Indian steel prices fell further due to falling trades. As per daily assessment rebar prices dropped upto INR 1,000/t, billet by INR 100-500/t, while sponge iron by INR 100-300/t in major locations.
The major fall in rebar prices was marked in Gujarat by INR 1,000/t, d-o-d. Sources reported an increase in inventories, specifically in central, east & western India this may keep prices under pressure, if demand continues to remain weak.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 26,700-30,200/t ($ 351-397) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,200-16,300/t ($ 200-214); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 19th June 2020 (Friday) INR to USD exchange rate stood at INR 76.13.
— ICEX (Indian Commodity Exchange Ltd) Jul’20 contract for STEELLONG today open at INR 30,280/t & last traded (IST 17:50 hrs) at INR 30,160/t.
— BSE Sensex closed at 34,731(+523) on Friday, as against last day (Thursday) at 34,208(+700).
— NSE Nifty50 index was closed today at 10,244(+152) & Nifty Metal at 1,997(-1).
Raw Material
— Indian trader has recently concluded an export deal of 55,000t low grade iron ore fines (Fe 57%) for June loading at $69-70/t, CFR.
Semi Finished
— Mid scale mills export offers drop further and are assessed at $350/t for billet & $410-412/t for wire rod, ex-mill at Durgapur.
— A government-owned mill had floated an export tender for 30,000 t billets (150*150 mm, 3sp/4sp), the deal was reportedly concluded at $380-385/t FoB for mid-Jul ’20 shipment.
— Jindal Steel is offering steel grade pig iron at INR 24,000/t ex-plant, however limited inquiries reported by officials.
— SAIL has floated an auction for around 8,550t off grade pig iron on 24 Jun’20 from its Bokaro Steel Plant, Jharkhand.
— Raipur based major sponge manufacturers have kept P-DRI offers firm at INR 15,000-15,200/t, however offers from outside plants reported at INR 14,800/t on FoR Raipur basis.
— Rashmi Metaliks has slightly reduced the sponge P-DRI offers by INR 100/t to INR 15,400/t FoR Durgapur, as per sources.
— BIOP Steels in South India has decreased sponge prices by INR 400-500/t, offering FeM 80 & 82 C-DRI lumps at INR 15,300/t & INR 15,700/t ex-plant, Karnataka; an official reported.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 14,900/t ex-Bellary & around 1,000 t deals reported in nearby region.
Rebar (12 mm)
— GK TMT offers at INR 34,000/t EXW Raipur (Down by INR 300/t).
— Scan Group branding (Shrishti TMT) is offering at INR 32,300/t EXW (Raigarh).
— Bajrangbali Steel Industries Pvt Ltd in Rourkela is offering Rebar at INR 32,000/t EXW.
— Kalika TMT unchanged their offers at INR 33,000/t EXW Jalna.
— Akshat TMT Bars is offering at INR 33,400/t FoR Ahmedabad.
— Trade discount by Raipur based heavy structure manufacturers unchanged at INR 500-800/t and trade price of 200 Angle is at INR 34,000-34,300/t EXW.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod increased by INR 200/t to INR 800-1,000/t through the traders, while base price by plants remain firm at INR 31,000/t ex-plant. However in Durgapur trade reference prices dropped by INR 300/t to INR 31,500-31,800/t ex-plant.
— Bokaro, Jharkhand based a primary mill is offering wire rod (SAE 1008, size 5.5 mm) at around INR 34,500/t EXW. The price dropped almost by INR 500/t against the beginning of Jun’20.
— ERW Pipe manufacturers have decreased offers by INR 100-500/t to INR 34,000/t ex-Raipur, INR 36,800-37,000/t ex-Mandi Gobindgarh & INR 34,500-34,800/t ex-Rourkela.
Reference prices as on 19th Jun’20
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,500 | 21,400 | 21,600 | + 200 | 21,600 | 22,400 |
| Ex-Mumbai | HMS(80:20) | 19,500 | 19,400 | 19,700 | – 100 | 21,000 | NA | |
| Ex-Chennai | HMS(80:20) | 21,000 | 20,800 | 21,200 | 0 | 21,000 | 21,100 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,250 | 16,200 | 16,300 | – 200 | 16,850 | 17,100 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 15,400 | 15,300 | 15,500 | – 100 | 16,300 | 15,750 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 15,800 | 15,700 | 15,900 | – 100 | 16,400 | 16,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,200 | 15,100 | 15,300 | – 300 | 15,800 | 16,100 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,300 | 15,200 | 15,400 | – 150 | 15,950 | 16,100 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 14,800 | 14,700 | 14,900 | – 100 | 15,700 | 15,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 14,800 | 14,700 | 14,900 | – 200 | 15,350 | 16,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 15,500 | 15,400 | 15,600 | – 200 | 16,000 | 16,850 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,150 | 30,100 | 30,200 | – 350 | 31,200 | 30,700 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,750 | 26,700 | 26,800 | – 300 | 27,850 | 26,850 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,400 | 26,300 | 26,500 | – 200 | 27,750 | 26,850 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,900 | 27,100 | – 200 | 28,250 | 27,550 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 26,800 | 26,700 | 26,900 | 0 | 28,700 | NA | |
| Billet | Ex-Mandi Gobindgarh | 100x100mm, IS 2831 | 30,200 | 30,100 | 30,300 | – 350 | 31,300 | 30,800 |
| Ex-Durgapur | 100x100mm, IS 2831 | 27,200 | 27,100 | 27,300 | – 250 | 28,250 | 27,350 | |
| Ex-Rourkela | 100x100mm, IS 2831 | 26,800 | 26,700 | 26,900 | 0 | 28,250 | 27,300 | |
| Ex-Raipur | 100x100mm, IS 2831 | 27,300 | 27,200 | 27,400 | – 200 | 28,750 | 27,900 | |
| Ex-Ahmedabad | 100x100mm, IS 2831 | 28,200 | 28,100 | 28,300 | – 200 | 29,100 | 28,800 | |
| Ex-Mumbai | 100x100mm, IS 2831 | 27,100 | 27,000 | 27,200 | 0 | 29,100 | NA | |
| Ex-Chennai | 100x100mm, IS 2831 | 29,500 | 29,500 | 29,700 | 0 | 29,700 | 30,900 | |
| Ex-Hyderabad | 100x100mm, IS 2831 | 27,500 | 27,400 | 27,600 | 0 | 29,000 | 29,200 | |
| TMT | Ex-Delhi/NCR | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,900 | 34,700 | 35,100 | – 200 | 36,200 | NA |
| Ex-Durgapur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 31,800 | 31,600 | 32,000 | – 400 | 33,300 | 33,000 | |
| Ex-Rourkela | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,000 | 31,800 | 32,100 | – 300 | 33,700 | 34,300 | |
| Ex-Raipur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 31,600 | 31,500 | 31,800 | – 500 | 33,800 | 34,500 | |
| Ex-Jalna | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,500 | 32,300 | 32,600 | – 300 | 34,600 | 36,000 | |
| Ex-Mumbai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,400 | 32,200 | 32,500 | 0 | 33,900 | 34,200 | |
| Ex-Chennai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 35,600 | 35,400 | 35,800 | + 100 | 35,700 | 36,700 | |
| Ex-Hyderabad | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,300 | 32,100 | 32,400 | – 200 | 33,500 | 35,000 | |
| Wire Rod | Ex-Durgapur | 5.5 mm, Wire Rod, Induction grade | 31,600 | 31,500 | 32,000 | – 400 | 33,000 | 31,900 |
| Ex-Raipur | 5.5 mm, Wire Rod, Induction grade | 30,500 | 30,100 | 31,000 | 0 | 32,100 | 31,800 |
Basic prices in INR/t & excluding of GST @ 18%
Source: SteelMint Research
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