Indian Steel prices remain volatile amid measured demand and as per daily assessment the prices fluctuated by INR 100-500/MT in major markets.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 29,500-32,800/MT (USD 416-463) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 19,700-20,600/MT (USD 278-291); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 15th January 2020 (Wednesday) INR to USD exchange rate stood at INR 70.82.
— ICEX (Indian Commodity Exchange Ltd) Feb’20 contract for STEELLONG today open at INR 32,700/MT & last traded (IST 18:10 hrs) at INR 32,550/MT.
— BSE Sensex closed at 41,872(-79) on Wednesday, as against last day (Tuesday) at 41,952(+92).
— NSE Nifty50 index was closed today at 12,343(-19) & Nifty Metal at 2,921(+20).
Key Trades
— Melting scrap offers in Western India- Gujarat incline by INR 200/MT in a day trade activity.
— Rashmi Metaliks in Durgapur slightly reduce their Sponge P-DRI price by INR 100/MT to INR 19,600-19,700/MT, as per participants.
— Jindal Steel has kept steel grade pig iron price firm at INR 29,800-29,900/MT ex-Raigarh, Central India.
— Neo Metaliks in Durgapur has kept prices steady of steel grade pig iron at INR 28,000/MT ex-plant.
— Raipur based sponge P-DRI makers have slightly reduced their offers by INR 100/MT to INR 19,800-19,900/MT ex-plant, however inquiries remained limited due to low cost Raigarh & Odisha material at INR 19,600-19,700/MT on FoR Raipur basis.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered Billet at INR 29,600/MT ex-plant.
— BIOP Steels in South India has offering FeM 80 & 82 C-DRI lumps at INR 19,700/MT & INR 20,200/MT ex-plant, Karnataka; an official reported.
— BMM Ispat a price trend setter in South Indian sponge market has kept offers unaltered today and offered FeM 80 P-DRI lumps at INR 19,300-19,400/MT ex-Bellary, Karnataka.
— Trade discount in Raipur wire rod unchanged at INR 1,200-1,400/MT through the traders along with maintained base price at INR 35,000/MT ex-plant through the plants. However, in Durgapur trade reference price drop by INR 200/MT to INR 34,500-35,000/MT ex-plant.
— ERW Pipe Manufacturers have kept offers unchanged to INR 35,000/MT ex-Raipur & INR 37,400-37,500/MT ex-Mandi Gobindgarh.
Reference prices as on 15th January 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 24,200 | 24,100 | 24,300 | + 200 | 24,400 | 22,300 |
| Ex-Mumbai | HMS(80:20) | 23,000 | 22,800 | 23,100 | + 100 | 23,100 | 21,600 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,400 | 20,300 | 20,500 | 0 | 20,700 | 18,400 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,700 | 19,600 | 19,800 | – 100 | 20,000 | 17,250 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | – 200 | 21,400 | 18,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,700 | 19,600 | 19,800 | 0 | 19,700 | 17,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,500 | 19,400 | 19,600 | 0 | 19,800 | 17,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,700 | 19,600 | 19,800 | – 150 | 20,600 | 17,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | 0 | 19,400 | 17,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,700 | 19,600 | 19,800 | 0 | 19,800 | 17,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 32,300 | 32,200 | 32,400 | – 200 | 33,100 | 29,300 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 30,000 | 29,900 | 30,100 | – 100 | 30,300 | 27,050 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 29,100 | 29,000 | 29,200 | – 200 | 29,700 | 26,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 29,500 | 29,400 | 29,600 | – 50 | 30,600 | 26,800 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,100 | 32,000 | 32,200 | + 300 | 32,500 | 28,550 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 32,700 | 32,600 | 32,800 | – 200 | 33,550 | 29,600 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 30,500 | 30,400 | 30,600 | – 100 | 30,800 | 27,400 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 29,600 | 29,500 | 29,700 | – 100 | 30,250 | 26,600 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 30,000 | 29,900 | 30,100 | – 50 | 31,100 | 27,250 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 32,750 | 32,700 | 32,900 | + 350 | 33,400 | 29,800 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 32,500 | 32,400 | 32,600 | + 300 | 32,800 | 28,750 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 32,500 | 32,400 | 32,700 | 0 | 32,500 | 29,600 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 31,500 | 31,400 | 31,600 | + 500 | 31,500 | 28,300 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 36,500 | 36,300 | 36,700 | + 500 | 36,400 | 32,900 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 34,600 | 34,400 | 34,800 | – 100 | 35,100 | 31,500 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 34,300 | 34,200 | 34,400 | 0 | 34,700 | 30,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 33,800 | 33,700 | 34,000 | 0 | 34,500 | 30,300 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 36,400 | 36,300 | 36,700 | + 100 | 36,700 | 32,300 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,600 | 36,400 | 36,800 | + 200 | 36,300 | 32,300 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 36,100 | 35,900 | 36,300 | 0 | 36,000 | 33,200 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 35,000 | 34,900 | 35,100 | + 300 | 35,100 | 31,800 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 34,600 | 34,500 | 35,000 | – 200 | 35,200 | 31,400 |
| Ex-Raipur | Wire Rod(5.5 MM) | 34,100 | 33,600 | 35,000 | 0 | 34,900 | 31,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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