In the week opening, Indian steel prices slump further owing to poor demand and strengthening supply. As per assessment, the prices of Semis & Finished Long steel products by mid size mills down by INR 100-500/MT (upto USD 7), day-on-day.
Market expects, domestic prices to remain under pressure as selling pressure rise with the producers, this may raise price competitiveness.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 31,000-34,700/MT (USD 438-490) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,700-22,000/MT (USD 293-311); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 26th November 2018 (Monday) INR to USD exchange rate stood at INR 70.75
— BSE Sensex closed at 35,354(+373) on Monday, as against last day (Thursday) at 34,981(-218).
— NSE Nifty50 index was closed today at 10,628(+101).
Raw Materials
— As per latest assessment, Coking coal’s spot prices of the Premium HCC are at around USD 220/MT FoB Australia & USD 233/MT CNF India.
— Imported scrap offers to India for HMS (80:20) Europe origin containers stood at around USD 330/MT, CFR Nhava Sheva.
Semi Finished
— Raipur, Central India based Integrated plants offers decreased by INR 100-200/MT, offering Sponge P-DRI at INR 20,300-20,500/MT & Sponge DR CLO grade at INR 22,400-22,500/MT ex-plant.
— The latest price assessment for Steel grade Pig iron stood at INR 30,100-30,200/MT ex-Raipur (Central India) & INR 29,000-29,400/MT ex-Durgapur (East region). As per sources, limited deals at these offers owing to slump in billet prices.
— In West Bengal – Durgapur, big manufacturers have decreased sponge prices by INR 200/MT D-o-D; offering P-DRI at INR 21,000/MT.
— BMM Ispat in South India (Karnataka) has reduced offers for FeM 80 P-DRI by INR 100/MT to INR 20,300-20,400/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 20,900/MT & INR 21,300/MT ex-plant, Karnataka; an official reported.
— South India based Amoda Iron & Steel Ltd is offering FeM 75 & 80 C-DRI lump at INR 19,500/MT & INR 21,000/MT ex-plant (Hyderabad).
— South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI & Billet at INR 20,500/MT & INR 33,500/MT. Also offering 28 MM Rebar at INR 35,000/MT. All prices are ex-plant & excluding GST.
Pipe & Wire rod
— Mandi Gobindgarh, North India based ERW pipe manufacturers decreased prices by INR 200/MT & offers reported at around INR 41,600/MT ex-plant & excluding GST.
— Hyderabad (South India) based Pipe manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has kept offers unaltered for ERW Pipe at INR 41,500/MT ex-plant. (basic & excluding GST).
— Raipur based wire rod manufacturers have reduced prices by INR 300/MT and today’s offer at INR 38,600/MT ex-plant. Meanwhile, offers for same material in Durgapur hovering at INR 37,700-38,000/MT; (5.5mm), ex-plant.
— Rashmi Metaliks reduced wire rod offers and offering at INR 37,600/MT (size 5.5mm) ex-Kharagpur.
— Raipur based wire rod suppliers have increased trade discount and today’s discount at around INR 900-1,300/MT.
Rebar (12 mm)
— As per sources, Vizag Steel is currently offering rebar in the range of INR 42,000-42,500/ MT in projects (12-32mm) ex-Vijayawada.
— Rathi Steels based in North region offering at INR 38,600-38,700/MT, down by INR 100-200/MT.
— Raipur based – SPEED TMT offering at INR 35,200/MT, down by INR 100/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd (National TMT) unchanged offering at INR 37,600/MT FoR.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT unchanged offering at INR 36,600/MT.
— Chennai based ARS Steel (Trusteel) their offering at INR 41,400/MT, down by INR 400/MT.
Note – Prices mentioned above are ex-work, excluding GST and changes are placed on day basis.
Reference prices as on 26th November 2018
| Products | Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M |
| Scrap | Ex-Alang | HMS(80:20) | 26,800 | 26,700 | 26,900 | -100 | 27,200 | 26,500 |
| Ex-Mumbai | HMS(80:20) | 25,800 | 25,700 | 26,000 | -300 | 26,500 | 25,400 | |
| Ex-Chennai | HMS(80:20) | 26,000 | 25,900 | 26,200 | +100 | 26,800 | 26,500 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,000 | 21,900 | 22,100 | -200 | 22,900 | 22,900 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 21,300 | 21,200 | 21,400 | -200 | 21,700 | 22,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22,000 | 21,900 | 22,100 | – 100 | 22,300 | 22,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,700 | 20,600 | 20,800 | 0 | 21,400 | 21,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,000 | 20,900 | 21,100 | -200 | 21,900 | 21,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,400 | 20,300 | 20,500 | -200 | 20,800 | 21,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,200 | 20,100 | 20,300 | – 100 | 20,500 | 20,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,700 | 20,600 | 20,800 | – 100 | 21,200 | 21,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,200 | 34,100 | 34,300 | -350 | 35,700 | 36,100 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,500 | 31,400 | 31,600 | -300 | 33,000 | 33,900 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,900 | 30,800 | 31,000 | -300 | 32,000 | 32,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,100 | 31,000 | 31,200 | -450 | 32,400 | 32,900 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,200 | 33,100 | 33,300 | 0 | 33,600 | 33,200 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 34,700 | 34,600 | 34,800 | -450 | 36,500 | 36,900 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 31,900 | 31,800 | 32,000 | -300 | 33,400 | 34,200 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 31,300 | 31,200 | 31,400 | -200 | 32,500 | 33,300 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 31,500 | 31,400 | 31,500 | -500 | 32,950 | 33,800 | |
| Ex-Ahmedabad | 125×125 mm, IS 2831 | 33,900 | 33,800 | 34,000 | -50 | 34,600 | 34,100 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 33,400 | 33,300 | 33,500 | 0 | 33,900 | 33,400 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,100 | 34,000 | 34,200 | -50 | 34,700 | 35,500 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 33,500 | 33,400 | 33,600 | 0 | 34,000 | 34,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,600 | 37,400 | 37,800 | -400 | 38,300 | 39,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 37,300 | 37,100 | 37,500 | -500 | 38,800 | 39,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,100 | 35,100 | 35,300 | -200 | 36,100 | 36,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,900 | 36,600 | 37,100 | 0 | 37,100 | 37,000 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 38,700 | 38,500 | 38,900 | – 100 | 39,300 | 40,500 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 37,500 | 37,300 | 37,700 | 0 | 38,000 | 38,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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