Spot steel trades remained weak in Indian market, following which prices dropped on day trade activities by INR 100-500/MT through the mid sized mills.
The billet prices drop majorly in southern region-Hyderabad by INR 500/MT (USD 7), while in remaining markets it corrected by INR 100-300/MT, day on day.
In context to sponge iron, the prices fell by INR 100-200/MT, inline rebar offer declined by INR 100-400/MT, as per daily assessment made by SteelMint.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 25,600-28,500/MT (USD 361-402) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,300-17,000/MT (USD 229-240); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 4th October 2019 (Friday) INR to USD exchange rate stood at INR 70.93.
— ICEX (Indian Commodity Exchange Ltd) Nov’19 contract for STEELLONG today open at INR 28,120/MT & last traded (IST 18:32 hrs) at INR 27,960/MT.
— BSE Sensex closed at 37,673(-433) on Friday, as against last day (Thursday) at 38,106(-198).
— NSE Nifty50 index was closed today at 11,174(-139) & Nifty Metal at 2,297(-29).
Key Trades
— JSW Steel has reduced its gas based DRI (sponge iron) offers by around INR 750/MT (USD 11) for Oct’19 deliveries, the fresh offers for Oct’19 is about INR 17,500/MT (USD 246), ex-works, Dolvi, Maharashtra based plant for FeM 80-82%.
— Indian Sponge iron export offers to Bangladesh drop to over 2 year low and latest assessment stood at USD 260-265/MT CPT Benapole, equivalent to USD 275-280/MT CFR Chittagong, Bangladesh.
— Mid sized mills export offers to Nepal is hovering at USD 360/MT for Billet & USD 410/MT for Wire rod, ex-mill at Durgapur, Eastern India.
— RINL has invited a tender for export of 8,127 MT Billets, 5,418 MT Bloom and 8,127 MT Wire Rod to Nepal, with bid due date is 09 Oct’19.
— Raipur based 200-500 TPD Sponge P-DRI producers have reduced prices by INR 100/MT to INR 15,700-15,800/MT ex-plant. However as per conversation no major deals and buying interest learned at INR 15,500-15,600/MT ex-plant.
— Trade discounts in Raipur Wire rod is hovering at INR 800-1,200/MT and base prices plunged by INR 300/MT to INR 30,900/MT ex-plant.
— Neo Metaliks in Durgapur has offered steel grade pig iron at around INR 23,500/MT ex-plant. However as per officials no major trades as market mostly closed due to festive mood.
— Mescosteels in Jajpur, Odisha has traded steel grade pig iron at INR 22,700-22,800/MT ex-plant. Freight cost for Central region, Raipur & Raigarh assessed at INR 900-1,000/MT.
— RINL has invited a tender for supply of 100,000 MT iron ore fines. Interested bidders can submit their bids till 11 Oct’19 at 10:30.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,600/MT & INR 17,000/MT ex-plant, Karnataka. However, no major buyer at the offer price, report from the officials.
— Rathi Steels based in North region is current offering their 12 mm Rebar at INR 33,800/MT.
— Central region Raipur based Real Ispat (GK TMT) offers their 12 mm Rebar at INR 33,000/MT(down by INR 300/MT).
— Raigarh (Chhattisgarh) based Scan Group branding (Shrishti TMT) is offering their 12 mm Rebar at INR 31,000/MT (down by INR 300/MT).
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is current offering their 12 mm Rebar at INR 31,300/MT FoR.
— Jalna based Gajkesari Steels And Alloys Private Limited (Gajkesari TMT) is current offering their 12 mm Rebat at INR 30,900/MT.
— Chennai based Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) has unchanged their 12 mm Rebar offer at INR 32,000/MT.
Reference prices as on 4th October 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,500 | 21,400 | 21,600 | – 300 | 21,600 | 21,400 |
| Ex-Mumbai | HMS(80:20) | 20,900 | 20,800 | 21,000 | – 400 | 21,300 | 21,400 | |
| Ex-Chennai | HMS(80:20) | 19,400 | 19,200 | 19,600 | – 300 | 20,000 | 20,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,600 | 16,500 | 16,700 | – 50 | 17,200 | 18,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | – 200 | 16,650 | 16,600 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,000 | 16,900 | 17,100 | – 100 | 17,500 | 17,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | 0 | 16,500 | 16,700 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,500 | 15,400 | 15,600 | – 50 | 16,200 | 17,300 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,700 | 15,600 | 15,800 | – 100 | 16,200 | 16,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,000 | 15,900 | 16,100 | 0 | 16,100 | 16,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | – 100 | 16,800 | 16,900 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,400 | 28,300 | 28,500 | – 150 | 29,200 | 29,700 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 25,800 | 25,700 | 25,900 | – 100 | 26,700 | 27,100 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,100 | 25,000 | 25,200 | – 350 | 25,800 | 26,150 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,600 | 25,500 | 25,700 | – 200 | 26,300 | 26,600 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,500 | 27,400 | 27,600 | – 200 | 27,800 | 27,450 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 28,500 | 28,400 | 28,600 | – 300 | 29,400 | 29,850 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 26,100 | 26,000 | 26,200 | – 100 | 27,000 | 27,400 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 25,600 | 25,500 | 25,700 | – 100 | 26,200 | 26,600 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 26,100 | 26,000 | 26,200 | – 150 | 26,800 | 27,100 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 27,800 | 27,700 | 27,900 | – 200 | 28,100 | 28,150 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,700 | 27,600 | 27,800 | – 200 | 28,100 | 27,650 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 26,900 | 26,800 | 27,000 | – 100 | 27,200 | 27,800 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 26,000 | 25,900 | 26,100 | – 500 | 26,700 | 26,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 31,800 | 31,600 | 31,900 | – 300 | 32,500 | 32,900 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 29,800 | 29,600 | 30,000 | – 200 | 31,000 | 31,500 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,500 | 30,400 | 30,600 | – 100 | 31,000 | 30,700 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,200 | 30,100 | 30,400 | – 100 | 30,800 | 30,400 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 31,100 | 30,900 | 31,200 | – 100 | 31,400 | 31,500 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 30,800 | 30,700 | 30,900 | – 200 | 30,900 | 30,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 31,400 | 31,300 | 31,600 | 0 | 31,600 | 31,900 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 30,000 | 29,900 | 30,100 | – 400 | 30,800 | 30,600 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 29,700 | 29,500 | 30,300 | – 100 | 30,700 | 31,000 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,000 | 29,600 | 30,900 | – 300 | 30,700 | 30,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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