Indian steel prices slightly down by INR 100-300/MT today amid limited spot trades, as stated by medium scale mills.
Further the sources mentioned that, buyers seem in wait & watch mode as there is no clarity about the market directions.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 25,400-28,400/MT (USD 357-400) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,100-16,800/MT (USD 226-237); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 9th October 2019 (Wednesday) INR to USD exchange rate stood at INR 71.06.
— ICEX (Indian Commodity Exchange Ltd) Nov’19 contract for STEELLONG today open at INR 27,900/MT & last traded (IST 18:25 hrs) at INR 27,660/MT.
— BSE Sensex closed at 38,177(+645) on Wednesday.
— NSE Nifty50 index was closed today at 11,313(+186) & Nifty Metal at 2,317(+47).
Key Trades
— Imported scrap offers to India for HMS (80:20) Europe origin containers stood at around USD 239/MT, CFR Nhava Sheva.
— Rathi Steels based in North region has unchanged their 12 mm Rebar offer at INR 32,800/MT.
— Raipur based sponge P-DRI markers have reduced prices by INR 100-200/MT to INR 15,600-15,700/MT. However deals not up to the mark as stated by participants.
— Trade discounts in Raipur wire rod unchanged at INR 900/MT by manufacturers & INR 1,200-1,300/MT through the stockiest. Also the base prices more or less firm at INR 30,900/MT ex-Raipur & INR 29,500-30,000/MT ex-Durgapur.
— Raipur based Real Ispat (GK TMT) offering their 12 mm Rebar at INR 32,500/MT.
— Sources reported Chandrapur (Maharashtra) based manufacturers offered Sponge P-DRI (FeM 80) at around INR 15,600/MT, ex-plant & excluding GST.
— Gujarat based Diamond TMT offers 12 mm Rebar at INR 31,300/MT.
— Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) is current offering their 12 mm Rebar at INR 30,700/MT.
— Durgapur based Rashmi Metaliks has offered sponge P-DRI at INR 15,500-15,600/MT, as per sources.
— Private pig iron producers in Durgapur further lowered prices and fresh deals learned at INR 23,000-23,200/MT as against last week at INR 23,300-23,500/MT ex-plant.
— East India, Odisha based manufacturer, Mahavir Ferro Alloys offered C-DRI mix material at INR 16,200/MT ex-plant as per officials. And added, limited buyers at this price.
— ERW pipe offers in Odisha east India reported at around INR 30,800-31,000/MT ex-plant & excluding GST, a Pipe (100 TPD) manufacturer reported.
— BIOP Steels in South India has decreased sponge prices by INR 200/MT, offering FeM 80 & 82 C-DRI lumps at INR 16,400/MT & INR 16,800/MT ex-plant, Karnataka; an official reported.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 17,200/MT & Billet at INR 26,800/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 15,800-15,900/MT ex-Bellary, Karnataka.
Reference prices as on 9th October 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,600 | 21,500 | 21,700 | – 100 | 21,800 | 21,800 |
| Ex-Mumbai | HMS(80:20) | 20,400 | 20,300 | 20,600 | – 200 | 21,400 | 21,500 | |
| Ex-Chennai | HMS(80:20) | 19,000 | 18,900 | 19,200 | – 200 | 19,700 | 20,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,700 | 16,600 | 16,800 | NA | 16,700 | 18,800 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,100 | 16,000 | 16,200 | – 100 | 16,600 | 17,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | – 200 | 17,300 | 17,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | – 100 | 16,500 | 16,900 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,500 | 15,400 | 15,600 | NA | 15,700 | 17,800 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,550 | 15,500 | 15,600 | – 150 | 16,000 | 16,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,800 | 15,700 | 15,900 | – 100 | 16,100 | 16,750 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | – 200 | 16,700 | 17,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,250 | 28,200 | 28,300 | – 250 | 28,900 | 30,200 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,000 | 25,900 | 26,000 | + 200 | 26,000 | 27,800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,100 | 25,000 | 25,100 | – 100 | 25,600 | 26,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,550 | 25,500 | 25,600 | – 50 | 25,900 | 27,250 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,200 | 27,100 | 27,200 | – 200 | 28,000 | 27,700 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 28,400 | 28,300 | 28,400 | – 200 | 29,050 | 30,400 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 26,300 | 26,200 | 26,300 | + 200 | 26,300 | 28,150 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 25,500 | 25,400 | 25,500 | – 100 | 25,800 | 27,200 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 26,000 | 25,900 | 26,000 | – 100 | 26,400 | 27,900 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 27,700 | 27,600 | 27,800 | – 100 | 28,100 | 28,400 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,400 | 27,300 | 27,400 | – 200 | 28,200 | 27,900 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 27,300 | 27,200 | 27,300 | + 100 | 27,150 | 28,400 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 26,000 | 25,900 | 26,100 | 0 | 26,500 | 27,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 31,700 | 31,500 | 31,800 | – 100 | 32,200 | 33,100 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 29,800 | 29,600 | 30,000 | NA | 30,300 | 32,100 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,700 | 30,600 | 30,900 | + 200 | 30,800 | 31,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,100 | 29,900 | 30,200 | 0 | 30,500 | 31,200 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 30,600 | 30,500 | 30,700 | – 200 | 31,300 | 32,100 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 30,600 | 30,400 | 30,800 | – 100 | 31,200 | 30,800 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 31,400 | 31,300 | 31,600 | 0 | 31,500 | 32,400 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 30,000 | 29,800 | 30,100 | + 200 | 30,500 | 31,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 29,600 | 29,500 | 30,000 | – 100 | 30,000 | 31,900 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,000 | 29,600 | 30,900 | 0 | 30,400 | 31,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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