Indian steel prices drop further on account of limited spot trades and rising inventories with the mid sized mills.
As per daily assessment the prices declined by INR 100-700/MT in which sponge iron prices down by INR 100-300/MT, Billet by INR 200-700/MT & Rebar INR 100-500/MT with major fall of INR 500-700/MT (USD 7-10) in North, West & Southern India.
SteelMint also analysed that prevailing offers of Semis products in major markets are currently almost 2 years low as similar price range were last seen during Jul-Aug’17.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 24,700-28,700/MT (USD 347-404) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 15,800-16,700/MT (USD 222-235); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 7th August 2019 (Wednesday) INR to USD exchange rate stood at INR 70.98.
— ICEX (Indian Commodity Exchange Ltd) Sep’19 contract for STEELLONG today open at INR 26,400/MT & last traded (IST 18:34 hrs) at INR 25,480/MT.
— BSE Sensex closed at 36,690(-286) on Wednesday, as against last day (Tuesday) at 36,976(+277).
— NSE Nifty50 index was closed today at 10,855(-92) & Nifty Metal at 2,389(-58).
Raw Materials
— Indian iron ore imports in July’19 have been recorded at 51,470 MT, witnessed 28% decline for the month compared to 71,865 MT in June’19.
— NMDC (Chhattisgarh) supplied total of 222 rakes (0.85 MnT) of iron ore in the month of Jul’19, down 28% against 310 rakes (1.19 MnT) a month before in Jun’19, according to railway movement data maintained with SteelMint.
— Melting scrap offers in Eastern India- Durgapur declined by INR 500/MT in a day trade activities.
Semi Finished
— Vizag Steel has issued an export tender of 25,000 MT basic grade steel making Pig iron for any country other than Nepal. This tender is due on 14 Aug’19.
— RINL has invited a tender for export of 10,000 MT Wire Rod 20,000 MT Bloom, 10,000 MT Cast Round and 20,000 MT Billets. Interested bidders can submit their bids till 13 Aug’19 at 14:00.
— Raipur based sponge manufacturers have reduced sponge P-DRI prices by INR 200/MT to INR 15,700-15,900/MT, however limited deals heard due to competitive offers from Raigarh & Odisha at INR 15,700-15,800/MT FoR Raipur.
— Major sponge producers in Durgapur have further cuts offer due to falling furnaces productions amid limited demand. Today offers for P-DRI through Rashmi Metaliks heard at INR 14,800-15,000/MT as against yesterday at INR 15,100-15,200/MT.
— Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 15,800-16,000/MT ex-plant & excluding GST.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 15,700-15,800/MT ex-Bellary, offers decline by INR 200/MT from the last trade; an official reported.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,400/MT & INR 16,800/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod further increased and assessed at INR 1,500-1,800/MT through manufacturers & INR 2,200-2,400/MT by re-sselers end. Similarly in Durgapur where trade reference prices dropped by INR 300/MT to INR 29,000-30,000/MT ex-plant.
— BHEL invites tender for purchase of 80,000 MTR Pipe in Uttarakhand. The due date for submitting the bids is 29 Aug’19.
— Raipur, Central India based ERW pipe manufacturers offers reported at around INR 31,200-31,400/MT ex-plant & excluding GST.
Rebar (12 mm)
— Raipur based Real Ispat (GK TMT) has unchanged their offers at INR 31,700/MT.
— Raigarh based Anjani Steels Ltd. (Radhe TMT) is offering at INR 28,500/MT(down by INR 800/MT).
— Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 29,300/MT(down by INR 200/MT).
— Gujarat based Diamond TMT has unchanged their offers at INR 32,900/MT.
— Gujarat based Akshar Ispat Ltd. (Akshat TMT) is current offering at INR 32,400/MT FoR.
— Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) is offering INR 30,900/MT(down by INR 200/MT).
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is offering at INR 31,000/MT(down by INR 200/MT).
— Chennai based Ponneri Steel Ind. (Triple Power) is current offering at INR 33,500/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 7th August 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,500 | 21,400 | 21,600 | – 100 | 22,200 | 22,500 |
| Ex-Mumbai | HMS(80:20) | 20,700 | 20,600 | 20,800 | – 100 | 21,000 | 21,200 | |
| Ex-Chennai | HMS(80:20) | 20,400 | 20,300 | 20,500 | 0 | 20,200 | 21,100 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 15,800 | 15,700 | 15,900 | – 350 | 17,400 | 17,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 15,900 | 15,800 | 16,000 | – 200 | 16,500 | 16,300 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | – 100 | 17,200 | 17,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | – 100 | 16,400 | 16,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 14,800 | 14,700 | 14,900 | – 350 | 16,400 | 16,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,750 | 15,700 | 15,800 | – 100 | 16,200 | 16,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,700 | 15,600 | 15,800 | – 200 | 15,800 | 16,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,200 | 16,100 | 16,300 | – 200 | 16,400 | 16,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 27,200 | 27,100 | 27,300 | – 600 | 29,200 | 30,250 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 25,000 | 24,900 | 25,100 | – 400 | 25,900 | 26,800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 24,400 | 24,300 | 24,400 | – 400 | 25,400 | 26,300 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 24,900 | 24,800 | 25,000 | – 450 | 26,000 | 26,700 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 26,850 | 26,800 | 26,900 | – 100 | 27,200 | 27,450 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 27,300 | 27,200 | 27,400 | – 700 | 29,300 | 30,300 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 25,400 | 25,300 | 25,500 | – 300 | 26,400 | 27,400 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 24,700 | 24,600 | 24,800 | – 400 | 25,700 | 26,600 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 25,300 | 25,200 | 25,400 | – 400 | 26,300 | 27,300 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 27,000 | 26,800 | 27,100 | – 500 | 28,700 | 28,700 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,150 | 27,100 | 27,200 | – 100 | 27,500 | 27,700 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 28,700 | 28,500 | 28,800 | – 200 | 29,200 | 29,500 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 27,000 | 26,900 | 27,100 | – 500 | 28,000 | 28,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 32,600 | 32,400 | 32,800 | – 500 | 33,800 | 34,500 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 29,200 | 29,000 | 29,400 | – 400 | 30,600 | 32,500 | |
| Ex-Rourkela | 12MM, IS 1786- 415/500 Fe | 29,200 | 29,100 | 29,400 | – 300 | 29,800 | NA | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 28,500 | 28,300 | 28,700 | – 400 | 29,800 | 31,300 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 30,700 | 30,500 | 30,800 | – 200 | 31,200 | 32,300 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 30,100 | 29,900 | 30,200 | 0 | 30,400 | 30,900 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 33,000 | 32,900 | 33,200 | 0 | 33,600 | 34,200 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 31,200 | 31,000 | 31,400 | – 300 | 32,000 | 32,300 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 29,300 | 29,000 | 30,000 | – 300 | 30,400 | 31,900 |
| Ex-Raipur | Wire Rod(5.5 MM) | 29,500 | 28,700 | 31,100 | – 200 | 30,900 | 32,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research

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