Spot steel prices continued down trend amid limited inquiries and as per daily assessment sponge iron & billet prices fell by INR 100-300/MT.
Rebar prices moved down by INR 100-400/MT in major locations, except in Odisha where it fell sharply by INR 800/MT D-o-D on account of local festival along with increased restrictions by the government.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 28,300-31,600/MT (USD 372-416) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 16,100-17,200/MT (USD 212-227); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 11th June 2020 (Thursday) INR to USD exchange rate stood at INR 75.89.
— ICEX (Indian Commodity Exchange Ltd) Jul’20 contract for STEELLONG today open at INR 30,850/MT & last traded (IST 18:05 hrs) at INR 30,700/MT.
— BSE Sensex closed at 33,538(-708) on Wednesday, as against last day (Wednesday) at 34,247(+290).
— NSE Nifty50 index was closed today at 9,902(-214) & Nifty Metal at 1,954(-55).
Raw Material
— JSW Steel’s total iron ore sourcing recorded at 1.94 mnt in May’20 as against 0.72 mnt in Apr’20.
Semi Finished
— Indian primary mills concluded around 5,500 MT billet export deals at near USD 400/MT & for wire rod at about USD 450/MT; CPT Nepal, as per participants.
— Durgapur based private plants offering steel grade pig iron at INR 24,800-25,000/MT, while few deals reported at INR 24,600-700/MT ex-plant.
— Atibir Industries hold sales for steel grade pig iron post a few deals at INR 25,000-25,100/MT ex-Giridih, Jharkhand.
— Officials from Jindal steel reported no stock of pig iron, hence not offering material in the spot market. Last deals reported at around INR 24,300/MT ex-Raigarh.
— Electrosteels has slightly raised steel grade pig iron prices by INR 200/MT to INR 24,200/MT ex-Bokaro, Jharkhand.
— Raipur based sponge manufacturers have kept P-DRI offers firm at INR 15,800-900/MT ex-plant, however demand remains weak due to competitive offers from outside at around INR 15,700/MT on FoR basis.
— Kharagpur (Durgapur) based Rashmi Metaliks has reduced sponge P-DRI prices by INR 200-300/MT to INR 16,200/MT FoR, as per sources.
— Ind Synergy (Raigarh) offered P-DRI at INR 15,600/MT & Billet at INR 28,600/MT ex-Raigarh, officials reported.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,300/MT & INR 16,600/MT ex-plant, Karnataka.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 15,500-15,600/MT ex-Bellary.
Rebar (12 mm)
— Rathi Stelmax Steel is offering at INR 37,500/MT EXW (North Region).
— Real Ispat & Power Ltd. GK TMT is offering at INR 36,000/MT EXW Raipur.
— Bajrangbali Steel Industries Pvt Ltd in Rourkela is offering Rebar at INR 33,700/MT EXW.
— Odisha based Ultra Strong TMT offers reported at INR 33,500-33,600/MT EXW.
— Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) offers at INR 34,900/MT EXW Jalna (Down by INR 800/MT).
— Mono Steel (India) Ltd. (Mono TMT) has unchanged their offer at INR 35,800/MT FoR (Gujarat).
— Suryadev Alloys and Power Limited (Suryadev TMT) is offering at INR 37,500/MT EXW (Chennai).
— In heavy structural steel, trade discount maintained by Raipur based manufacturers is at INR 500-700/MT and trade reference prices at INR 35,300-35,500/MT (200 Angle) EXW.
Wire Rod & Pipe
— Wire rod export offers to Nepal through the large scale mills hovering at USD 430-435/MT & by secondary mills at USD 438-440/MT EXW, Eastern India.
— Trade discounts in Raipur wire rod unchanged at around INR 1,000/MT, however base price dropped by INR 400/MT to INR 33,000/MT ex-plant. Also in Durgapur trade reference prices fell by INR 200/MT to INR 33,000-33,500/MT ex-plant.
— ERW Pipe Manufacturers have kept offers at firm level to INR 35,800-36,000/MT ex-Raipur, INR 38,000/MT ex-Mandi Gobindgarh & INR 36,500/MT ex-Rourkela.
Reference prices as on 11th Jun’20
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,000 | 21,900 | 22,100 | – 300 | 21,900 | 22,000 |
| Ex-Mumbai | HMS(80:20) | 21,000 | 20,900 | 21,200 | – 100 | 21,200 | NA | |
| Ex-Chennai | HMS(80:20) | 21,000 | 20,900 | 21,300 | – 100 | 21,200 | 20,900 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,150 | 17,100 | 17,200 | – 150 | 16,800 | 16,800 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,400 | 16,300 | 16,400 | – 200 | 16,350 | 15,500 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | – 100 | 17,000 | 16,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,100 | 16,000 | 16,200 | 0 | 15,900 | 16,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,150 | 16,100 | 16,200 | – 150 | 15,800 | 15,800 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,750 | 15,700 | 15,800 | – 150 | 16,100 | 15,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,600 | 15,500 | 15,700 | 0 | 15,600 | 16,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,100 | 16,000 | 16,200 | 0 | 16,700 | 16,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,500 | 31,400 | 31,600 | + 50 | 31,450 | 30,050 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 28,200 | 28,100 | 28,300 | 0 | 28,000 | 26,300 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 27,950 | 27,900 | 28,000 | – 100 | 27,900 | 25,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 28,500 | 28,400 | 28,600 | – 150 | 28,450 | 26,100 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 28,800 | 28,700 | 28,900 | – 100 | 28,800 | NA | |
| Billet | Ex-Mandi Gobindgarh | 100x100mm, IS 2831 | 31,550 | 31,500 | 31,600 | – 50 | 31,600 | 30,100 |
| Ex-Durgapur | 100x100mm, IS 2831 | 28,600 | 28,500 | 28,700 | 0 | 28,500 | 26,800 | |
| Ex-Rourkela | 100x100mm, IS 2831 | 28,300 | 28,200 | 28,400 | – 250 | 28,350 | 26,300 | |
| Ex-Raipur | 100x100mm, IS 2831 | 29,050 | 29,000 | 29,100 | – 150 | 28,950 | 26,700 | |
| Ex-Ahmedabad | 100x100mm, IS 2831 | 29,400 | 29,200 | 29,400 | – 100 | 29,200 | 29,000 | |
| Ex-Mumbai | 100x100mm, IS 2831 | 29,200 | 29,100 | 29,300 | – 100 | 29,300 | NA | |
| Ex-Chennai | 100x100mm, IS 2831 | 29,800 | 29,700 | 30,000 | – 200 | 30,100 | 30,000 | |
| Ex-Hyderabad | 100x100mm, IS 2831 | 29,500 | 29,400 | 29,600 | 0 | 29,500 | 28,500 | |
| TMT | Ex-Delhi/NCR | 12-25mm, Induction Grade, IS 1786- 500 Fe | 36,500 | 36,300 | 36,600 | – 200 | 36,700 | NA |
| Ex-Durgapur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 33,500 | 33,300 | 33,700 | – 300 | 33,800 | 32,200 | |
| Ex-Rourkela | 12-25mm, Induction Grade, IS 1786- 500 Fe | 33,700 | 33,500 | 33,800 | – 800 | 34,800 | 32,400 | |
| Ex-Raipur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 33,900 | 33,800 | 34,000 | – 100 | 34,700 | 33,100 | |
| Ex-Jalna | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,800 | 34,600 | 34,900 | – 400 | 35,900 | NA | |
| Ex-Mumbai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,100 | 33,900 | 34,200 | 0 | 34,100 | NA | |
| Ex-Chennai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 35,700 | 35,600 | 36,000 | – 100 | 36,100 | 36,000 | |
| Ex-Hyderabad | 12-25mm, Induction Grade, IS 1786- 500 Fe | 33,800 | 33,700 | 33,900 | – 200 | 34,500 | 34,500 | |
| Wire Rod | Ex-Durgapur | 5.5 mm, Wire Rod, Induction grade | 33,100 | 33,000 | 33,500 | – 200 | 33,000 | 31,000 |
| Ex-Raipur | 5.5 mm, Wire Rod, Induction grade | 32,500 | 32,000 | 33,000 | – 400 | 32,800 | 30,400 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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