Spot steel prices fell slightly by INR 100-300/MT due to fall in inquiries with mid scale mills.
As per daily assessment, sponge iron prices fell by INR 100/MT & billet, rebar by INR 100-300/MT with major fall in western India, Gujarat by INR 300/MT.
The manufacturers in central India, Raipur reported limited stock of billet, rebars & wire rod followed by increase in price range. Similar comments were received from Durgapur based plants.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 27,300-30,900/MT (USD 359-407) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,700-17,100/MT (USD 206-225); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 22nd May 2020 (Friday) INR to USD exchange rate stood at INR 75.86.
— ICEX (Indian Commodity Exchange Ltd) Jun’20 contract for STEELLONG today open at INR 30,800/MT & last traded (IST 18:30 hrs) at INR 30,660/MT.
— BSE Sensex closed at 30,672(-260) on Friday, as against last day (Thursday) at 30,932(+114).
— NSE Nifty50 index was closed today at 9,039(-67) & Nifty Metal at 1,710(-32).
Raw Material
— IDCOL has issued tender for sale of around 15,000 MT screened iron ore fines from its Roida “C” Iron and manganese mines located in Keonjhar-Odisha. The due date for submitting is 27 May ’20.
— Silicon Manganese (60-14) deals in Raipur reported at INR 64,800-65,000/MT EXW.
Semi Finished
— Mid scale mills billet export offers to Nepal drop by USD 2-3/MT to USD 355-360/MT ex-mill at Durgapur.
— Electrosteels in Bokaro, Jharkhand is offering steel grade pig iron at INR 23,300-500/MT EXW.
— Raipur based sponge manufacturers have maintained P-DRI offers firm at INR 15,400-500/MT EXW & around 2,000-3,000 MT deals reported in local market.
— Billet deals reported at INR 28,000-28,100/MT FoR Raipur from Raigarh based manufacturers.
— Rashmi Metaliks in Durgapur has slightly reduced sponge P-DRI price by INR 100/MT to INR 16,200/MT FoR Durgapur, sources reported.
— BMM Ispat, a renowned sponge manufacturer decreased offers by INR 200/MT for FeM 80 P-DRI lumps to INR 16,100-16,200/MT ex-Bellary; an official reported.
Rebar (12 mm)
— Rathi Stelmax Steel unchanged their offer at INR 36,700/MT EXW (North Region).
— Swarup Rolling Mills Limited (Swarup TMT) is offering at INR 34,800/MT EXW (Muzaffarnagar).
— Real Ispat GK TMT is offering at INR 36,700/MT EXW Raipur (up by INR 200/MT).
— Bajrangbali Steel Industries Pvt Ltd in Odisha is offering Rebar at INR 34,300-34,400/MT EXW.
— Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their offers at INR 36,300/MT EXW (Jalna).
— Mono Steel (India) Ltd. (Mono TMT) has unchanged their offer at INR 35,900/MT FoR (Gujarat).
— Prakash Ferrous Ind. Pvt. Ltd (Tirumala) is offering at INR 38,000/MT EXW (Chennai).
— In heavy structural steel, trade discount maintained by Raipur based manufacturers is at INR 700-1,000/MT and trade reference prices at INR 35,000-35,300/MT (200 Angle) EXW.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod increased to INR 300/MT through the plants & INR 700-800/MT by traders. Meanwhile limited stock learned in both Raipur & Durgapur and base offers stood at INR 32,100/MT ex-Raipur & INR 31,800-32,200/MT ex-Durgapur.
— ERW Pipe manufacturers have increased offers by INR 200/MT to INR 35,700-35,800/MT ex-Raipur.
Reference prices as on 22nd May’20
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,400 | 22,300 | 22,500 | 0 | 22,500 | 22,600 |
| Ex-Chennai | HMS(80:20) | 21,100 | 20,900 | 21,200 | 0 | 20,900 | 21,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,100 | 17,000 | 17,200 | – 100 | 17,100 | 17,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 15,750 | 15,700 | 15,800 | + 50 | 15,700 | 16,400 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | 0 | 16,300 | 17,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,100 | 16,000 | 16,200 | – 200 | 16,200 | 16,450 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,100 | 16,000 | 16,200 | – 150 | 16,200 | 16,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,400 | 15,300 | 15,500 | – 100 | 15,500 | 16,750 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,200 | 16,100 | 16,300 | – 200 | 16,300 | 16,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,850 | 16,800 | 16,900 | – 150 | 16,900 | 16,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,700 | 30,600 | 30,800 | – 200 | 31,000 | 29,650 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,850 | 26,800 | 26,900 | – 250 | 26,750 | 26,150 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,850 | 26,800 | 26,900 | + 50 | 26,300 | 25,750 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27,550 | 27,500 | 27,600 | – 100 | 26,650 | 26,000 | |
| Billet | Ex-Mandi Gobindgarh | 100x100mm, IS 2831 | 30,800 | 30,700 | 30,900 | – 200 | 31,200 | 29,800 |
| Ex-Durgapur | 100x100mm, IS 2831 | 27,350 | 27,300 | 27,400 | – 250 | 27,250 | 26,600 | |
| Ex-Rourkela | 100x100mm, IS 2831 | 27,300 | 27,200 | 27,400 | 0 | 26,700 | 26,100 | |
| Ex-Raipur | 100x100mm, IS 2831 | 27,900 | 27,800 | 28,000 | – 100 | 27,200 | 26,400 | |
| Ex-Ahmedabad | 100x100mm, IS 2831 | 28,800 | 28,600 | 28,900 | – 100 | 29,500 | 28,400 | |
| Ex-Chennai | 100x100mm, IS 2831 | 30,900 | 30,900 | 31,200 | – 100 | 30,500 | 30,000 | |
| Ex-Hyderabad | 100x100mm, IS 2831 | 29,200 | 29,000 | 29,500 | – 300 | 28,700 | 28,000 | |
| TMT | Ex-Mandi Gobindgarh | 12-25mm, Induction Grade, IS 1786- 500 Fe | 36,000 | 35,800 | 36,100 | 0 | NA | 34,300 |
| Ex-Durgapur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 33,000 | 32,800 | 33,200 | – 200 | 32,500 | 30,600 | |
| Ex-Rourkela | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,300 | 34,100 | 34,500 | + 300 | 32,700 | 30,900 | |
| Ex-Raipur | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,500 | 34,400 | 34,600 | + 100 | 33,500 | 30,800 | |
| Ex-Jalna | 12-25mm, Induction Grade, IS 1786- 500 Fe | 36,000 | 35,800 | 36,200 | 0 | NA | 35,100 | |
| Ex-Mumbai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 34,200 | 34,000 | 34,300 | 0 | 34,200 | 33,400 | |
| Ex-Chennai | 12-25mm, Induction Grade, IS 1786- 500 Fe | 36,700 | 36,500 | 36,800 | + 100 | 36,300 | 34,800 | |
| Ex-Hyderabad | 12-25mm, Induction Grade, IS 1786- 500 Fe | 35,000 | 34,800 | 35,200 | 0 | 35,000 | 32,500 | |
| Wire Rod | Ex-Durgapur | 5.5 mm, Wire Rod, Induction grade | 31,900 | 31,800 | 32,300 | – 200 | 31,400 | 29,700 |
| Ex-Raipur | 5.5 mm, Wire Rod, Induction grade | 31,800 | 31,300 | 32,100 | – 100 | 31,300 | 29,300 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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