Indian billet & rebar prices of the mid scale mills further moved up on daily trade activities by INR 100-500/MT. As per producers inquiries remained active, this led to rally in prices.
Also as per trade sources in central region, on anticipated temporary suspension of furnaces in Raigarh from coming week, re-rollers have turned quite active to stock Ingot/billets.
However on the other hand sponge iron demand gradually dropped in the region as advance purchases were on hold by furnace owners on hope of drop in price range with reduce demand in merchant market.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 26,200-29,600/MT (USD 367-415) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,300-17,200/MT (USD 228-240); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 17th October 2019 (Thursday) INR to USD exchange rate stood at INR 71.1
— ICEX (Indian Commodity Exchange Ltd) Nov’19 contract for STEELLONG today open at INR 28,160/MT & last traded (IST 18:00 hrs) at INR 28,250/MT.
— BSE Sensex closed at 39,052(+453) on Thursday, as against last day (Wednesday) at 38,598(+92).
— NSE Nifty50 index was closed today at 11,586(+122) & Nifty Metal at 2,410(+22).
TRADE UPDATES
— Sri Ajit Kumar Saxena has taken charge as the new Director (Operations) of RINL-Visakhapatnam Steel Plant today.
SEMI FINISHED
— Mid sized mills induction grade billet (100*100 mm) export offers to Nepal reported at USD 360-365/MT ex-mill (Durgapur), which is equivalent to USD 385-390/MT CPT Raxaul border, Nepal.
— Jindal Steel is offering steel grade pig iron at INR 24,000/MT ex-Raigarh & granulated pig iron (panther shots) at INR 22,000/MT ex-Angul, Odisha.
— Raipur based a major sponge producer has maintained offers firm; sponge P-DRI at INR 15,800-15,900/MT (ex-plant), meanwhile deals remained limited, as per sources.
— Rashmi Metaliks in Durgapur has raised sponge P-DRI prices by INR 200/MT to INR 16,000/MT, as per participants.
— BMM Ispat, a renowned sponge manufacturer offers FeM 80 P-DRI lump at INR 16,000-16,100/MT ex-Bellary, an official reported.
— BIOP Steels in South India has increased sponge prices by INR 100-200/MT, offering FeM 80 & 82 C-DRI lumps at INR 16,400/MT & INR 16,800/MT ex-plant, Karnataka; an official reported.
— Hyderabad, South India based steel manufacturers increased their Billet & Rebar offer by INR 500/MT to INR 26,500/MT & INR 30,500/MT (12 mm). Prices are ex-plant & excluding GST.
FINISH LONG
— ERW pipe offers in Odisha, east India by a 100 TPD manufacturer has reported at INR 31,000-31,200/MT. Meanwhile in Raipur, Central India it assessed at INR 30,700-30,900/MT; ex-plant & excluding GST.
— Trade discounts in Raipur Wire rod firm at INR 800/MT by manufacturers and INR 1,000-1,100/MT through the resellers, meanwhile base prices surge by INR 200/MT to INR 31,800/MT ex-plant. Also in Durgapur base prices up by INR 300/MT to INR 30,500-31,000/MT ex-plant.
— Rathi Steels based in North region is offering 12 mm Rebar at INR 33,900/MT.
— Raipur based Real Ispat (GK TMT) is offering 12 mm Rebar at INR 33,000/MT (up by INR 200/MT).
— Raigarh based Scan Group branding (Shrishti TMT) is offering 12 mm Rebar at INR 31,100/MT (up by INR 300/MT).
— Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) has unchanged their 12 mm Rebar offers at INR 31,500/MT.
— Wardha(Maharashtra) based Sangam TMT is currently offering 12 mm Rebar at INR 30,900/MT.
— South region based Prakash Ferrous Ind. Pvt. Ltd (Tirumala TMT) is currently offering 12 mm Rebar at INR 32,000/MT.
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