Indian sponge iron & billet prices fell by INR 100-400/MT D-o-D, due to limited spot trades, as per Industry participants. However rebar offers remained supported on account of healthy orders among mid scale re-rollers amidst less supply.
The participants believe finished prices are less likely to drop further owing to supply crunch, specially in central & eastern regions.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 26,400-30,500/MT (USD 348-402) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,600-16,800/MT (USD 205-225); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 18th May 2020 (Monday) INR to USD exchange rate stood at INR 75.83.
— ICEX (Indian Commodity Exchange Ltd) May’20 contract for STEELLONG today open at INR 30,750/MT & last traded (IST 18:14 hrs) at INR 30,600/MT.
— BSE Sensex closed at 30,028(-1,068) on Monday, as against last day (Friday) at 31,097(-25).
— NSE Nifty50 index was closed today at 8,823(-313) & Nifty Metal at 1,673(+27).
Raw Material
— Bhushan Power & Steel has recorded iron ore sourcing at 61,679 MT in Apr’20, a fall of 73% as against 232,395 MT in Mar’20.
Semi Finished
— As per Durgapur based buyers, SAIL sharply cuts basic (steel) grade pig iron offers and reported at INR 22,300/MT EXW-IISCO Steel Plant & INR 21,900-22,000/MT EXW-Bokaro Steel Plant. The prices are loaded on rake basis.
— Durgapur based Neo Metaliks has reported limited response at the offers of steel grade pig iron at INR 23,500-600/MT EXW.
— Sponge manufacturers in Raipur declined P-DRI offers by INR 200/MT to INR 15,300-400/MT EXW. However limited deals learned due reduced billet offers & competitive offers from Raigarh & Odisha at INR 15,400/MT FoR Raipur basis.
— As per Ingot/billet manufacturers in Raigarh, Central India steel grade pig iron offers by traders at around INR 22,800-23,000/MT EXW.
— Rashmi Metaliks in Durgapur reduces sponge P-DRI offer by INR 300/MT to INR 15,800/MT FoR Durgapur, sources reported.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,400-16,500/MT ex-Bellary & around 1,500 MT deals reported in nearby region.
Rebar (12 mm)
— Raigarh based Scan Group (Shrishti TMT) is offering at INR 33,700/MT EXW.
— Rathi Stelmax Steel is offering at INR 36,700/MT EXW (North Region).
— Sarvottam Rolling Mills (Paras TMT) is offering at INR 34325/MT EXW (Muzaffarnagar).
— Real Ispat GK TMT has unchanged their offer at INR 36,000/MT EXW (Raipur).
— Anjani Steels Ltd. (Radhe TMT) is offering at INR 34,300/MT EXW (Raigarh).
— Guardian Castings Pvt. Ltd has (Guardian TMT) unchanged their offer at INR 34,300/MT EXW (Mumbai).
— Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) is offering at INR 35,500/MT EXW (Jalna).
— Mono Steel (India) Ltd. (Mono TMT) is offering at INR 35,800/MT FoR (Gujarat).
— Chennai based Ponneri Steel Ind. (Triple Power) is offering at INR 36,500/MT.
— Central region, Raipur based heavy structure manufacturers have maintained trade discount by INR 600-1,000/MT and Current trade reference prices at INR 34,400-34,800/MT (200 Angle) Ex-work.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod increased to INR 400-500/MT through the plants & upto INR 1,000/MT by traders. Trade reference price range drop by INR 200/MT to INR 30,600-31,100/MT ex-Raipur & INR 31,200-400/MT ex-Durgapur.
— ERW Pipe Manufacturers have kept offers at firm level to INR 34,300-34,500/MT ex-Raipur, INR 36,900/MT ex-Mandi Gobindgarh & INR 34,500/MT ex-Rourkela.
Reference prices as on 18th May’20
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,900 | 22,800 | 23,000 | – 100 | 22,600 | 22,900 |
| Ex-Chennai | HMS(80:20) | 21,100 | 20,900 | 21,200 | + 100 | 21,800 | 21,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,800 | 16,700 | 16,900 | – 300 | 16,650 | 17,450 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 15,600 | 15,500 | 15,700 | – 100 | 15,150 | 16,600 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,200 | 16,100 | 16,300 | – 100 | 16,300 | 17,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,200 | 16,100 | 16,300 | 0 | 16,100 | 16,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,800 | 15,700 | 15,900 | – 300 | 15,600 | 16,550 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,300 | 15,200 | 15,400 | – 200 | 15,300 | 16,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | + 100 | 16,200 | 16,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | – 100 | 16,800 | 16,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,400 | 30,300 | 30,500 | – 300 | 29,250 | 29,650 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,500 | 26,600 | 26,700 | – 200 | 26,100 | 26,150 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,000 | 25,900 | 26,100 | – 250 | 25,400 | 25,750 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,450 | 26,400 | 26,500 | – 200 | 25,700 | 26,150 | |
| Billet | Ex-Mandi Gobindgarh | 100x100mm, IS 2831 | 30,500 | 30,400 | 30,600 | – 400 | 29,400 | 29,800 |
| Ex-Durgapur | 100x100mm, IS 2831 | 27,000 | 26,900 | 27,100 | – 200 | 26,600 | 26,600 | |
| Ex-Rourkela | 100x100mm, IS 2831 | 26,500 | 26,400 | 26,600 | – 100 | 26,200 | 26,100 | |
| Ex-Raipur | 100x100mm, IS 2831 | 26,850 | 26,800 | 26,900 | – 300 | 26,300 | 26,500 | |
| Ex-Ahmedabad | 100x100mm, IS 2831 | 29,400 | 29,300 | 29,500 | – 100 | NA | 28,400 | |
| Ex-Chennai | 100x100mm, IS 2831 | 30,500 | 30,500 | 30,700 | + 200 | NA | 30,000 | |
| Ex-Hyderabad | 100x100mm, IS 2831 | 28,500 | 28,400 | 28,600 | – 200 | 28,000 | 28,000 | |
| TMT | Ex-Durgapur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,500 | 32,300 | 32,700 | 0 | 31,700 | 30,600 |
| Ex-Rourkela | 12-25mm, Induction Grade, IS 1786- 500 Fe | 33,000 | 32,800 | 33,200 | – 200 | 32,200 | 30,900 | |
| Ex-Raipur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 33,800 | 33,700 | 33,900 | 0 | 32,600 | 30,800 | |
| Ex-Mumbai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,200 | 34,000 | 34,300 | 0 | NA | 33,400 | |
| Ex-Chennai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 36,300 | 36,100 | 36,500 | 0 | 35,900 | 34,800 | |
| Ex-Hyderabad | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,500 | 34,400 | 34,600 | – 500 | 34,500 | 32,500 | |
| Wire Rod | Ex-Durgapur | 5.5 mm, Wire Rod, Induction grade | 31,300 | 31,200 | 31,700 | – 200 | 30,800 | 29,700 |
| Ex-Raipur | 5.5 mm, Wire Rod, Induction grade | 31,100 | 30,600 | 31,600 | – 200 | 29,600 | 29,300 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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