Indian steel prices fell in the opening of this week amid limited spot trades and increased supply. The participants in major markets reported rising stock amongst the midsized mills due to poor lifting following constant fall in prices.
On daily assessment, the Billet prices slump by INR 100-800/MT with major fall of INR 500-800/MT in West regions.
Meanwhile Sponge iron & Rebar prices being fall by INR 100-400/MT on account of falling Billet prices across regions.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 28,700-32,000/MT (USD 401-448) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 18,600-20,200/MT (USD 260-283); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 3rd February 2020 (Monday) INR to USD exchange rate stood at INR 71.40.
— ICEX (Indian Commodity Exchange Ltd) Feb’20 contract for STEELLONG today open at INR 32,180/MT & last traded (IST 18:26 hrs) at INR 31,900/MT.
— BSE Sensex closed at 39,872(+136) on Monday, as against last day (Friday) at 40,723(-190).
— NSE Nifty50 index was closed today at 11,707(+46) & Nifty Metal at 2,510(+30).
Raw Material
— Shri Anirban Dasgupta has taken charge as the Director Projects & Business Planning of Steel Authority of India Limited (SAIL) on 01st February, 2020.
— Chhattisgarh based steel plants increased sourcing from NMDC (C.G.) by 17% to 70 rakes (269,500 MT) in Jan’20 against 60 rakes (231,000 MT) in Dec’19
— South African RB2 (5500 NAR) coal offers are assessed at USD 66/MT on FoB basis & USD 80/MT CNF India
— Melting scrap offers in Western India- Gujarat decline by INR 200/MT in a day trade activity.
Semi Finished
— TATA Metaliks Limited has kept its pig iron offers unaltered for Feb’20 deliveries.The current offers for Foundry pig iron is reported at INR 32,000/MT (USD 448) & for Low Silicon (1-1.5%) pig iron is around INR 29,500/MT (USD 412), the prices are ex-plant, Kharagpur, eastern India.
— Rashmi Metaliks in Durgapur has offers Sponge P-DRI at around INR 19,200/MT, as per market sources.
— 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 in Bokaro, Jharkhand has offered steel grade pig iron at INR 28,000/MT ex-plant.
— Ludhiana, North India based trade participants reported steel & foundry grade pig iron offers at INR 30,100/MT & INR 31,000/MT on FoR basis & excluding 18% GST.
— Raipur based sponge P-DRI makers have reduced their offers by INR 200/MT to INR 18,800-18,900/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 18,600-18,700/MT ex-Bellary, Karnataka.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI at INR 19,800/MT & Billet at INR 31,200/MT ex-plant.
— BIOP Steels in South India has decreased sponge prices by INR 400/MT, offering FeM 80 & 82 C-DRI lumps at INR 18,500/MT & INR 18,900/MT ex-plant, Karnataka; an official reported.
Rebar (12 mm)
— Rathi Steels based in North region is offering at INR 37,000/MT (down by INR 400/MT).
— Muzaffarnagar based Swarup Rolling Mills Limited (Swarup TMT) is current offering at INR 34,300/MT.
— Raipur based Real Ispat (GK TMT) is offering at INR 35,300/MT (down by INR 300/MT).
— Raigarh based Scan Group branding (Shrishti TMT) is current offering at INR 33,800/MT.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is current offering at INR 36,200/MT.
— Gujarat based, Mono Steel (India) Ltd.(Mono TMT) is offering at INR 36,800/MT FoR. (down by INR 300/MT).
— Chennai based Ponneri Steel Ind. (Triple Power) is current offering at INR 36,000/MT.
Wire Rod & Pipe
— ERW Pipe Manufacturers have decreased offers by INR 100-200/MT to INR 34,500/MT ex-Raipur, INR 36,300/MT ex-Mandi Gobindgarh & INR 34,300-34,500/MT ex-Rourkela.
Reference prices as on 3rd February 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 23,600 | 23,500 | 23,700 | – 200 | 24,100 | 23,500 |
| Ex-Mumbai | HMS(80:20) | 22,800 | 22,800 | 23,200 | – 100 | 23,100 | 22,800 | |
| Ex-Chennai | HMS(80:20) | 22,400 | 22,300 | 22,700 | – 100 | 23,100 | 23,600 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,200 | 20,100 | 20,300 | – 200 | 20,600 | 20,100 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,100 | 19,000 | 19,200 | – 200 | 19,450 | 19,600 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | – 100 | 20,400 | 20,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,600 | 18,500 | 18,700 | – 300 | 19,200 | 19,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,200 | 19,100 | 19,300 | – 200 | 19,600 | 19,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | – 200 | 19,400 | 20,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,500 | 18,500 | 18,700 | – 100 | 19,000 | 19,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | – 100 | 19,500 | 19,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,500 | 31,400 | 31,600 | – 300 | 32,150 | 32,300 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 29,500 | 29,400 | 29,600 | – 100 | 29,900 | 29,800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 28,300 | 28,200 | 28,400 | – 300 | 28,600 | 29,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 28,600 | 28,500 | 28,700 | – 300 | 29,200 | 29,750 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 30,700 | 30,600 | 30,800 | – 600 | 31,500 | 31,800 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 32,000 | 31,900 | 32,100 | – 300 | 32,700 | 32,750 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 30,000 | 29,900 | 30,100 | – 150 | 30,400 | 30,100 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 28,700 | 28,600 | 28,800 | – 300 | 29,200 | 29,700 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 29,200 | 29,100 | 29,300 | – 300 | 29,800 | 30,250 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | – 800 | 32,500 | 32,100 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | – 500 | 31,850 | 32,100 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | – 200 | 31,800 | 32,700 | |
| 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 | 36,000 | 35,800 | 36,200 | – 200 | 36,700 | 35,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 33,800 | 33,600 | 34,000 | – 200 | 34,400 | 34,300 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 33,300 | 33,200 | 33,400 | 0 | 33,600 | 33,900 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 33,200 | 33,100 | 33,300 | – 200 | 33,600 | 34,000 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 35,900 | 35,700 | 36,100 | – 100 | 36,100 | 36,200 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 35,300 | 35,100 | 35,500 | – 200 | 36,200 | 35,800 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 35,400 | 35,300 | 35,600 | – 100 | 35,800 | 36,100 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 34,700 | 34,600 | 34,800 | 0 | 34,700 | 34,700 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 33,800 | 33,700 | 33,900 | – 100 | 34,400 | 34,500 |
| Ex-Raipur | Wire Rod(5.5 MM) | 32,700 | 32,600 | 32,900 | – 300 | 33,600 | 34,400 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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