Indian steel prices plunged further due to poor spot trades, SteelMint learned from trade sources and the prices have dropped by INR 100-600/MT on daily trade activities.
The prices decline is about INR 100-300/MT in sponge iron & INR 100-600/MT in billet and rebar.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 27,500-30,900/MT (USD 370-416) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 17,700-19,100/MT (USD 238-257); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 12th March 2020 (Thursday) INR to USD exchange rate stood at INR 74.31.
— ICEX (Indian Commodity Exchange Ltd) Apr’20 contract for STEELLONG today open at INR 30,800/MT & last traded (IST 18:14 hrs) at INR 30,180/MT.
— BSE Sensex closed at 32,778(-2,919) on Thursday, as against last day (Monday) at 35,634(-1,941).
— NSE Nifty50 index was closed today at 9,590(-868) & Nifty Metal at 1,800(-186).
Raw Material
— Melting scrap offers in Western India- Gujarat decline by INR 300/MT in a day trade activity.
— Silico Manganese (60-14) deals learned at around INR 59,700-60,000/MT ex-Raipur.
Semi Finished
— Indian sponge iron (80 FeM, 100% lump) export offers drop by USD 10/MT W-o-W and stood at around USD 270-273/MT CPT Benapole (dry port of India & Bangladesh), equivalent to USD 285-290/MT CFR Chittagong.
— Indian mid scale mills export offers to Nepal drop and assessed at USD 370/MT for Billet & USD 420-425/MT for Wire rod, ex-mill at Durgapur.
— Kharagpur (Durgapur) based Rashmi Metaliks has reduced Sponge P-DRI prices by INR 100-200/MT to INR 18,000/MT, as per sources.
— Neo Metaliks in Durgapur reported limited inquiries for pig iron and offers for steel grade assessed at INR 26,400-26,500/MT ex-plant.
— Raipur based sponge manufacturers have reduced P-DRI offers by INR 100-200/MT to INR 18,300-400/MT ex-plant, however no major deals due to competitive offers from Raigarh & Odisha at around INR 18,300/MT on FoR Raipur basis.
— Billet deals learned at INR 28,300/MT FoR Raipur from Raigarh based manufacturers.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 17,600/MT & Billet at INR 27,300/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 17,500-17,600/MT ex-Bellary.
— BIOP Steels in South India has decreased sponge prices by INR 200/MT, offering FeM 80 & 82 C-DRI lumps at INR 17,800/MT & INR 18,200/MT ex-plant, Karnataka; an official reported
— Apple Industries in Bellary (Karnataka) offered Billet at INR 30,000/MT ex-plant.
Rebar (12 mm)
— Rathi Steels based in North region is offering around at INR 35,300/MT.
— Muzaffarnagar based Sarvottam Rolling Mills Pvt. Ltd.(Paras TMT) is offering at INR 32,900/MT.
— Raipur based Real Ispat (GK TMT) is offering at INR 34,900/MT (down by INR 200/MT).
— Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 32,500/MT.
— Bajrangbali Steel Industries Pvt Ltd based in Odisha is offering rebar at INR 32,200/MT.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is offering at INR 36,500/MT.
— Gujarat based, Mono Steel (India) Ltd.(Mono TMT) is offering around at INR 35,500/MT FoR.
Wire Rod & Pipe
— Bokaro based Electrosteel is offering blast furnace grade wire rod (5.5 mm, low carbon) at around INR 38,000-39,000/MT ex-plant, as per sources.
— Trade discounts in Raipur wire rod up by INR 100-200/MT to INR 700-800/MT by resellers. Also base price through the plants reduced by INR 300/MT to INR 31,900/MT ex-plant. Deals learned at INR 31,100-31,500/MT ex-Raipur & Rs 31,500/MT ex-Durgapur.
— ERW Pipe Manufacturers have decreased offers by INR 200-300/MT to INR 32,800-33,000/MT ex-Raipur, INR 35,700/MT ex-Mandi Gobindgarh & INR 33,000/MT ex-Rourkela
Reference prices as on 12th March 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 23,800 | 23,700 | 23,900 | – 300 | 23,000 | 23,200 |
| Ex-Mumbai | HMS(80:20) | 23,400 | 23,300 | 23,500 | – 100 | 23,200 | 22,400 | |
| Ex-Chennai | HMS(80:20) | 22,200 | 22,000 | 22,400 | 0 | 22,000 | 21,600 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,800 | 18,700 | 18,900 | – 300 | 18,800 | 19,400 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,700 | 17,600 | 17,800 | – 250 | 18,000 | 18,600 | |
| Ex-Raipur | 0-20 mm, -1 mm (20-25%), FeM 82%, +/-1 | 20,200 | 20,100 | 20,300 | – 200 | 20,000 | 20,350 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,800 | 17,700 | 17,800 | – 200 | 17,900 | 18,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,850 | 17,800 | 17,900 | – 250 | 17,850 | 18,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,300 | 18,200 | 18,400 | – 200 | 18,000 | 18,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 17,600 | 17,500 | 17,700 | – 300 | 17,700 | 18,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 18,100 | 18,000 | 18,200 | – 300 | 18,200 | 19,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,650 | 30,600 | 30,700 | – 650 | 31,200 | 30,900 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,500 | 27,400 | 27,600 | – 450 | 27,550 | 28,500 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 27,250 | 27,200 | 27,300 | – 550 | 27,700 | 27,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27,800 | 27,700 | 27,900 | – 400 | 28,000 | 28,300 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 30,000 | 29,900 | 30,100 | – 500 | 30,500 | 29,700 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 30,900 | 30,800 | 31,000 | – 600 | 31,500 | 31,400 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 28,000 | 27,900 | 28,100 | – 500 | 28,100 | 29,000 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 27,550 | 27,500 | 27,600 | – 450 | 27,900 | 28,000 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 28,200 | 28,100 | 28,300 | – 400 | 28,450 | 28,700 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 30,100 | 30,000 | 30,200 | – 500 | 29,700 | 30,300 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 30,400 | 30,300 | 30,500 | – 600 | 31,000 | 30,100 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 30,600 | 30,400 | 30,700 | 0 | 30,800 | 30,700 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 29,500 | 29,400 | 29,600 | 0 | 29,500 | 30,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 34,100 | 33,900 | 34,300 | – 400 | 34,500 | 35,000 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 32,100 | 31,900 | 32,300 | – 400 | 32,100 | 33,100 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 32,200 | 32,100 | 32,300 | – 400 | 32,500 | 33,000 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 32,300 | 32,200 | 32,500 | – 300 | 32,600 | 32,600 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 36,100 | 35,900 | 36,300 | 0 | 36,300 | 34,800 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 35,300 | 35,100 | 35,400 | 0 | 35,100 | 34,300 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 34,800 | 34,600 | 35,000 | – 100 | 34,900 | 35,300 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 34,000 | 33,900 | 34,100 | 0 | 34,000 | 34,200 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 31,500 | 31,400 | 32,000 | – 400 | 31,700 | 32,500 |
| Ex-Raipur | Wire Rod(5.5 MM) | 31,500 | 31,100 | 31,900 | – 400 | 31,700 | 32,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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