Indian steel prices surge further on improved spot trades with the mid sized mills.
On daily assessment, the prices rallied by about INR 100-500/MT in Billet & INR 100-300/MT in Rebar, in which prices gain sharply in Hyderabad by INR 300-500/MT.
Inline with this, sponge prices increased by INR 100-200/MT and healthy bookings reported by Raipur & Durgapur based manufacturers.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 25,900-29,200/MT (USD 366-413) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,400-17,600/MT (USD 232-249); prices are ex-plant & excluding GST.
RUPEE & BSE SENSEX
— On 4th November 2019 (Monday) INR to USD exchange rate stood at INR 70.75.
— ICEX (Indian Commodity Exchange Ltd) Dec’19 contract for STEELLONG today open at INR 28,240/MT & last traded (IST 18:56 hrs) at INR 28,420/MT.
— BSE Sensex closed at 40,301(+136) on Monday, as against last day (Friday) at 40,165(+35).
— NSE Nifty50 index was closed today at 11,941(+50) & Nifty Metal at 2,642(+80).
RAW MATERIALS
— Silicon Manganese(60-14) prices firm in Central India and assessed at around INR 56,000/MT ex-plant, Raipur/Raigarh.
— Prakash Industries Ltd (PIL) – one of the major steel producers in Central India, has commenced the mining operations in the Sirkagutu Iron and Manganese ore mine at Keonjhar (Odisha) which has geological reserves of around 9.9 MnT.
— NMDC- India’s largest iron ore producer registered iron ore sales at 2.61 MnT in Oct’19, up 37% as compared to 1.91 MnT in Sep’19. Sales from Chhattisgarh mines witnessed at 2.02 MnT (up 51% M-o-M) and sales from Karnataka mines at 0.59 MnT, up 4% on monthly basis.
— Indian iron ore exports have recorded sharp increase in Oct’19 at 1.74 MnT, up 53% M-o-M as against Sep’19 at 1.14 MnT. On yearly basis, the exports have depicted a significant rise as compared to Oct’18 at 0.42 MnT.
SEMI FINISHED
— Neo Metaliks in Durgapur has futher increased steel grade pig iron price by INR 200/MT to INR 23,600-23,700/MT ex-plant.
— Electrosteels based in Bokaro, Jharkhand has raised steel grade pig iron price by INR 200-300/MT to INR 23,200-23,300/MT ex-plant.
— Raipur based one of the major sponge P-DRI producer has raised prices by INR 100/MT to INR 16,000-16,100/MT (ex-plant) and as per sources report near to 4,000 MT deals concluded.
— Rashmi Metaliks in Durgapur has rallied sponge P-DRI price by INR 100-200/MT to INR 16,500-16,600/MT, as per sources.
— Billet deals learned at around INR 26,700/MT FoR Raipur from Raigarh based manufacturers.
— BMM Ispat, a renowned sponge manufacturer in Bellary, Karnataka has kept sponge P-DRI prices firm at INR 16,200-16,300/MT ex-plant.
REBAR (12 mm)
— Indian large scale mills re-bar inventories drop to around 650,000 MT in Oct’19, as per sources report to SteelMint.
— Rathi Steels based in North region is offering at INR 34,000/MT (up by INR 300/MT).
— Raipur based Real Ispat (GK TMT) is offering at INR 32,800/MT (up by INR 300/MT).
— Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 30,700/MT(down by INR 100/MT).
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is current offering at INR 32,200/MT FoR.
— Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) is offering at INR 31,600/MT ( up by INR 200/MT).
— Chennai based Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) is current offering at INR 31,500/MT.
WIRE ROD
— Trade discounts in Raipur wire rod through the traders reduced by INR 200/MT to INR 1,100-1,300/MT & by plants it unaltered at INR 800/MT amid steady base price at INR 31,600/MT ex-plant. However in Durgapur trade reference prices up by INR 200/MT to INR 30,300-31,000/MT ex-Durgapur.
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