Indian spot steel trade activities remain limited as prices moved down by INR 100-600/MT over poor off take in finished products along with strong supply.
As per daily assessment, the Rebar & Billet prices fall by INR 100-600/MT & Sponge iron by INR 200-500/MT in major markets.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 26,200-30,300/MT (USD 353-408) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 16,600-18,200/MT (USD 223-245); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 17th March 2020 (Tuesday) INR to USD exchange rate stood at INR 74.21.
— ICEX (Indian Commodity Exchange Ltd) Apr’20 contract for STEELLONG today open at INR 27,730/MT & last traded (IST 18:02 hrs) at INR 27,770/MT.
— BSE Sensex closed at 30,579(-810) on Tuesday, as against last day (Monday) at 31,390(-2,713).
— NSE Nifty50 index was closed today at 8,967(-230) & Nifty Metal at 1,710(-20).
Raw Material
— Serajuddin- Odisha’s major merchant iron ore mine has decreased iron ore lump offers by INR 500/MT (USD 7) effective from today (17 Mar’20).
— JSW Steel (Dolvi) iron ore sourcing from NMDC increased by 8% to 66 rakes (0.25 MnT) in Feb’20 against 61 rakes (0.23 MnT) in Jan’20.
— Melting scrap offers in Western India- Jalna (Maharashtra) decline by INR 600/MT in a day trade activity.
Semi Finished
— Induction grade billet export offers slightly drop to USD 355/MT & wire rod offers by USD 7-10/MT to USD 400-405/MT; ex-mill at Durgapur.
— Neo Metaliks in Durgapur has kept steel grade pig iron price firm at around INR 25,500/MT ex-plant, however no major inquiries, as per officials.
— Rashmi Metaliks in Durgapur reduces sponge price by INR 300/MT to INR 17,000-17,100/MT, as per sources.
— Raipur based sponge manufacturers have reduced P-DRI offers by INR 200/MT to INR 17,200-17,300/MT, however no major deals due to competitive offers from Raigarh at INR 17,000-17,100/MT FoR Raipur.
— Raipur plants sold billet to Jalna, Maharashtra at approx INR 26,700-26,800/MT ex-plant, equivalent to INR 28,200/MT FoR, on advance payment term.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,500-16,600/MT ex-Bellary & around 5,000 MT deals reported in nearby market.
Rebar (12 mm)
— Rathi Steels based in North region is offering at around INR 33,900/MT.
— Muzaffarnagar based Sarvottam Rolling Mills Pvt. Ltd.(Paras TMT) is offering at INR 31,500/MT
— Raipur based Real Ispat (GK TMT) is offering at INR 33,600/MT(down by INR 400/MT).
— Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) is offering at INR 35,300/MT (down by INR 400/MT).
— Gujarat based Vinayak TMT Pvt. Ltd. is offering at INR 34,900/MT.
— Chennai based Ponneri Steel Ind. (Triple Power) is offering at INR 35,200/MT.
Wire Rod & Pipe
— Trade discount in Raipur wire rod assessed at INR 1,000-1,200/MT through traders, also base price drop by INR 400/MT to INR 30,800/MT ex-plant. Price correction being noticed in Durgapur by INR 500/MT to INR 29,900-30,500/MT ex-plant.
— ERW Pipe Manufacturers have decreased offers by INR 100-300/MT to INR 32,200/MT ex-Raipur, INR 34,500/MT ex-Mandi Gobindgarh & INR 32,500/MT ex-Rourkela
Reference prices as on 17th March 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,600 | 22,500 | 22,700 | – 400 | 24,100 | 24,100 |
| Ex-Mumbai | HMS(80:20) | 22,500 | 22,400 | 22,600 | – 400 | 23,500 | 23,100 | |
| Ex-Chennai | HMS(80:20) | 21,900 | 21,800 | 22,200 | – 100 | 22,200 | 21,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,700 | 17,600 | 17,800 | – 300 | 19,100 | 19,600 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | – 450 | 17,950 | 18,800 | |
| Ex-Raipur | 0-20 mm, -1 mm (20-25%), FeM 82%, +/-1 | 19,300 | 19,200 | 19,400 | – 400 | 20,400 | 20,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,900 | 16,800 | 17,000 | – 400 | 18,000 | 18,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,850 | 16,800 | 16,900 | – 250 | 18,100 | 18,650 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | – 300 | 18,500 | 18,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | – 500 | 17,900 | 18,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,100 | 17,000 | 17,200 | – 500 | 18,400 | 18,900 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,400 | 29,300 | 29500 | – 150 | 31,300 | 31,400 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,400 | 26,300 | 26,500 | – 100 | 27,950 | 28,750 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,300 | 26,200 | 26,400 | – 400 | 27,800 | 28,100 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,400 | 26,300 | 26,500 | – 300 | 28,200 | 28,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 29,200 | 29,100 | 29,300 | – 100 | 30,500 | 30,800 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 29,600 | 29,500 | 29,700 | – 200 | 31,500 | 31,800 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 26,900 | 26,800 | 27,000 | – 100 | 28,500 | 29,250 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 26,500 | 26,400 | 26,600 | – 400 | 28,000 | 28,600 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 26,800 | 26,700 | 26,900 | – 450 | 28,600 | 29,100 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 28,900 | 28,800 | 29,000 | – 200 | 30,600 | 31,100 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 29,500 | 29,400 | 29,600 | – 200 | 31,000 | 31,200 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 30,300 | 30,200 | 30,500 | – 100 | 30,600 | 30,800 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 28,000 | 27,900 | 28,100 | 0 | 29,500 | 31,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 32,800 | 32,600 | 32,900 | – 500 | 34,500 | 35,600 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 31,100 | 30,900 | 31,300 | – 200 | 32,500 | 33,400 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 31,300 | 31,200 | 31,400 | – 400 | 32,600 | 33,200 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 31,200 | 31,000 | 31,200 | – 400 | 32,600 | 33,400 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 35,400 | 35,100 | 35,500 | – 200 | 36,100 | 35,900 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 34,200 | 34,000 | 34,400 | 0 | 35,300 | 35,100 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 34,800 | 34,700 | 35,100 | 0 | 34,900 | 34,900 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 33,000 | 32,900 | 33,100 | 0 | 34,000 | 35,100 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,000 | 29,900 | 30,500 | – 500 | 31,900 | 32,900 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,000 | 29,700 | 30,800 | – 700 | 31,900 | 32,600 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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