Indian Steel market remain supported as prices increase further by mid size mills.
As per assessment on day trade activities, the Billet prices rise by INR 100-300/MT & Rebar by INR 100-400/MT. Meanwhile, Sponge iron market observed slight price fluctuations by INR 100/MT in major producing markets.
As per industry participants, domestic demand is good which was quite dull since few weeks.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,800-34,500/MT (USD 432-484) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,400-21,700/MT (USD 286-304); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 18th December 2018 (Tuesday) INR to USD exchange rate stood at INR 70.5
— ICEX (Indian Commodity Exchange Ltd) Jan’19 contract for STEELLONG today open at INR 34,080/MT & last traded (IST 18:40) at INR 33,680/MT.
— BSE Sensex closed at 36,347(+77) on Tuesday, as against last day (Monday) at 36,270(+307).
— NSE Nifty50 index was close today at 10,908(+20).
Semi Finished
— This week pellet prices in Indian domestic market witnessed decline further on limited trades. The latest price assessment stood at INR 6,200-6,500/MT ex-Raipur, INR 6,400/MT in Durgapur & INR 7,200-7,300/MT in Bellary, declined by INR 100-200/MT, W-o-W.
— Jindal Steel offers firm for Pig iron at INR 28,800-29,000/MT ex-Raigarh, Panther shots (granulated pig iron) at INR 27,800/MT & Pooled iron at INR 26,800/MT ex-plant, Odisha.
— Atibir Industries based in Giridih, Jharkhand has sold Steel grade Pig iron at INR 29,000/MT ex-plant & INR 29,500/MT FoR Durgapur, as per officials. The company’s montly average Pig iron production is about 25,000-30,000 MT.
— Neelachal Ispat (NINL) has floated a price circular to sale about 4,000 MT Pooled iron at INR 25,700/MT ex-plant, Cuttack, Odisha.
— Indian Sponge iron export offers slightly gain to USD 330-335/MT as against last week at USD 325-330/MT CPT Benapole (dry port of India & Bangladesh). Surge in domestic prices, strenghthening export prices.
— Odisha based sponge makers are trading Sponge C-DRI mix material at INR 20,300-20,500/MT & 100% lumps at INR 20,600-20,800/MT ex-plant. As per them demand is good from Western India – Maharashtra.
— Raipur based manufacturers have slightly raise sponge prices and offered P-DRI at INR 20,300-20,400/MT as against last day at INR 20,200-20,300/MT ex-plant.
— Rashmi Metaliks based in West Bengal has increased sponge prices and offers for P-DRI heard at around INR 19,800/MT.
— Steel Authority of India (SAIL) re-issues export tender for 16,200 MT blooms from its Bhilai Steel Plant. Company’s last floated tender was heard to have received highest bid at around USD 425/MT, FoB.
Wire rod
— Raipur based wire rod manufacturers offers increased by INR 300/MT and trade discount through the manufacturers/suppliers slightly increased at around INR 600-800/MT. The offers for 5.5mm wire rod is hovering around INR 38,800/MT ex-Raipur & INR 37,700-38,000/MT ex-Durgapur.
Rebar (12 mm)
— As per sources, Vizag Steel (RINL) increases discount/incentives in rebar by upto INR 700/MT for specific location w.e.f. 17 December.
— Raipur based – GK TMT is offering at INR 38,100/MT, up by INR 300/MT.
— Raipur based – SPEED TMT offering at INR 36,000/MT, up by INR 300/MT.
— Raigarh based Anjani Steels Ltd. (Radhe TMT) offering at INR 35,700/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) offering at INR 39,000/MT FoR, up by INR 300/MT & Sponge P-DRI at INR 23,400/MT ex-work.
— Gujarat based, Akshar TMT offering at INR 38,600/MT FoR, up by INR 400/MT.
— Jalna based Kalika Steel Alloys Pvt Ltd unchanged their offering at INR 37,500/MT.
— East region based – Shakambhari Ispat & Power Ltd. offered Wire Rod 5.5 mm at INR 38,000/MT and TMT offering at INR 36,800/MT.
Note – Prices mentioned above based on ex-work and excluding GST and changes are placed on day basis.
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