Indian steel prices drop further owing to lessened spot trades and the prices fell by INR 100-500/MT on day trade activities.
As per daily assessment, the major drop of INR 500/MT (USD 7) in Billet & Rebar prices were in southern India, Hyderabad. While in remaining markets it declined by INR 100-300/MT, day on day.
Sources mentioned that, presently there is no major stock with the mills. However if same situation persist they may pressurise to cut offers rigorously.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 26,000-29,200/MT (USD 359-404) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,300-17,800/MT (USD 225-246); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 3rd September 2019 (Tuesday) INR to USD exchange rate stood at INR 72.34.
— ICEX (Indian Commodity Exchange Ltd) Oct’19 contract for STEELLONG today open at INR 28,250/MT & last traded (IST 18:17 hrs) at INR 28,230/MT.
— BSE Sensex closed at 36,562(-769) on Tuesday, as against last day (Friday) at 37,332(+263).
— NSE Nifty50 index was closed today at 10,797(-225) & Nifty Metal at 2,218(-71).
Raw Materials
— NMDC Iron ore rake movement from its Chhattisgarh mines fell 24% in August amid monsoons; state based units procured 28 rakes in August against 18 rakes in July.
— In Durgapur SteelMint’s reference, pellet price witnessed at INR 5,200-5,300/MT (ex-Durgapur, GST extra).
— Melting scrap offers in Western India- Jalna (Maharashtra) decline by INR 300/MT in a day trade activities.
Semi Finished
— Neo Metaliks in Durgapur has maintained pig iron offers firm at around INR 23,800-24,000/MT ex-plant, for steel grade material.
— Mid sized mills export offers to Nepal assessed at around USD 360/MT for Billet (100*100 mm) & USD 410-415/MT for Wire rod (5.5 mm) ex-mill at Durgapur, Eastern India.
— As per sources, a large mill based in eastern India has concluded export deal to Nepal for couple of rakes 5.5 mm wire rod at around USD 458-460/MT CFR Jogbani border, Nepal. Meanwhile offers through the mid sized mills (induction grade) assessed at around USD 440-445/MT CFR Raxaul/Jogbani border.
— Raipur based manufacturers further reduced sponge P-DRI offers by INR 100-200/MT to INR 15,800-15,900/MT ex-plant. However as per sources, deals remained weak as buyers looking down trend in offers.
— Central India, Raigarh based sponge manufacturer (900 TPD) has offered Pellet sponge at INR 15,900/MT FoR Raipur.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered Billet at INR 26,000-26,100/MT ex-plant.
— Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 16,200-16,400/MT ex-plant & excluding GST.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,400-16,500/MT ex-Bellary, 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 16,600/MT & INR 17,000/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod slightly drop by INR 100/MT to INR 1,500-1,700/MT by re sellers. Also base prices cut through Raipur manufacturers by INR 600/MT to INR 31,200/MT ex-plant.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 34,200/MT ex-plant & excluding GST.
— Raipur, Central India based ERW pipe manufacturers offers reported at around INR 31,500/MT ex-plant & excluding GST.
Rebar (12 mm)
— Rathi Steels based in North region is current offering around INR 33,400/MT.
— Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 30,900/MT (down by INR 100/MT).
— Odisha based Subhlabh TMT offers reported at INR 30,200-30,300/MT.
— Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) is current offering at INR 31,900/MT.
— Jalna based Gajkesri Steel And Alloys Pvt Ltd (Gajkesari TMT) is current offering at INR 31,100/MT
— Gujarat based Diamond TMT is offering at INR 32,100/MT (down by INR 200/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 3rd September 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,000 | 20,900 | 21,100 | – 100 | 22,000 | 21,600 |
| Ex-Mumbai | HMS(80:20) | 21,400 | 21,300 | 21,500 | – 200 | 21,700 | 20,800 | |
| Ex-Chennai | HMS(80:20) | 20,300 | 20,200 | 20,500 | – 100 | 20,600 | 20,400 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,800 | 17,700 | 17,900 | – 300 | 17,900 | 16,150 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | – 50 | 16,700 | 16,100 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | – 200 | 17,500 | 16,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | NA | 16,800 | 16,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,800 | 16,700 | 16,900 | – 300 | 16,900 | 15,150 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,850 | 15,800 | 15,900 | – 200 | 16,300 | 15,850 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | NA | 16,300 | 15,900 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | – 100 | 16,700 | 16,400 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,950 | 28,900 | 29,000 | – 200 | 29,500 | 27,800 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,400 | 26,300 | 26,500 | – 300 | 26,800 | 25,400 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,600 | 25,500 | 25,700 | – 400 | 26,200 | 24,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,100 | 26,000 | 26,200 | – 200 | 26,500 | 25,350 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,350 | 27,300 | 27,400 | – 150 | 28,200 | 26,950 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 29,200 | 29,100 | 29,300 | – 100 | 29,600 | 28,000 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 26,700 | 26,600 | 26,800 | – 300 | 27,200 | 25,700 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 26,000 | 25,900 | 26,100 | – 400 | 26,600 | 25,100 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 26,600 | 26,500 | 26,700 | – 300 | 27,100 | 25,700 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 27,550 | 27,450 | 27,650 | – 200 | 28,800 | 27,500 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,550 | 27,500 | 27,600 | – 250 | 28,400 | 27,250 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 28,000 | 27,900 | 28,100 | 0 | 28,300 | 28,900 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 26,500 | 26,400 | 26,600 | – 500 | 27,000 | 27,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 32,300 | 32,100 | 32,400 | – 500 | 33,400 | 33,100 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 30,800 | 30,600 | 31,000 | – 300 | 31,300 | 29,600 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,200 | 30,100 | 30,300 | – 300 | 30,500 | 29,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,100 | 30,000 | 30,300 | – 300 | 30,300 | 28,900 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 31,500 | 31,300 | 31,600 | – 200 | 31,700 | 30,900 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 30,700 | 30,500 | 30,900 | NA | 31,200 | 30,100 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 32,100 | 32,000 | 32,300 | – 100 | 32,300 | 33,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 30,500 | 30,300 | 30,700 | – 500 | 31,000 | 31,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,400 | 30,200 | 30,800 | – 100 | 30,800 | 29,600 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,000 | 29,500 | 31,200 | – 600 | 30,900 | 29,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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