Indian steel prices fluctuated slightly today in recent trades amid average trade inquiries & less clarity in the market direction.
Market participants are still skeptical whether the current prices will sustain or see any major change in coming days.
The Rebar, Billet & Sponge iron prices fluctuated by INR 100-500/MT in major markets, as per daily assessment made by SteelMint.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 28,500-31,900/MT (USD 399-447) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,900-20,000/MT (USD 264-280); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 27th December 2019 (Friday) INR to USD exchange rate stood at INR 71.39.
— ICEX (Indian Commodity Exchange Ltd) Feb’20 contract for STEELLONG today open at INR 31,510/MT & last traded (IST 18:28 hrs) at INR 31,220/MT.
— BSE Sensex closed at 41,575(+411) on Friday, as against last day (Thursday) at 41,163(-297).
— NSE Nifty50 index was closed today at 12,245(+119) & Nifty Metal at 2,760(+21).
Raw Material
— Gonua iron and manganese mines, owned by Mr. Pawan Kumar Ahluwalia has received enhancement in its iron ore production limit from 0.36 MnT pa to 1.20 MnT pa.
— Melting scrap offers in Western India- Gujarat incline by INR 200/MT in a day trade activities.
Semi Finished
— Indian large mills hold export offers to Nepal, however deals through the mid scale mills for billet (induction grade, 100*100 mm) reported at around USD 400-405/MT ex-mill at Durgapur.
— SAIL has concluded an export tender for 16,000 MT prime mild steel non-alloy concast billets (size 105*105 mm) from Bhilai Steel Plant at around USD 425/MT, FoB, whose due date was 23 Dec’19- Sources.
— Indian sponge iron export offers to Bangladesh further surge due to hike domestic prices and latest offers reported at USD 290-295/MT CPT Benapole, equivalent to USD 305-310/MT CFR Chittagong, Bangladesh.
— Rashmi Metaliks in Durgapur has offered Sponge P-DRI at INR 18,800-18,900/MT, as per sources.
— The sponge manufacturers in Raipur have kept sponge P-DRI offers firm at INR 19,100-19,200/MT, however buying interest learned at less than of INR 19,000/MT ex-plant due to competitive offers from Raigarh & Odisha.
— Raigarh based Singhal Steel offered P-DRI at INR 19,000/MT & Billet at INR 29,100-29,200/MT FoR-Raipur, officials reported.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 19,000/MT & INR 19,500/MT ex-plant, Karnataka; an official reported. And added trade remains limited.
— Apple Industries in Bellary (Karnataka) offered Billet at INR 31,300/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 18,700/MT ex-Bellary, an official reported.
Rebar (12 mm)
— Rathi Steels based in North region is current offering around INR 35,400/MT.
— Raipur based Real Ispat (GK TMT) is current offering at INR 35,100/MT.
— Muzaffarnagar based Sarvottam Rolling Mills (Paras TMT) is currently offering at INR 33,300/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is current offering at INR 37,100/MT FoR.
— Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) is current offering at INR 35,200/MT.
— Chennai based ARS Steel (Trusteel – 550D) is currently offering at INR 35,600/MT.
Wire Rod & Pipe
— Raipur, Central India based ERW pipe manufacturers have increased offers by INR 500-600/MT to INR 34,300-34,400/MT ex-plant & excluding GST.
— Trade discount in Raipur wire rod through traders learned at INR 1,000-1,200/MT. Meanwhile base price surge again by INR 200/MT to INR 34,200/MT ex-Raipur & INR 33,200-33,300/MT ex-Durgapur.
Reference prices as on 27th December 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 23,700 | 23,600 | 23,800 | + 200 | 22,400 | 22,200 |
| Ex-Mumbai | HMS(80:20) | 22,500 | 22,400 | 22,700 | 0 | 21,700 | 21,100 | |
| Ex-Chennai | HMS(80:20) | 22,200 | 22,000 | 22,400 | 0 | 21,800 | 20,600 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,750 | 19,700 | 19,800 | + 50 | 18,400 | 18,200 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,900 | 18,800 | 19,000 | + 200 | 17,500 | 16,850 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | – 100 | 18,800 | 17,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,900 | 18,800 | 19,000 | 0 | 17,450 | 16,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,750 | 18,700 | 18,800 | + 50 | 17,400 | 17,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | – 200 | 18,000 | 16,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,700 | 18,600 | 18,800 | 0 | 17,250 | 16,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | + 200 | 17,700 | 17,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,200 | 31,100 | 31,300 | 0 | 30,000 | 29,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 28,750 | 28,700 | 28,800 | + 150 | 27,100 | 26,900 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 28,300 | 28,200 | 28,400 | + 100 | 26,400 | 25,600 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 28,700 | 28,600 | 28,800 | – 100 | 27,250 | 26,050 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 31,000 | 30,900 | 31,100 | + 100 | 29,150 | 27,950 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 31,700 | 31,600 | 31,800 | + 150 | 30,500 | 29,400 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 29,200 | 29,100 | 29,300 | + 100 | 27,500 | 27,200 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 28,700 | 28,600 | 28,800 | + 100 | 26,800 | 25,950 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 29,200 | 29,100 | 29,300 | – 100 | 27,650 | 26,300 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 31,900 | 31,800 | 32,100 | – 550 | 30,000 | 28,800 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 31,300 | 31,200 | 31,400 | 0 | 29,400 | 28,150 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 31,200 | 31,200 | 31,500 | 0 | 30,000 | 28,250 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 30,500 | 30,400 | 30,600 | + 200 | 28,500 | 27,800 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 34,000 | 33,900 | 34,200 | + 200 | 33,000 | 32,200 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 33,100 | 33,000 | 33,300 | + 300 | 31,400 | 31,200 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 33,000 | 32,900 | 33,200 | + 200 | 30,600 | 30,200 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 32,600 | 32,500 | 32,800 | + 100 | 30,600 | 29,700 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 35,000 | 34,800 | 35,200 | + 300 | 32,600 | 31,400 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 34,500 | 34,400 | 34,700 | + 100 | 32,600 | 31,500 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 34,700 | 34,600 | 34,900 | + 100 | 33,600 | 31,800 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 34,000 | 33,800 | 34,200 | + 200 | 32,000 | 31,300 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 33,200 | 33,100 | 33,500 | + 200 | 31,400 | 31,100 |
| Ex-Raipur | Wire Rod(5.5 MM) | 33,300 | 33,100 | 34,200 | + 200 | 31,600 | 30,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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