Indian billet prices rebound by INR 100-400/MT (USD 1-6) today after a constant drop since few days. As per participants, following surge in northern India (Mandi Gobindgarh) ingot offers, the producers in remaining markets followed suit, however spot trades were not upto the mark.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 25,600-28,600/MT (USD 360-403) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,100-16,800/MT (USD 226-237); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 11th October 2019 (Friday) INR to USD exchange rate stood at INR 71.03.
— ICEX (Indian Commodity Exchange Ltd) Nov’19 contract for STEELLONG today open at INR 27,780/MT & last traded (IST 18:10 hrs) at INR 27,870/MT.
— BSE Sensex closed at 38,127(+246) on Friday, as against last day (Thursday) at 37,880(-297).
— NSE Nifty50 index was closed today at 11,301(+66) & Nifty Metal at 2,335(+51).
Key Trades
— Amid surge in Indian domestic prices, mid sized mills export offers to Nepal slightly raised by USD 5/MT to USD 355-360/MT for Billet & USD 410/MT for Wire rod, ex-mill at Durgapur, eastern India.
— Indian sponge iron export offers continued drop and latest assessment stood at USD 255/MT CPT Benapole, equivalent to USD 270/MT CFR Chittagong, Bangladesh.
— Trade discounts in Raipur wire rod drop by INR 200/MT and assessed at INR 900-1,000/MT through the stockiest & INR 800/MT by manufacturers. Meanwhile the base prices being up by INR 200/MT to INR 30,800/MT ex-Raipur & by INR 300/MT to INR 29,600-30,200/MT ex-Durgapur.
— Raipur based sponge P-DRI makers have increased their offers by INR 200-300/MT to INR 15,700-15,800/MT (ex-plant) on account of rising Billet prices.
— Raipur (central India) based pellet manufacturers have decreased their offers by INR 200/MT for Fe 63% grade to INR 5,800/MT (ex-Raipur, GST extra)
— Central India, Raigarh based sponge manufacturer (900 TPD) has offered C-DRI sponge at INR 16,900/MT FoR Raipur.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,100/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 15,700/MT ex-Bellary, an official reported. And added 1,000-1,200 MT deals for Hyderabad region.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,200/MT & INR 16,500/MT ex-plant, Karnataka. However, no major buyer at the offer price, reported by officials.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 17,200/MT & Billet at INR 26,600/MT ex-plant.
Reference prices as on 11th October 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,700 | 21,600 | 21,800 | + 200 | 21,500 | 21,400 |
| Ex-Mumbai | HMS(80:20) | 20,300 | 20,200 | 20,500 | 0 | 20,900 | 21,500 | |
| Ex-Chennai | HMS(80:20) | 19,000 | 18,800 | 19,200 | 0 | 19,400 | 20,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,800 | 16,700 | 16,900 | + 300 | 16,600 | 18,400 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,150 | 16,100 | 16,200 | + 150 | 16,300 | 16,800 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | + 100 | 17,000 | 17,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,200 | 16,100 | 16,300 | 0 | 16,500 | 16,900 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,600 | 15,500 | 15,700 | + 300 | 15,500 | 17,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,700 | 15,600 | 15,800 | + 250 | 15,700 | 16,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,700 | 15,600 | 15,800 | 0 | 16,000 | 16,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,200 | 16,100 | 16,300 | 0 | 16,500 | 17,100 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,500 | 28,300 | 28,600 | + 400 | 28,400 | 29,700 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,100 | 26,000 | 26,200 | + 350 | 25,800 | 27,500 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,200 | 25,100 | 25,300 | + 50 | 25,100 | 26,300 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,700 | 25,600 | 25,800 | + 200 | 25,600 | 27,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,200 | 27,100 | 27,300 | + 200 | 27,500 | 27,400 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 28,600 | 28,500 | 28,700 | + 400 | 28,500 | 29,900 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 26,400 | 26,300 | 26,500 | + 400 | 26,100 | 27,800 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 25,650 | 25,600 | 25,700 | + 200 | 25,600 | 26,800 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 26,200 | 26,100 | 26,300 | + 350 | 26,100 | 27,550 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 27,900 | 27,800 | 28,000 | + 250 | 27,800 | 27,900 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,400 | 27,300 | 27,500 | + 100 | 27,700 | 27,600 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 27,250 | 27,200 | 27,300 | + 50 | 26,900 | 27,800 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 26,000 | 25,900 | 26,100 | 0 | 26,000 | 27,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 31,800 | 31,700 | 32,000 | + 100 | 31,800 | 32,700 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 29,900 | 29,700 | 30,100 | + 300 | 29,800 | 31,800 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,800 | 30,700 | 30,900 | + 100 | 30,500 | 31,100 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 29,900 | 29,800 | 30,000 | + 200 | 30,200 | 31,000 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 30,600 | 30,500 | 30,700 | + 200 | 31,100 | 31,900 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 30,600 | 30,400 | 30,800 | + 300 | 30,800 | 30,500 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 31,400 | 31,200 | 31,500 | 0 | 31,400 | 32,100 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 29,900 | 29,800 | 30,000 | 0 | 30,000 | 31,400 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 29,800 | 29,600 | 30,200 | + 300 | 29,700 | 31,500 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,000 | 29,800 | 30,800 | + 300 | 30,000 | 31,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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