Indian steel prices volatile owing to limited spot trades, SteelMint learned in conversation with mid sized mills.
The participants in major markets reported, less inquiries in finished products, this in turn slight price fluctuation in Sponge iron by INR 100-200/MT & Billet by INR 100-500/MT, day on day.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 28,700-32,200/MT (USD 403-452) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 19,000-20,300/MT (USD 266-285); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 22nd January 2020 (Wednesday) INR to USD exchange rate stood at INR 71.15.
— ICEX (Indian Commodity Exchange Ltd) Feb’20 contract for STEELLONG today open at INR 32,640/MT & last traded (IST 18:20 hrs) at INR 32,080/MT.
— BSE Sensex closed at 41,115(-208) on Wednesday, as against last day (Tuesday) at 41,323(-205).
— NSE Nifty50 index was closed today at 12,106(-62) & Nifty Metal at 2,756(-43).
Key Trades
— Bhushan Power & Steels iron ore sourcing recorded at 0.24 MnT in Dec’19, fall 5% on monthly basis as against 0.25 MnT in Nov’19.
— Imported scrap offers to India for HMS 1&2 (80:20) Dubai origin containers stood at around USD 295/MT, CNF Nhava Sheva.
— Melting scrap offers in Western India- Jalna (Maharashtra) incline by INR 200/MT in a day trade activity.
— Rashtriya Ispat Nigam Limited has invited a tender for the export of 10,000 MT Bloom and 10,000 MT Billets. Interested bidders can submit their bids till 14:00 hrs on 28 Jan’20.
— Ludhiana, North India based trade participants reported foundry grade pig iron offers at INR INR 30,600-30,700/MT on FoR basis & excluding 18% GST.
— Neo Metaliks has reported deals for steel grade pig iron price at around INR 28,000/MT ex-Durgapur.
— Raipur based sponge P-DRI makers have slightly increased their offers by INR 100/MT to INR 19,200/MT ex-plant
— Billet deals learned at INR 29,100/MT FoR Raipur from Raigarh based manufacturers.
— Rashmi Metaliks in Durgapur has offered Sponge P-DRI at INR 19,500/MT, as per sources.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered Billet at INR 28,800/MT ex-plant.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI at INR 20,000/MT & Billet at INR 31,500/MT ex-plant.
— BIOP Steels in South India has decreased sponge prices by INR 300/MT, offering FeM 80 & 82 C-DRI lumps at INR 19,200/MT & INR 19,700/MT ex-plant, Karnataka; an official reported.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 18,600-18,800/MT ex-Bellary & around 4,000 MT deals reported in nearby market.
— Bajrangbali Steel Industries Pvt Ltd based in Odisha is offering rebar at INR 33,300/MT.
— ERW Pipe Manufacturers have decreased offers by INR 200-300/MT to INR 33,700-33,800/MT ex-Raipur, INR 36,400/MT ex-Mandi Gobindgarh & INR 34,300-34,500/MT ex-Rourkela.
— Trade discount in Raipur wire rod marginal up by INR 1,200-1,500/MT and base price stable at INR 34,100/MT ex-plant.
Reference prices as on 22nd January 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 23,600 | 23,500 | 23,700 | – 100 | 24,200 | 23,200 |
| Ex-Mumbai | HMS(80:20) | 22,800 | 22,700 | 22,900 | – 100 | 23,000 | 22,200 | |
| Ex-Chennai | HMS(80:20) | 23,500 | 23,300 | 23,700 | – 300 | NA | 22,100 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,300 | 20,200 | 20,400 | + 100 | 20,400 | 19,200 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | 0 | 19,700 | 18,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,200 | 20,100 | 20,300 | + 100 | 20,600 | 19,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | – 100 | 19,700 | 18,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,400 | 19,300 | 19,500 | + 100 | 19,500 | 18,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | + 100 | 19,700 | 18,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,700 | 18,600 | 18,800 | – 200 | 19,300 | 18,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,400 | 19,300 | 19,500 | – 100 | 19,700 | 18,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,500 | 31,400 | 31,600 | 0 | 32,300 | 30,600 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 29,600 | 29,500 | 29,700 | + 100 | 30,000 | 27,700 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 28,300 | 28,200 | 28,400 | 0 | 29,100 | 27,400 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 28,600 | 28,500 | 28,700 | 0 | 29,500 | 28,300 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 31,000 | 30,900 | 31,100 | 0 | 32,100 | 30,600 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 32,000 | 31,900 | 32,100 | 0 | 32,700 | 30,900 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 30,200 | 30,100 | 30,300 | + 200 | 30,500 | 28,200 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 28,700 | 28,600 | 28,800 | 0 | 29,600 | 27,900 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 29,050 | 29,000 | 29,100 | + 50 | 30,000 | 28,800 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 32,000 | 31,900 | 32,100 | – 100 | 32,750 | 32,100 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 31,400 | 31,300 | 31,500 | + 100 | 32,500 | 30,800 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 32,200 | 32,000 | 32,300 | – 100 | 32,500 | 30,700 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 30,500 | 30,400 | 30,600 | – 500 | 31,500 | 29,800 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 35,700 | 35,500 | 35,800 | + 100 | 36,500 | 33,500 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 33,900 | 33,700 | 34,100 | + 100 | 34,600 | 32,200 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 33,300 | 33,200 | 33,400 | + 300 | 34,300 | 32,200 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 32,800 | 32,600 | 32,900 | – 200 | 33,800 | 32,000 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 35,400 | 35,200 | 35,500 | – 300 | 36,400 | 34,100 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 35,800 | 35,600 | 36,000 | – 300 | 36,600 | 34,000 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 35,900 | 35,800 | 36,200 | – 100 | 36,100 | 34,200 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 34,200 | 34,100 | 34,300 | – 500 | 35,000 | 33,200 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 34,200 | 34,000 | 34,400 | + 200 | 34,600 | 32,200 |
| Ex-Raipur | Wire Rod(5.5 MM) | 32,900 | 32,600 | 34,100 | 0 | 34,100 | 32,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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