa to 10 MnT pa.
— NMDC’s iron ore sales decreased by 21% M-o-M to 0.68 MnT in Oct’18 compared to 0.86 MnT in Sep’18.
— Karnataka Iron ore e- auction sales hit 6-month low & stood at 1.64 MnT in Oct’18.
— According to the latest assessment of Coking coal, spot prices of the Premium HCC stood at around USD 223/MT FoB Australia & USD 238-239/MT CNF India.
— Imported scrap offers to India for HMS 1&2 (80:20) Dubai origin containers stood at around USD 335/MT, CFR Nhava Sheva
Semi Finished
— RSP (Rourkela Steel Plant) tender held today (12th Nov’18) to sell about 5,200 MT steel grade pig iron, had received weak response. The base price for the tender was quoted by RSP at INR 29,400/MT and only 300 MT material have been sold out.
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 21,100-21,200/MT & Sponge DR CLO grade at INR 23,400-23,600/MT ex-plant. However no major deals heard at the offer prices.
— Raigarh based Singhal Steel offered P-DRI at INR 20,700/MT ex-Raigarh & Billet at INR 33,600-33,700/MT FoR Raipur, officials reported.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 22,400/MT & Billet at INR 33,100-33,200/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 21,100-21,200/MT ex-Bellary.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 21,800/MT & INR 22,300/MT ex-plant, Karnataka.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 22,400/MT & Billet at INR 34,600/MT ex-plant. Majorly deals concluded for Bangalore & local market, an official reported.
Finish Long
— Raipur (Central India) & Mandi Gobindgarh (North India) based pipe manufacturers kept offers unaltered, offering ERW pipe at INR 40,000/MT & INR 43,600/MT, respectively, ex-plant & excluding GST.
— As per light size structure manufacturers in Raipur, Central India demand is good from out states specifically from Mumbai, Maharashtra.
— Raipur based suppliers have raised trade discount on Wire rod and today’s discount at about INR 1,000-1,300/MT.
Rebar (12 mm)
— Steel Authority of India Ltd (SAIL) is offering rebar from its Bhilai Steel Plant (BSP) at INR 42,800/MT.
— Rathi Steels based in North region unchanged their offers at INR 40,800-40,900/MT.
— Raipur based – SPEED TMT unchanged their offers at INR 36,800/MT.
— Gujarat based, Keyur Ispat Ltd unchanged their offers at INR 37,800/MT.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT offering at INR 37,700/MT; up by INR 200/MT.
— Chennai based ARS Steel (Trusteel) unchanged their offers at INR 42,100/MT.
Note – the prices mentioned above are ex-works, excluding GST & changes are placed on day basis.
Reference prices as on 12th November 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 27,700 | 27,600 | 27,800 | + 200 | 26,900 | 26,500 |
| Ex-Mumbai | HMS(80:20) | 25,700 | 25,500 | 25,700 | 0 | 25,500 | 25,500 | |
| Ex-Chennai | HMS(80:20) | 26,800 | 26,700 | 27,000 | NA | 26,800 | 26,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 23,600 | 23,500 | 23,700 | 0 | 23,300 | 22,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 22,200 | 22,100 | 22,400 | 0 | 22,000 | 21,900 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22,900 | 22,800 | 23,000 | – 100 | 22,800 | 22,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 21,800 | 21,700 | 21,900 | + 200 | 21,500 | 21,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 22,400 | 22,300 | 22,500 | – 100 | 22,200 | 21,300 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 21,150 | 21,100 | 21,200 | – 50 | 21,100 | 21,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 21,100 | 21,000 | 21,200 | + 200 | 20,800 | 20,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 21,800 | 21,700 | 22,000 | 0 | 21,700 | 21,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 36,000 | 35,900 | 36,100 | – 400 | 36,100 | 35,600 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 33,600 | 33,500 | 33,700 | – 300 | 33,700 | 33,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 32,500 | 32,400 | 32,600 | – 300 | 32,600 | 32,250 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 33,000 | 32,900 | 33,100 | – 100 | 33,000 | 32,600 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,300 | 34,200 | 34,400 | + 100 | 33,600 | 33,800 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,800 | 34,700 | 34,900 | 0 | 34,500 | 35,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 34,700 | 34,600 | 34,800 | 0 | 33,700 | 34,000 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 36,800 | 36,700 | 36,900 | – 400 | 36,900 | 36,400 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 33,900 | 33,800 | 34,000 | – 200 | 33,900 | 34,000 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 33,100 | 33,000 | 33,200 | – 100 | 33,000 | 32,800 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 33,600 | 33,500 | 33,700 | – 150 | 33,600 | 33,500 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 34,900 | 34,800 | 35,000 | + 100 | 34,600 | 34,200 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 34,600 | 34,600 | 34,700 | + 200 | 33,800 | 34,000 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 35,300 | 35,200 | 35,400 | 0 | 35,000 | 35,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 35,000 | 34,900 | 35,100 | 0 | 34,000 | 34,300 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 39,400 | 39,300 | 39,600 | + 300 | 38,900 | 38,800 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 39,300 | 39,100 | 39,500 | – 200 | 39,500 | 38,800 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,600 | 36,600 | 36,800 | – 100 | 36,400 | 37,100 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 37,900 | 37,600 | 38,100 | + 200 | 37,200 | 38,300 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 40,000 | 39,800 | 40,100 | 0 | 39,800 | 40,700 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 39,000 | 38,800 | 39,200 | + 200 | 38,000 | 38,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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