Limited inquiries and spot trades weighed down rebar price by INR 100-600/t & billet by INR 100-300/t of secondary mills on d-o-d basis in major locations. However the producers are eyeing to hold offers soon as margins (conversion) have dipped sharply along with expected seasonal tight supply of sponge iron in the domestic market.
Also with onset of monsoons in few parts of the country, the major producers in central & eastern India are holding sponge offers firm despite no major deals.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 26,300-30,000/t ($ 346-395) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,200-16,000/t ($ 200-211); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 22nd June 2020 (Monday) INR to USD exchange rate stood at INR 76.03.
— ICEX (Indian Commodity Exchange Ltd) Jul’20 contract for STEELLONG today open at INR 30,100/t & last traded (IST 17:50 hrs) at INR 29,860/t.
— BSE Sensex closed at 34,911(+179) on Monday, as against last day (Friday) at 34,731(+523).
— NSE Nifty50 index was closed today at 10,311(+66) & Nifty Metal at 2,049(+52).
Raw Material
— Raipur based silicon manganese producers reported supply shortage and fresh offers for 60-14 at INR 59,500-60,000/t, while through traders it learned at around INR 59,000/t, EXW.
— Melting scrap offers in Western India- Gujarat decline by INR 400/MT in a day trade activity.
Semi Finished
— The mid scale mills export offers to Nepal drop further by $5/t d-o-d & assessed at $340-342/t for billet & $400-403/t for wire rod, ex-mill at Durgapur, via road delivery.
— Jindal Steel has reduced pig iron offers and reported steel grade at INR 23,800/MT ex-Raigarh.
— Rashmi Metaliks has slightly lower sponge P-DRI price by INR 100/t to INR 15,000/t FoR Durgapur, as per sources.
— Durgapur based Neo Metaliks has reduced steel grade pig iron prices by INR 200-300/t to INR 23,300-400/t ex-plant & limited inquiries reported through the officials.
— Major secondary sponge manufacturers in Raipur hold offers firm for P-DRI at INR 14,700-800/t, however buying interest remains at less price at near to INR 14,500/t ex-plant, as per sources.
— BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 15,300/t & INR 15,700/t ex-plant, Karnataka.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 15,000/t ex-Bellary & around 2,500 t deals reported in nearby region.
Rebar (12 mm)
— GK TMT offers at INR 33,200/t EXW Raipur.
— Scan Group branding (Shrishti TMT) is offering at INR 31,300/t EXW Raigarh.
— Paras TMT offers at INR 33,200/t (600 down) EXW Muzaffarnagar.
— Bajrangbali Steel Industries Pvt Ltd is offering Rebar at INR 31,300-31,400/t EXW Rourkela.
— Rajuri TMT offers at INR 32,700/t EXW Jalna.
— Diamond TMT Bars is offering at INR 33,900/t FoR Ahmedabad.
— Triple Power is offering at INR 36,500/t EXW Chennai.
— Trade discount by Raipur based heavy structure manufacturers is at INR 500-800/t and trade price of 200 Angle is at INR 33,600-34,000/t EXW.
Wire Rod & Pipe
— Trade discount in Raipur stable at around INR 1,000/t along with steady base price at INR 30,500/t ex-plant. However in Durgapur trade reference price dropped by INR 700/t to INR 30,700-31,000/t ex-plant. Meanwhile, inventories are not up to the mark as per manufacturers.
— ERW Pipe manufacturers have decreased offers by INR 100-300/t to INR 33,300-335,00/t ex-Raipur, INR 36,500-36,700/t ex-Mandi Gobindgarh & INR 33,500-33,700/t ex-Rourkela.
Reference prices as on 22nd Jun’20
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,000 | 20,900 | 21,100 | – 400 | 21,000 | 22,100 |
| Ex-Mumbai | HMS(80:20) | 19,400 | 19,300 | 19,500 | 0 | 20,700 | 20,500 | |
| Ex-Chennai | HMS(80:20) | 20,900 | 20,900 | 21,300 | – 100 | 21,000 | 21,100 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 16,000 | 15,900 | 16,100 | 0 | 16,500 | 17,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 15,400 | 15,300 | 15,500 | 0 | 16,000 | 16,300 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 15,600 | 15,500 | 15,700 | – 50 | 16,300 | 17,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,200 | 15,100 | 15,300 | + 100 | 15,800 | 16,100 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,000 | 14,900 | 15,100 | 0 | 15,500 | 16,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 14,600 | 14,500 | 14,700 | – 50 | 15,150 | 16,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 14,900 | 14,800 | 15,000 | + 200 | 15,300 | 16,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 15,400 | 15,300 | 15,500 | 0 | 16,000 | 16,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,000 | 29,900 | 30,100 | – 150 | 30,800 | 31,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,450 | 26,400 | 26,500 | – 150 | 27,400 | 27,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,000 | 25,900 | 26,100 | – 200 | 27,300 | 27,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,450 | 26,400 | 26,500 | – 100 | 27,800 | 29,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 26,900 | 26,800 | 27,000 | – 200 | 28,000 | 29,000 | |
| Billet | Ex-Mandi Gobindgarh | 100x100mm, IS 2831 | 30,000 | 29,900 | 30,100 | – 200 | 30,900 | 31,100 |
| Ex-Durgapur | 100x100mm, IS 2831 | 26,800 | 26,700 | 26,900 | – 200 | 27,600 | 28,150 | |
| Ex-Rourkela | 100x100mm, IS 2831 | 26,350 | 26,300 | 26,400 | – 150 | 27,700 | 28,500 | |
| Ex-Raipur | 100x100mm, IS 2831 | 26,750 | 26,700 | 26,800 | – 50 | 28,200 | 29,400 | |
| Ex-Ahmedabad | 100x100mm, IS 2831 | 27,900 | 27,800 | 28,000 | – 100 | 28,500 | 28,900 | |
| Ex-Mumbai | 100x100mm, IS 2831 | 27,200 | 27,100 | 27,300 | – 200 | 28,400 | 29,300 | |
| Ex-Chennai | 100x100mm, IS 2831 | 29,500 | 29,400 | 29,600 | 0 | 29,700 | 31,000 | |
| Ex-Hyderabad | 100x100mm, IS 2831 | 27,500 | 27,400 | 27,600 | 0 | 28,500 | 30,000 | |
| TMT | Ex-Delhi/NCR | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,400 | 34,200 | 34,600 | – 300 | 35,700 | NA |
| Ex-Durgapur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 31,300 | 31,100 | 31,500 | – 400 | 33,000 | 33,800 | |
| Ex-Rourkela | 12-25mm, Induction Grade, IS 1786- 500 Fe | 31,400 | 31,300 | 31,500 | – 500 | 33,100 | 34,500 | |
| Ex-Raipur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 31,000 | 30,800 | 31,100 | – 200 | 32,600 | 35,600 | |
| Ex-Jalna | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,300 | 32,100 | 32,500 | – 100 | 34,000 | 36,500 | |
| Ex-Mumbai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 31,600 | 31,400 | 31,700 | – 500 | 33,500 | 34,200 | |
| Ex-Chennai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 35,600 | 35,400 | 35,800 | 0 | 35,600 | 36,700 | |
| Ex-Hyderabad | 12-25mm, Induction Grade, IS 1786- 500 Fe | 32,100 | 32,000 | 32,200 | 0 | 33,000 | 35,000 | |
| Wire Rod | Ex-Durgapur | 5.5 mm, Wire Rod, Induction grade | 30,800 | 30,700 | 31,200 | – 700 | 32,500 | 32,800 |
| Ex-Raipur | 5.5 mm, Wire Rod, Induction grade | 29,900 | 29,500 | 30,500 | – 100 | 31,400 | 33,300 |
Basic prices in INR/t & excluding of GST @ 18%
Source: SteelMint Research
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