Indian spot steel trades remained weak as billet prices drop by INR 100-800/MT on day basis with major fall of INR 400-800/MT in western regions.
Inline rebar prices declined by INR 100-400/MT & Sponge iron prices by INR 100-300/MT day-on-day in major markets.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 26,200-29,400/MT (USD 365-410) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,300-17,900/MT (USD 227-250); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 29th August 2019 (Thursday) INR to USD exchange rate stood at INR 71.69.
— ICEX (Indian Commodity Exchange Ltd) Sep’19 contract for STEELLONG today open at INR 28,150/MT & last traded (IST 18:06 hrs) at INR 28,100/MT.
— BSE Sensex closed at 37,068(-382) on Thursday, as against last day (Wednesday) at 37,451(-189).
— NSE Nifty50 index was closed today at 10,948(-97) & Nifty Metal at 2,254(+27).
Raw Materials
— Raipur (central India) based pellet manufacturers have decreased their offers by INR 200/MT today (i.e 29th Aug’19) for Fe 63% grade to INR 6,000/MT (ex-Raipur, GST extra).
— Melting scrap offers in Western India- Gujarat decline by INR 300/MT in a day trade activities.
Semi Finished
— SAIL has schedule an auction to sale of about 1,550 MT basic grade Pig iron on 31st Aug’19 from its Rourkela Steel Plant (RSP).
— Neo Metaliks has offers steel grade pig iron at INR 24,200-24,300/MT & Foundry grade material at INR 29,000/MT ex-Durgapur.
— Mesco Steel’s pig iron offers in Jajpur, Odisha is hovering at INR 22,800/MT ex-plant.
— Rashmi Metaliks in Durgapur, known as price trend setter, has offered Sponge P-DRI at INR 17,000/MT – Sources.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered Billet at INR 26,100/MT ex-plant.
— Sources reported Chandrapur (Maharashtra) based manufacturers offered Sponge P-DRI (FeM 80) at around INR 16,300/MT, ex-plant & excluding GST.
— 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 16,400-16,500/MT ex-Bellary, Karnataka.
— Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 16,500/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 16,800/MT & INR 17,200/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod slightly stretch to INR 1,200-1,600/MT by re-sellers and base prices lessened through the manufacturers by INR 300/MT to INR 31,600/MT ex-plant. Meanwhile in Durgapur trade reference prices also narrowed by INR 200-300/MT to INR 30,700-31,100/MT ex-plant.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 34,000/MT ex-plant & excluding GST.
— Raipur, Central India based ERW pipe manufacturers offers reported at around INR 32,000/MT ex-plant & excluding GST.
Rebar (12 mm)
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is offering at INR 33,000/MT FoR (down by INR 300/MT).
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is current offering at INR 32,100/MT.
— Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) is current offering at INR 32,300/MT.
— Odisha based Subhlabh TMT offers reported at INR 30,500/MT.
— Raigarh based Scan Group branding (Shrishti TMT) is current offering at INR 31,300/MT.
— Wardha based Sangam TMT has unchanged their offers at INR 31,800/MT.
— Chennai based Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) is currently offering at INR 33,000/MT.
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis. Prices are subject to reconfirmation.
Reference prices as on 29th August 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Mumbai | HMS(80:20) | 21,700 | 21,700 | 21,900 | – 100 | 21,500 | 21,200 |
| Ex-Chennai | HMS(80:20) | 20,500 | 20,400 | 20,700 | – 100 | 20,400 | 20,300 | |
| Ex-Hyderabad | HMS(80:20) | 21,700 | 21,600 | 21,800 | – 100 | 21,500 | 22,600 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,900 | 17,800 | 18,000 | – 100 | 16,600 | 17,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | – 200 | 15,900 | 16,500 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,300 | 17,200 | 17,400 | – 100 | 16,700 | 17,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | 0 | 16,300 | 16,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,900 | 16,800 | 17,000 | – 100 | 15,600 | 16,300 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,100 | 16,000 | 16,200 | – 200 | 15,500 | 16,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | 0 | 15,900 | 15,900 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | 0 | 16,400 | 16,400 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,300 | 29,200 | 29,300 | – 200 | 28,050 | 28,900 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,700 | 26,600 | 26,800 | 0 | 25,500 | 25,800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,900 | 25,800 | 26,000 | – 200 | 24,700 | 25,300 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,400 | 26,300 | 26,500 | 0 | 25,150 | 25,900 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 28,000 | 27,900 | 28,000 | – 300 | 27,000 | 27,300 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 29,400 | 29,300 | 29,400 | – 200 | 28,100 | 29,000 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 26,900 | 26,800 | 27,000 | – 100 | 25,800 | 26,300 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 26,200 | 26,100 | 26,200 | – 200 | 25,100 | 25,600 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 26,800 | 26,700 | 26,900 | – 200 | 25,700 | 26,250 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 28,000 | 27,700 | 28,000 | – 800 | 27,400 | 28,600 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 28,200 | 28,100 | 28,200 | – 300 | 27,300 | 27,600 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 28,200 | 28,100 | 28,300 | – 300 | 28,200 | 29,150 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 27,000 | 26,900 | 27,100 | 0 | 26,000 | 28,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 33,300 | 33,200 | 33,500 | – 100 | 32,700 | 33,700 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 31,100 | 30,900 | 31,300 | – 300 | 29,600 | 30,500 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,300 | 30,200 | 30,500 | – 200 | 29,100 | 29,800 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,300 | 30,200 | 30,500 | – 100 | 29,100 | 29,600 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 31,800 | 31,700 | 32,000 | 0 | 30,900 | 31,100 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,300 | 31,100 | 31,500 | 0 | 30,200 | 30,400 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 32,300 | 32,200 | 32,500 | 0 | 32,500 | 33,500 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 31,000 | 30,900 | 31,200 | 0 | 30,200 | 32,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,800 | 30,700 | 31,100 | – 200 | 29,400 | 30,300 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,500 | 30,000 | 31,600 | – 400 | 29,600 | 30,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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