Indian steel prices plunged further due to poor spot trades, SteelMint learned from trade sources and the prices have dropped by INR 100-500/MT on daily trade activities.
The prices decline is about INR 200-300/MT in sponge iron & INR 100-500/MT in billet and rebar.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 29,000-32,500/MT (USD 406-456) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 19,000-20,400/MT (USD 266-286); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 28th January 2020 (Tuesday) INR to USD exchange rate stood at INR 71.30.
— ICEX (Indian Commodity Exchange Ltd) Feb’20 contract for STEELLONG today open at INR 32,380/MT & last traded (IST 18:18 hrs) at INR 32,300/MT.
— BSE Sensex closed at 40,966(-188) on Tuesday, as against last day (Monday) at 41,613(+226).
— NSE Nifty50 index was closed today at 12,060(-58) & Nifty Metal at 2,645(-64).
Raw Material
— Indian crude steel production stepped up by 2% at 111.24 MnT in CY’19 against 109.27 MnT in preceding year- WSA.
— Melting scrap offers in Western India- Jalna (Maharashtra) decline by INR 200/MT in a day trade activity.
Semi Finished
— Jindal Steel has maintained steel grade pig iron price firm at INR 28,800-28,900/MT, also the company is offering Sponge P-DRI at INR 18,300/MT ex-plant, Raigarh basis.
— Officials from Neo Metaliks, Durgapur stated limited inquiries for the steel grade pig iron at prevailing offers of INR 28,500/MT ex-plant.
— Electrosteels has resumed sales for pig iron and fresh offers for steel grade reported at INR 28,000/MT ex-Bokaro, Jharkhand.
— Indian mid scale mills export offers to Nepal drop by USD 5/MT to USD 440/MT for Billet & USD 495-500/MT for wire rod; CPT Nepal.
— Indian Sponge iron (80 FeM, 100% lumps) export offers to Bangladesh more or less firm and stands at USD 300/MT CPT Benapole (dry port of India & Bangladesh).
— Rashmi Metaliks in Durgapur has reduced Sponge P-DRI price by INR 200/MT to INR 19,500/MT, as per sources.
— Raipur based sponge manufacturers have slightly reduced P-DRI price by INR 200/MT to INR 19200/MT, however few deals learned at INR 19,100-19,200/MT, ex-plant.
— Raipur based mills sourcing Sponge C-DRI from Raigarh at around INR 20,100/MT FoR Raipur.
— Billet deals learned at INR 29,500/MT FoR Raipur from Raigarh based manufacturers.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI at INR 19,800/MT & Billet at INR 31,500/MT ex-plant.
— BMM Ispat a price trend setter in South Indian sponge market has kept offers unaltered today and offered FeM 80 P-DRI lumps at INR 18,700-18,800/MT ex-Bellary, Karnataka.
— Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 18,800-19,000/MT ex-plant, an official reported.
— BIOP Steels in South India has decreased sponge prices by INR 200/MT, offering FeM 80 & 82 C-DRI lumps at INR 19,000/MT & INR 19,400/MT ex-plant, Karnataka; an official reported.
Rebar (12 mm)
— Rathi Steels based in North region is offering at INR 37,400/MT (down by INR 500/MT).
— Muzaffarnagar based Swarup Rolling Mills Limited (Swarup TMT) is current offering at INR 35,000/MT.
— Raipur based Kamdhenu TMT is current offering at INR 36,100/MT.
— Raipur based Real Ispat (GK TMT) has unchanged their offer at INR 35,800/MT.
— Bajrangbali Steel Industries Pvt Ltd based in Odisha is offering rebar at INR 33,500/MT.
— Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) is current offering at INR 35,900/MT (down by INR 400/MT).
— Gujarat based, Mono Steel (India) Ltd.(Mono TMT) is current offering at INR 37,800/MT FoR.
Wire Rod & Pipe
— Wire rod manufacturers in Raipur slash price by INR 400/MT to INR 33,300/MT, however deals through the resellers heard at near to INR 33,000/MT; ex-plant. Also, in Durgapur where trade reference price drop by INR 400/MT to INR 33,900-34,300/MT ex-plant.
— ERW Pipe Manufacturers have decreased offers by INR 300-400/MT to INR 34,300-34,500/MT ex-Raipur, INR 37,000/MT ex-Mandi Gobindgarh & INR 34,500/MT ex-Rourkela.
Reference prices as on 28th January 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 23,900 | 23,800 | 24,000 | – 200 | 23,700 | 23,500 |
| Ex-Mumbai | HMS(80:20) | 22,900 | 22,800 | 23,100 | – 200 | 22,900 | 22,700 | |
| Ex-Chennai | HMS(80:20) | 23,100 | 23,000 | 23,300 | 0 | 23,800 | 22,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,400 | 20,300 | 20,500 | – 200 | 20,200 | 20,150 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | – 250 | 19,000 | 19,400 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,100 | 20,000 | 20,200 | – 300 | 20,100 | 20,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | – 200 | 19,300 | 19,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,400 | 19,300 | 19,500 | – 200 | 19,300 | 19,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,150 | 19,100 | 19,200 | – 250 | 19,100 | 19,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,700 | 18,600 | 18,800 | – 300 | 18,900 | 19,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | – 200 | 19,500 | 19,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 32,100 | 32,000 | 32,200 | – 50 | 31,500 | 32,300 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 29,800 | 29,700 | 29,900 | – 100 | 29,500 | 29,700 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 28,500 | 28,400 | 28,600 | – 100 | 28,300 | 28,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 29,000 | 28,900 | 29,100 | – 200 | 28,600 | 29,300 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 31,200 | 31,100 | 31,300 | – 300 | 31,000 | 31,900 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 32,500 | 32,400 | 32,600 | – 200 | 32,000 | 32,850 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 30,300 | 30,200 | 30,400 | – 100 | 30,000 | 30,000 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 29,000 | 28,900 | 29,100 | – 200 | 28,700 | 29,100 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 29,550 | 29,500 | 29,600 | – 250 | 29,000 | 29,750 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 32,000 | 31,900 | 32,100 | – 500 | 32,100 | 32,700 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 31,500 | 31,400 | 31,600 | – 350 | 31,300 | 32,200 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 31,700 | 31,500 | 31,800 | – 100 | 32,300 | 31,800 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | 0 | 31,000 | 31,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 36,300 | 36,100 | 36,500 | – 400 | 35,600 | 35,300 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 34,100 | 33,900 | 34,300 | – 300 | 33,800 | 34,000 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 33,500 | 33,400 | 33,600 | – 100 | 33,000 | 33,600 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 33,400 | 33,300 | 33,500 | – 200 | 33,000 | 32,800 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 35,900 | 35,700 | 36,100 | – 200 | 35,700 | 35,900 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,000 | 35,800 | 36,200 | – 200 | 36,100 | 35,500 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 35,700 | 35,500 | 35,900 | – 100 | 36,000 | 35,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 34,700 | 34,500 | 34,800 | 0 | 34,700 | 34,700 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 34,000 | 33,900 | 34,500 | – 400 | 34,000 | 34,300 |
| Ex-Raipur | Wire Rod(5.5 MM) | 33,100 | 33,000 | 33,300 | – 500 | 32,900 | 33,800 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
Leave a Reply