Indian steel prices plunged further due to poor spot trades, SteelMint learned from trade sources and the prices have dropped by INR 100-500/MT on daily trade activities.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 28,300-31,500/MT (USD 396-442) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 18,700-19,500/MT (USD 263-276); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 12th February 2020 (Wednesday) INR to USD exchange rate stood at INR 71.33.
— ICEX (Indian Commodity Exchange Ltd) Mar’20 contract for STEELLONG today open at INR 31,500/MT & last traded (IST 18:25 hrs) at INR 31,340/MT.
— BSE Sensex closed at 41,565(+349) on Wednesday, as against last day (Tuesday) at 41,216(+236).
— NSE Nifty50 index was closed today at 12,201(+93) & Nifty Metal at 2,668(+16).
Key Trades
— Induction grade billet export offers drop to around USD 400/MT ex-mill at Durgapur, equivalent to USD 425/MT CPT Benapole, Nepal, via road delivery.
— Rashmi Metaliks has sligthly reduced Sponge P-DRI offers by INR 100/MT to INR 18,500-18,600/MT ex-plant, as per sources.
— Neo Metaliks has slashed steel grade pig iron price by INR 100-200/MT to INR 27,800/MT ex-plant.
— Raipur based manufacturers have reduced Sponge P-DRI price by INR 200-300/MT to INR 18,500-18,600/MT ex-plant, however inquiries remain limited.
— Raipur based mills sourcing Sponge C-DRI from Raigarh at around INR 19,600-19,700/MT FoR Raipur.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI at INR 19,700/MT & Billet at INR 30,500/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer decreased offers by INR 300-400/MT for FeM 80 P-DRI lumps to INR 18,600-18,700/MT ex-Bellary; an official reported.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 18,700/MT & INR 19,100/MT ex-plant, Karnataka & no major deals reported.
— Traders in Raipur have offered Wire rod at around INR 32,000/MT, however by plants it was at INR 32,300/MT, ex-works. Similarly in Durgapur trade reference price drop by INR 200/MT to 32,500-33,000/MT ex-plant.
— ERW Pipe Manufacturers have decreased offers by INR 100-200/MT to INR 33,800/MT ex-Raipur, INR 36,300/MT ex-Mandi Gobindgarh & INR 34,000/MT ex-Rourkela.
Reference prices as on 12th February 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 23,100 | 23,000 | 23,200 | – 100 | 23,500 | 24,200 |
| Ex-Mumbai | HMS(80:20) | 22,400 | 22,300 | 22,600 | – 100 | 22,500 | 23,000 | |
| Ex-Chennai | HMS(80:20) | 21,800 | 21,700 | 22,000 | – 200 | 22,200 | NA | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,450 | 19,400 | 19,500 | – 50 | 20,000 | 20,400 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,750 | 18,700 | 18,800 | – 100 | 19,000 | 19,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 19,500 | 19,400 | 19,600 | – 200 | 20,000 | 20,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,700 | 18,600 | 18,800 | – 100 | 18,500 | 19,700 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,450 | 18,400 | 18,500 | – 50 | 19,100 | 19,500 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,500 | 18,400 | 18,600 | – 200 | 19,000 | 19,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,600 | 18,500 | 18,700 | – 300 | 18,500 | 19,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,100 | 19,000 | 19,200 | – 200 | 19,000 | 19,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,000 | 30,900 | 31,100 | 0 | 31,800 | 32,300 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 28,700 | 28,600 | 28,800 | – 100 | 29,500 | 30,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 28,000 | 27,900 | 28,100 | 0 | 28,500 | 29,100 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 28,350 | 28,300 | 28,400 | – 50 | 28,750 | 29,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 29,800 | 29,700 | 29,900 | – 100 | 30,700 | 32,100 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 31,450 | 31,400 | 31,500 | – 50 | 32,200 | 32,700 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 29,200 | 29,100 | 29,300 | – 100 | 30,000 | 30,500 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 28,300 | 28,200 | 28,400 | – 50 | 28,900 | 29,600 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 28,850 | 28,800 | 28,900 | – 100 | 29,450 | 30,000 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 30,300 | 30,200 | 30,400 | – 100 | 31,000 | 32,750 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 30,200 | 30,100 | 30,300 | – 100 | 31,000 | 32,500 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 30,700 | 30,500 | 30,800 | – 300 | 30,700 | 32,500 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 30,500 | 30,400 | 30,600 | 0 | 30,800 | 31,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 35,000 | 34,800 | 35,200 | – 300 | 35,700 | 36,500 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 33,200 | 33,000 | 33,400 | – 100 | 33,800 | 34,600 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 33,200 | 33,100 | 33,300 | – 300 | 33,200 | 34,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 32,600 | 32,500 | 32,700 | – 300 | 33,200 | 33,800 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 35,000 | 34,700 | 35,100 | – 100 | 35,900 | 36,400 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 34,300 | 34,100 | 34,500 | – 200 | 34,900 | 36,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 35,300 | 35,200 | 35,600 | – 100 | 35,500 | 36,100 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 34,200 | 34,100 | 34,300 | 0 | 34,300 | 35,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 32,700 | 32,500 | 33,000 | – 200 | 33,600 | 34,600 |
| Ex-Raipur | Wire Rod(5.5 MM) | 32,200 | 32,000 | 32,300 | – 200 | 32,700 | 34,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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