Indian steel prices drop further on account of limited spot trades, SteelMint learned in conversation with mid sized mills.
The prices fall by around INR 100-500/MT in rebar & billet, meanwhile sponge iron prices decline by INR 100-200/MT, day on day in major locations.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 29,300-32,750/MT (USD 410-459) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 19,200-20,600/MT (USD 269-288); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 27th January 2020 (Monday) INR to USD exchange rate stood at INR 71.30.
— ICEX (Indian Commodity Exchange Ltd) Feb’20 contract for STEELLONG today open at INR 32,620/MT & last traded (IST 18:03 hrs) at INR 32,730/MT (LTP/CP).
— BSE Sensex closed at 41,613(+226) on Monday, as against last day (Friday) at 41,613(+226).
— NSE Nifty50 index was closed today at 12,248(+67) & Nifty Metal at 2,796(+26).
Semi Finished
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 19,200/MT & INR 19,600/MT ex-plant, Karnataka; an official reported.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI at INR 19,800-20,000/MT & Billet at INR 31,800/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 18,800-18,900/MT ex-Bellary & around 2,500 MT deals reported in nearby market.
— Aloke Steel Industries (Jharkhand) offered Fem 78-80 C-DRI lumps at INR 20,000/MT & Sponge mix material (60:40) at INR 19,700/MT ex-plant.
— Sponge P-DRI demand remains limited in Raipur as no major deals reported on reduced price by INR 100/MT to INR 19,300-19,400/MT ex-plant due to competitive offers from Raigarh at INR 19,300/MT on FoR basis.
— Rashmi Metaliks in Durgapur has roll-over sponge P-DRI price at around INR 19,700/MT, as per sources.
— Neo Metaliks has raised steel grade pig iron price by INR 300/MT to INR 28,500/MT due to shortage of ready delivery material in merchant market, as mentioned by officials.
— Indian mid scale mills export offers to Nepal is hovering at USD 420-425/MT for Billet & around USD 480/MT for Wire rod, ex-mill at Durgapur, eastern India.
Rebar (12 mm)
— Rathi Steels based in North region has unchanged their offer at INR 37,900/MT.
— Muzzaffarnagar based Swarup Rolling Mills Limited (Swarup TMT) is current offering at INR 35,000/MT.
— Raipur based Real Ispat (GK TMT) is current offering at INR 35,800/MT.
— Raigarh based Anjani Steels Ltd. (Radhe TMT) is offering at INR 33,900/MT (down by INR 500/MT).
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is current offering at INR 36,400/MT.
— South region based – VRKP Steel Industry Pvt Ltd (VRKP TMT) is current offering at INR 36,800/MT.
— South region based Shri Tirupati Steel Cast Ltd.(President TMT) is current offering at INR 37,200/MT.
Wire Rod & Pipe
— ERW Pipe Manufacturers have decreased offers by INR 100-200/MT to INR 34,700/MT ex-Raipur, INR 37,400/MT ex-Mandi Gobindgarh & INR 34,800/MT ex-Rourkela.
— Raipur based wire rod mills have kept prices firm at INR 33,700/MT ex-plant, however deals through the traders end learned at near to INR 33,500/MT ex-works. Similarly in Durgapur trade reference price fall by INR 300/MT to INR 34,200-34,800/MT ex-plant.
Reference prices as on 27th January 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 24,100 | 24,000 | 24,200 | – 100 | 24,000 | 23,600 |
| Ex-Mumbai | HMS(80:20) | 23,100 | 23,000 | 23,200 | – 200 | 23,100 | 22,700 | |
| Ex-Chennai | HMS(80:20) | 23,100 | 23,000 | 23,300 | 0 | 23,900 | 22,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,600 | 20,500 | 20,700 | – 50 | 20,300 | 20,100 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,450 | 19,400 | 19,500 | 0 | 19,300 | 19,100 | |
| Ex-Raipur | 0-20 mm, -1 mm (20-25%), FeM 82%, +/-1 | 21,400 | 21,300 | 21,500 | 0 | 21,400 | 21,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | 0 | 19,400 | 19,000 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,600 | 19,500 | 19,700 | – 50 | 19,400 | 19,150 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,400 | 19,300 | 19,500 | 0 | 19,400 | 19,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | 0 | 19,000 | 19,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,500 | 19,400 | 19,600 | 0 | 19,600 | 19,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 32,150 | 32,100 | 32,200 | – 150 | 31,700 | 31,850 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 29,900 | 29,800 | 30,000 | – 200 | 29,600 | 29,500 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 28,600 | 28,500 | 28,700 | – 200 | 28,500 | 28,500 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 29,200 | 29,100 | 29,300 | – 300 | 28,800 | 29,100 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 31,500 | 31,400 | 31,600 | – 300 | 31,400 | 31,900 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 32,700 | 32,600 | 32,800 | – 50 | 32,200 | 32,500 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 30,400 | 30,300 | 30,500 | – 200 | 30,200 | 29,800 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 29,200 | 29,100 | 29,300 | – 100 | 29,000 | 29,100 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 29,800 | 29,700 | 29,900 | – 200 | 29,300 | 29,550 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 32,500 | 32,300 | 32,600 | – 300 | 32,500 | 32,700 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 31,850 | 31,800 | 31,900 | – 350 | 31,700 | 32,300 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 31,800 | 31,600 | 32,000 | 0 | 32,500 | 31,800 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | – 500 | 31,000 | 31,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 36,700 | 36,500 | 36,900 | 0 | 35,900 | 35,100 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 34,400 | 34,200 | 34,600 | – 200 | 34,300 | 33,800 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 33,600 | 33,500 | 33,700 | 0 | 33,500 | 33,600 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 33,600 | 33,500 | 33,700 | 0 | 33,300 | 32,800 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 36,100 | 35,900 | 36,300 | – 100 | 36,000 | 35,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,200 | 36,000 | 36,400 | 0 | 36,400 | 35,200 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 35,800 | 35,600 | 36,000 | – 300 | 36,000 | 34,800 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 34,700 | 34,500 | 34,800 | – 500 | 34,700 | 34,400 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 34,400 | 34,200 | 34,800 | – 300 | 34,100 | 34,100 |
| Ex-Raipur | Wire Rod(5.5 MM) | 33,600 | 33,500 | 33,700 | – 100 | 33,300 | 33,800 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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