Indian spot steel prices fall further on account of limited demand through the domestic buyers. On day trade activities, the prices of Semis & Finished long steel products slump by around INR 200-700/MT (USD 3-10), similar price corrections was recorded on 26th Nov’18.
The selling pressure on producers increased amid piling up of inventories. Prices are less likely to find support as per participants, unless demand for finished products observes a boost.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,300-34,100/MT (USD 427-482) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,500-21,500/MT (USD 290-304); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 27th November 2018 (Tuesday) INR to USD exchange rate stood at INR 70.80.
— BSE Sensex closed at 35,513(+159) on Tuesday, as against last day (Monday) at 35,354(+373).
— NSE Nifty50 index was closed today at 10,685(+57).
Raw Materials
— Essel Mining and Industries – Odisha’s major merchant miner have reduced iron ore prices further by INR 500/MT in lump and INR 400/MT in fines w.e.f today (27 Nov’18).
— NMDC – India’s largest iron ore miner has observed sharp rise in production at 3.26 MnT in Oct’18, surge by 38% as against 2.36 MnT in Sep’18
— South African RB2 (5500 NAR) coal offers are assessed at USD 61/MT on FoB basis & USD 75/MT CNF India. Prices decline by USD 3-4/MT on weekly basis.
— Local manufacturers in Raigarh offered 60-14 Silico Manganese at around INR 69,000/MT ex-plant.
Semi Finished
— Indian medium mills export offers to Nepal fall by USD 5-10/MT (W-o-W) owing to slump in domestic prices. Latest offers stood at USD 445-450/MT for Billet & USD 535/MT for Wire rod, ex-mill, Durgapur.
— SAIL cancels 13,500 MT Billet export tender amid lower bids at around USD 450-455/MT, FoB – Sources.
— SAIL is offering steel (basic) grade pig iron in merchant market from its Burnpur (IISCO) plant at around INR 28,800/MT & from Bhilai Steel Plant (BSP), Central India at INR 29,800-30,000/MT ex-works- Sources.
— Raipur based mills largely procures Billet & Sponge (P-DRI) from Raigarh due to cheaper landed cost. Today’s trade reported at INR 20,000/MT for P-DRI & INR 30,700-30,800/MT for Billet, FoR basis.
— Raipur, Central India based Integrated plants offers decreased by INR 300/MT, offering Sponge P-DRI at INR 20,000-20,200/MT ex-plant.
— Raigarh based steel manufacturers getting pig iron offers from Odisha at INR 29,800/MT, FoR Raigarh.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,800/MT & Billet at INR 30,800/MT ex-plant. As per officials, trade activities are weak at the offer prices.
— BMM Ispat a price trend setter in South Indian sponge market has kept offers unaltered and today’s offer for FeM 80 P-DRI lumps at INR 20,300/MT ex-Bellary, Karnataka.
— BIOP Steels in Karnataka has reduced sponge prices by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 20,800/MT & INR 21,200/MT ex-plant.
Finished Long
— Raipur based wire rod manufacturers kept offers unchanged, however trade discount through the suppliers have increased to INR 1,200-1,500/MT. The offers for 5.5mm Wire rod hovering at INR 38,600/MT ex-Raipur & INR 37,300-37,500/MT ex-Durgapur.
— Mandi Gobindgarh, North India based ERW pipe manufacturers decreased prices by INR 400/MT & offers reported at around INR 41,200/MT ex-plant & excluding GST.
— Hyderabad (South India) based Pipe manufacturer Hari Om Pipe Industries Ltd has offered ERW Pipe at around INR 41,100/MT ex-plant. (basic & excluding GST).
— Raipur based ERW pipe manufacturers decreased prices by INR 800/MT & offers reported at around INR 38,200/MT ex-plant & excluding GST.
— East region based – Baba Smelter Pvt. Ltd offering Structure (125,150 Channel) at INR 38,750/MT, down by INR 500/MT.
Rebar (12 mm)
— Raipur based – SPEED TMT offering at INR 34,800/MT, down by INR 400/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd (National TMT) unchanged offering at INR 37,600/MT FoR.
— Jalna based Kalika Steel Alloys Pvt Ltd offering at INR 36,500/MT, down by INR 300/MT.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT offering at INR 36,300/MT, down by INR 300/MT.
— South region based Tulsyan NEC Steel (Tulsyan) unchanged their offering at INR 40,500/MT.
— South region based Pulkit Steel (Pulkit TMT) offering at INR 39,000/MT.
Note – the prices mentioned above are ex-work, excluding GST & changes are placed on day basis.
Reference prices as on 26th November 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,400 | 26,300 | 26,500 | – 400 | 27,300 | 26,700 |
| Ex-Mumbai | HMS(80:20) | 25,500 | 25,400 | 25,700 | – 300 | 26,500 | 25,500 | |
| Ex-Chennai | HMS(80:20) | 25,800 | 25,700 | 26,000 | – 200 | 26,500 | 26,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,500 | 21,400 | 21,600 | – 500 | 23,000 | 23,100 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,800 | 20,700 | 20,800 | – 500 | 21,750 | 22,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,500 | 21,400 | 21,600 | – 500 | 22,400 | 22,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | – 200 | 21,200 | 21,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,500 | 20,400 | 20,600 | – 500 | 22,000 | 21,800 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | – 400 | 20,950 | 21,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,100 | 20,000 | 20,200 | – 100 | 20,400 | 20,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,400 | 20,300 | 20,400 | – 300 | 21,200 | 21,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,500 | 33,400 | 33,600 | – 700 | 35,900 | 36,100 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,100 | 31,000 | 31,200 | – 400 | 33,100 | 33,900 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,250 | 30,200 | 30,300 | – 650 | 32,100 | 32,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,450 | 30,400 | 30,500 | – 650 | 32,550 | 32,900 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,800 | 32,700 | 32,900 | – 400 | 33,600 | 33,200 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | – 700 | 36,600 | 36,900 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 31,500 | 31,400 | 31,600 | – 400 | 33,400 | 34,200 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 30,700 | 30,600 | 30,800 | – 600 | 32,500 | 33,300 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 30,800 | 30,700 | 30,900 | – 700 | 33,000 | 33,900 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 33,600 | 33,500 | 33,700 | – 300 | 34,900 | 34,300 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 33,000 | 32,900 | 33,100 | – 400 | 33,900 | 33,400 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,100 | 34,000 | 34,200 | 0 | 34,500 | 35,300 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 33,000 | 32,900 | 33,100 | – 500 | 34,000 | 34,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,100 | 36,900 | 37,200 | – 500 | 38,600 | 39,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,800 | 36,600 | 37,000 | – 500 | 38,500 | 39,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 34,700 | 34,600 | 34,900 | – 400 | 36,100 | 36,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,500 | 36,300 | 36,700 | – 400 | 37,100 | 37,000 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 38,500 | 38,300 | 38,700 | – 200 | 39,200 | 40,200 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,800 | 37,200 | – 500 | 38,000 | 38,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,500 | 37,300 | 37,700 | – 400 | 39,400 | 40,200 |
| Ex-Raipur | Wire Rod(5.5 MM) | 38,600 | 37,400 | 38,600 | 0 | 39,600 | 40,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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