Indian steel prices moved down trend in the week opening due to limited spot trades and as per daily assessment prices dropped by INR 100-500/MT in major markets.
The major fall in prices observed in Rebar by INR 200-600/MT followed by Billet INR 100-400/MT. However Sponge iron prices remain slightly fluctuates by INR 100-200/MT day on day in major markets.
The Sponge iron manufacturers in Central & Eastern regions stated that, they are not looking further major fall in price range due to high input cost and average deals.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 27,500-31,200/MT (USD 396-450) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,800-17,900/MT (USD 242-258); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 24th June 2019 (Monday) INR to USD exchange rate stood at INR 69.41.
— ICEX (Indian Commodity Exchange Ltd) Jul’19 contract for STEELLONG today open at INR 30,970/MT & last traded (IST 18:27) at INR 30,380/MT.
— BSE Sensex closed at 39,122(-71) on Monday, as against last day (Friday) at 39,194(-407).
— NSE Nifty50 index was closed today at 11,699(-24) & Nifty Metal at 2,892(-37).
Raw Materials
— West India based pellet maker – Jindal SAW increased offers to INR 9,100/MT, delivered Kandla towards end of last week amid rising demand.
— Melting scrap offers in Western India- Jalna (Maharashtra) decline by INR 300/MT in a day trade activities.
— Silico Manganese offers for 60-14 grade are in the range of INR 65,000-66,000/MT ex-Raipur & INR 66,000/MT ex-Durgapur.
Semi Finished
— SAIL’s Rourkela Steel Plant tender held today (24th Jun’19) to sell about 3,800 MT steel grade pig iron has received weak response. The base price for the tender was quoted by RSP at INR 27,250/MT and near about 85% material unsold.
— Neo Metaliks in Durgapur has roll-over pig iron prices and reported steel grade at INR 27,000-27,200/MT ex-plant.
— Jharkhand based Atibir Industries has reported steel grade pig iron offers at INR 27,000/MT ex-plant.
— Raipur based Sponge producers have kept P-DRI prices unchanged at INR 16,500/MT ex-plant, however limited inquiries reported due to competitive offers from Raigarh at INR 16,500-16,600/MT FoR Raigarh.
— Rashmi Metaliks in Durgapur has raised Sponge prices and reported P-DRI at INR 17,000/MT.
— Aloke Steel Industries (Jharkhand) offered Fem 78-80 C-DRI lumps at INR 17,800/MT & Sponge mix material (60:40) at INR 17,500/MT ex-plant.
— Odisha based manufacturer, Ganesh Metaliks offered Billet at INR 27,600/MT ex-plant, an official reported.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,700/MT & Billet at INR 27,500/MT ex-plant.
— Raigarh based Singhal Steel offered P-DRI at INR 15,900/MT & C-DRI at INR 17,000/MT ex-Raigarh, an official reported
— Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 17,000-17,200/MT ex-plant. Meanwhile no major deals at this offers, as reported by an official.
— Apple Industries in Bellary (Karnataka) offered Billet at INR 29,300/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,800/MT ex-Bellary, offers decline by INR 200-300/MT from the last trade; an official reported.
Wire Rod & Pipe
— Anti-dumping duty on imports of Ductile Iron (DI) pipes further extended till 9th Oct’19, as per recent notification by Indian government.
— Trade discounts in Raipur Wire rod is hovering at INR 1,500-1,700/MT amid steady base price at INR 34,900/MT ex-plant. However in Durgapur trade reference price of 5.5 mm Wire rod fell by INR 100/MT to INR 33,300-33,800/MT ex-plant.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 37,600/MT ex-plant & excluding GST.
— Raipur, Central India based ERW pipe manufacturers offers reported at around INR 35,700-35,800/MT ex-plant & excluding GST.
Rebar (12 mm)
— Rathi Steels based in North region is offering at around INR 36,400/MT (ex-Delhi).
— Raipur based – SPEED TMT is offering at INR 33,300/MT.
— Real Ispat (GK TMT) is offering at INR 35,700/MT.
— Raigarh based N.R Ispat & Power Pvt. Ltd (N.R TMT) is offering at INR 32,900/MT.
— Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 33,400/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is offering at INR 35,800/MT FoR.
— Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) is offering at INR 33,800/MT.
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis. Prices are subject to reconfirmation.
Reference prices as on 24th June 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 24,200 | 24,100 | 24,300 | 0 | 25,900 | 25,500 |
| Ex-Mumbai | HMS(80:20) | 23,300 | 23,200 | 23,400 | – 100 | 24,400 | 24,800 | |
| Ex-Chennai | HMS(80:20) | 22,200 | 22,100 | 22,400 | 0 | 22,500 | 23,600 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,900 | 17,800 | 18,000 | + 200 | 18,100 | 19,500 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | – 100 | 17,800 | 18,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,300 | 17,200 | 17,400 | + 100 | 18,000 | 19,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,300 | 17,200 | 17,400 | – 200 | 17,900 | 19,100 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,900 | 16,800 | 17,000 | + 200 | 17,100 | 18,300 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | + 100 | 16,900 | 18,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | – 200 | 17,400 | 19,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,400 | 17,300 | 17,500 | – 100 | 18,000 | 19,400 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,000 | 30,900 | 31,100 | – 700 | 32,800 | 33,700 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 28,400 | 28,300 | 28,500 | – 200 | 29,500 | 31,100 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,900 | 27,100 | – 300 | 28,800 | 30,100 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27,700 | 27,300 | 27,800 | – 200 | 28,950 | 30,600 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 29,400 | 29,300 | 29,500 | – 200 | 30,900 | 31,600 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 31,200 | 31,100 | 31,300 | – 700 | 33,100 | 34,100 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 28,900 | 28,800 | 29,000 | – 200 | 30,000 | 31,500 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 27,500 | 27,400 | 27,600 | – 200 | 29,150 | 30,600 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 28,500 | 28,400 | 28,600 | – 200 | 29,550 | 31,200 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 30,300 | 30,200 | 30,400 | – 400 | 32,100 | 32,200 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 29,600 | 29,500 | 29,700 | – 250 | 31,100 | 31,800 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 30,050 | 30,000 | 30,100 | – 150 | 30,300 | 32,000 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 29,000 | 28,900 | 29,100 | 0 | 30,000 | 31,700 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 35,900 | 35,700 | 36,100 | – 300 | 36,800 | 37,100 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 33,600 | 33,400 | 33,800 | – 200 | 34,600 | 36,600 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 33,100 | 33,000 | 33,300 | 0 | 34,000 | 35,300 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 33,000 | 32,900 | 33,200 | 0 | 34,000 | 35,000 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 35,100 | 35,100 | 35,400 | – 300 | 35,800 | 36,700 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 33,000 | 32,800 | 33,200 | – 200 | 34,000 | 35,800 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 33,500 | 33,300 | 33,800 | – 100 | 34,600 | 36,800 |
| Ex-Raipur | Wire Rod(5.5 MM) | 34,100 | 33,300 | 34,900 | 0 | 35,200 | 36,800 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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