Indian Sponge iron & Billet steel prices remain volatile amid limited trades and supply disruption of raw materials.
As per the assessment, Sponge iron prices increase by INR 100-200/MT in major locations on day on trade. Meanwhile Billet prices rise majorly in Southern India – Hyderabad & Chennai by INR 400-500/MT, while in remaining markets it down by INR 100-200/MT on slow down trades.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,900-34,700/MT (USD 442-496) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,100-20,000/MT (USD 273-286); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 23rd May 2019 (Thursday) INR to USD exchange rate stood at INR 69.88.
— ICEX (Indian Commodity Exchange Ltd) Jun’19 contract for STEELLONG today open at INR 34,250/MT & last traded (IST 18:06) at INR 34,140/MT.
— BSE Sensex closed at 38,811(-298) on Thursday, as against last day (Wednesday) at 39,110(+140).
— NSE Nifty50 index was closed today at 11,657(-80).
Trade updates
— The Billet(100*100 mm) export offers by mid sized mills in Durgapur, eastern India reported at USD 450-455/MT ex-mill, this is equivalent to USD 480/MT CFR Raxaul border, Nepal.
— Rashmi Metaliks in Durgapur, known as price trend setter, has kept Sponge P-DRI offers unaltered at INR 18,600/MT – Sources.
— Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 18,900-19,000/MT & Sponge DR CLO grade at INR 21,000-21,200/MT ex-plant.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 18,900-19,000/MT & Billet at INR 30,900-31,000/MT ex-plant. Offers unchanged for the day.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 19,200/MT ex-Bellary, offers incline by INR 200/MT from the last trade; an official reported.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 19,200/MT & INR 19,600/MT ex-plant, Karnataka; an official reported.
— Hyderabad, South India based steel manufacturers increased their Billet offer by INR 500/MT to INR 32,500/MT. And offering 12 MM Rebar at around INR 36,000-36,400/MT. prices are ex-plant & excluding GST.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 20,100/MT & Billet at INR 32,000/MT ex-plant.
— Trade discounts in Raipur Wire rod unchanged at INR 800-1,000/MT along with steady base prices at INR 37,700/MT ex-plant. Also in Durgapur basic prices unaltered for Wire rod and registered at INR 37,400-38,200/MT ex-plant.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 40,500/MT ex-plant & excluding GST. Prices unchanged for the day.
— Raipur, Central India based ERW pipe manufacturers kept offers unaltered & reported at around INR 38,200/MT ex-plant & excluding GST.
Reference prices as on 23rd May 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,300 | 26,200 | 26,400 | – 100 | 25,400 | 27,200 |
| Ex-Mumbai | HMS(80:20) | 25,000 | 24,900 | 25,100 | 0 | 24,900 | 25,200 | |
| Ex-Chennai | HMS(80:20) | 23,600 | 23,500 | 23,800 | + 100 | 23,500 | 24,400 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,800 | 19,700 | 19,900 | 0 | 18,800 | 19,500 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,100 | 19,000 | 19,100 | 0 | 18,500 | 18,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | + 100 | 19,400 | 19,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | + 100 | 18,700 | 19,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,600 | 18,500 | 18,700 | 0 | 17,600 | 18,300 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,900 | 18,800 | 19,000 | – 100 | 18,300 | 18,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,200 | + 200 | 18,300 | 19,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,400 | 19,300 | 19,500 | + 200 | 18,900 | 19,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,400 | 34,300 | 34,500 | 0 | 33,950 | 33,800 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,500 | 31,400 | 31,600 | 0 | 30,900 | 31,200 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,500 | 30,400 | 30,600 | – 150 | 30,050 | 30,600 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,000 | 30,900 | 31,100 | – 50 | 30,400 | 30,850 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,500 | 32,400 | 32,600 | 0 | 32,000 | 33,000 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 34,700 | 34,600 | 34,800 | – 100 | 34,200 | 34,200 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 32,000 | 31,900 | 32,100 | 0 | 31,400 | 31,500 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 30,950 | 30,900 | 31,000 | – 150 | 30,350 | 30,900 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 31,700 | 31,600 | 31,800 | 0 | 30,900 | 31,500 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 33,000 | 32,900 | 33,100 | – 150 | 31,650 | 33,600 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 32,750 | 32,700 | 32,800 | – 50 | 32,300 | 33,300 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 32,300 | 32,200 | 32,500 | + 450 | 31,500 | 32,800 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 32,500 | 32,400 | 32,600 | + 500 | 31,500 | 32,300 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 38,000 | 37,900 | 38,300 | + 200 | 36,900 | 37,600 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 37,300 | 37,100 | 37,500 | 0 | 36,300 | 36,800 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,400 | 35,300 | 35,600 | 0 | 34,700 | 35,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 35,800 | 35,600 | 36,300 | – 100 | 35,700 | 36,900 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 36,900 | 36,700 | 37,100 | 0 | 37,000 | 37,700 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 36,200 | 36,000 | 36,400 | + 200 | 35,200 | 36,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,700 | 37,400 | 38,200 | 0 | 36,800 | 37,000 |
| Ex-Raipur | Wire Rod(5.5 MM) | 37,200 | 36,700 | 37,700 | 0 | 37,000 | 37,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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