Indian sponge iron & billet prices drop further owing to limited spot trades and as per daily assessment it fell by INR 100-400/MT (upto USD 6).
The billet prices declined majorly in central & northern India by INR 300-400/MT. In line with this, sponge iron prices narrowed down by INR 100-200/MT in major locations.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 26,000-29,000/MT (USD 362-404) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was INR 16,700-18,100/MT (USD 232-252); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 15th November 2019 (Friday) INR to USD exchange rate stood at INR 71.76
— ICEX (Indian Commodity Exchange Ltd) Dec’19 contract for STEELLONG today open at INR 28,390/MT & last traded (IST 18:00 hrs) at INR 28,230/MT.
— BSE Sensex closed at 40,356(+70) on Friday, as against last day (Thursday) at 40,286(+170).
— NSE Nifty50 index was closed today at 11,895(+23) & Nifty Metal at 2,498(-7).
KEY TRADES
— Govt owned unit – SAIL has invited tender to sell 10,00,000 MT iron ore fines in open market. Company is waiting for 3 statutory clearance from respective states in order to start the dispatch from Feb 2020, officials shared in SAIL quarterly conference call.
— Silicon Manganese(60-14) prices remained firm in Central India at around INR 56,000/MT ex-Raipur.
— MOIL, a mini Ratna state-owned manganese-ore mining company in India conducted the e-auction on 14th Nov’19 for about 8,800 MT Ferro Manganese. The auction received no response as the base price quoted was at higher levels.
— TATA Steel’s pig iron auction of 1,200 MT from its Bhushan Steel Plant received no participation, SteelMint learned from market sources. The producer had offered steel grade pig iron at a base price of INR 23,500/MT (USD 327) Ex-works Angul, Odisha. However there were no bids owing to high base price.
— Private pig iron producers in eastern India have reduced steel grade prices by INR 100-200/MT and reported at INR 23,800/MT ex-Bokaro, Jharkhand & INR 24,100-24,400/MT ex-Durgapur.
— Raipur based sponge P-DRI manufacturers have reduced their offers by INR 200/MT to INR 16,700-16,800/MT ex-plant, however no major deals due to falling steel prices.
— Rashmi Metaliks in Durgapur has slightly lower sponge P-DRI prices at INR 17,100-17,200/MT, as per sources.
— South India’s largest private sponge producer – BMM Ispat has kept P-DRI prices steady at INR 16,800-16,900/MT ex-Bellary, Karnataka. However no major inquiries, as stated by participants.
— Trade discounts in Raipur wire rod remained healthy and reported at INR 1,600-1,700/MT by traders & around INR 1,000/MT through the manufacturers. Also base prices drop by INR 200/MT to INR 31,600/MT ex-Raipur & by INR 300/MT to INR 30,500-30,700/MT ex-Durgapur.
— ERW Pipe Manufacturers in North, South & Central India have reduces their offer due to falling billet prices and reported at INR 30,800/ MT ex-Raipur, INR 35,500/MT ex-Hydrabad & INR 34,100/MT ex-Mandi Gobindgarh & excluding GST.
Reference prices as on 15th November 2019.
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,400 | 22,300 | 22,500 | NA | 22,200 | 21,700 |
| Ex-Mumbai | HMS(80:20) | 21,700 | 21,500 | 21,800 | – 100 | 21,700 | 20,700 | |
| Ex-Chennai | HMS(80:20) | 20,300 | 20,200 | 20,500 | 0 | 20,000 | 19,100 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,100 | 18,000 | 18,100 | – 150 | 17,950 | 17,100 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,750 | 16,700 | 16,800 | – 150 | 16,450 | 16,350 | |
| Ex-Raipur | 0-20 mm, -1 mm (20-25%), FeM 82%, +/-1 | 18,700 | 18,600 | 18,800 | – 200 | 18,400 | 17,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,900 | 16,800 | 17,000 | – 100 | 16,700 | 16,450 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,050 | 17,000 | 17,100 | – 200 | 16,900 | 15,900 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | – 200 | 16,500 | 15,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | – 200 | 16,400 | 16,050 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,150 | 17,100 | 17,200 | – 50 | 16,800 | 16,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,650 | 28,600 | 28,700 | – 350 | 28,900 | 29,200 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,600 | 26,500 | 26,700 | – 200 | 26,650 | 26,200 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,600 | 25,500 | 25,700 | – 250 | 25,600 | 25,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,850 | 25,800 | 25,900 | – 450 | 26,100 | 26,350 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,800 | 28,700 | 27,900 | – 100 | 28,100 | 28,200 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 29,000 | 28,900 | 29,100 | – 400 | 29,300 | 29,400 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 26,900 | 26,800 | 27,000 | – 200 | 26,950 | 26,500 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 25,950 | 25,900 | 26,000 | – 200 | 25,900 | 26,200 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 26,150 | 26,100 | 26,200 | – 400 | 26,450 | 26,750 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 28,650 | 28,600 | 28,700 | – 100 | 28,450 | 28,200 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 28,000 | 27,900 | 28,100 | – 100 | 28,300 | 28,450 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 28,200 | 28,100 | 28,300 | + 100 | 27,600 | 27,400 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 28,000 | 27,900 | 28,100 | 0 | 27,500 | 26,800 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 32,800 | 32,600 | 33,000 | 0 | 33,200 | 33,000 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 31,000 | 30,800 | 31,200 | – 300 | 31,100 | 30,500 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,200 | 30,000 | 30,400 | – 100 | 30,400 | 31,000 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,000 | 29,900 | 30,100 | – 200 | 30,000 | 30,250 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 31,700 | 31,500 | 31,800 | – 100 | 31,900 | 31,200 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,600 | 31,400 | 31,800 | 0 | 31,800 | 31,400 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 32,000 | 31,800 | 32,200 | 0 | 31,100 | 31,200 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 31,500 | 31,300 | 31,700 | 0 | 31,000 | 30,700 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,700 | 30,500 | 31,500 | – 300 | 30,900 | 30,400 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,600 | 30,200 | 31,600 | – 200 | 30,800 | 31,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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