Daily Update: Indian Semis Offers Decline
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Indian steel prices plunge on day trade activities over limited inquiries from domestic buyers. As per assessment, the price fall is about INR 200-500/MT in Billets (USD 3-7) & INR 100-300/MT in Sponge iron.
As per trade participants, the manufacturers are willing for bulk bookings, however as the festive season started, the most of buyers are away and postpone their future bookings.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 33,600-37,400/MT (USD 452-503) ex-plant. Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 22,700-23,800/MT (USD 305-320); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 10th October 2018 (Wednesday) INR to USD exchange rate stood at INR 74.28
-- BSE Sensex closed at 34,760(+461) on Wednesday, as against last day (Tuesday) at 34,299(-174).
-- NSE Nifty50 index was closed today at 10,460(+159).
Raw Materials
-- According to market sources, Gujarat based steel mills have collectively booked two import vessels of South African lump of 90,000 MT for Fe 65% Kumba lump & another vessel of around 150,000-170,000 MT lump containing mix of Kumba and Assmang.
-- Odisha govt has stopped issuing permits to about 6 iron ore mines for unknown reasons. Few of the mines to whom notices have been issued to hold permits are Serajuddin Mines, KJS Ahluwalia, Kaypee Enterprises, Indrani Patnaik etc, -Sources.
-- The Indian pellet export price assessment is at around USD 147-148/MT, CFR China levels for regular grade pellet with 3% alumina.
-- South African RB2 (5500 NAR) coal offers are assessed at USD 76/MT on FoB basis & USD 92/MT CNF India.
-- Melting scrap offers in Western India- Gujarat declined by INR 500/MT in a day trade activities.
Semi Finished
-- Bharat Heavy Electricals Limited (BHEL) is an integrated power plant equipment manufacturer has invited tender for purchase of 8,700 MT Beams at Ranipet, Tamil Nadu. The due date of bid submission is 30 Oct'18 at 14:00 hrs IST.
-- As per officials of Neo Metaliks limited inquiries at the offers of Steel grade Pig iron at INR 29,000-29,200/MT ex-plant.
-- Raipur, Central India based Integrated plants offers decreased by INR 100/MT, offering Sponge P-DRI at INR 22,400-22,500/MT & Sponge DR CLO grade at INR 24,600-24,800/MT ex-plant.
-- Durgapur based big plants offering P-DRI at INR 21,300-21,400/MT which was at INR 21,400-21,500/MT on 9th Oct.
-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 22,700/MT & Billet at INR 33,500/MT ex-plant. As per officials, recently export deal of one rake Billet to Nepal at around USD 465/MT loaded to rake & on ex-mill basis.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 22,000/MT ex-Bellary, Karnataka.
-- BIOP Steels in South India has rolled over prices; offering FeM 80 & 82 C-DRI lumps at INR 22,500/MT & INR 23,000/MT ex-plant, Karnataka; an official reported.
Finish Long
-- Central region, Raipur based brand - SPEED TMT kept prices unchanged on day-o-day basis and offering rebar at INR 36,100/MT (28 mm), ex-work & excluding GST.
-- East region based - Baba Smelter Pvt. Ltd has unchanged their Structure offers on day basis & current (125,150 Channel) offering at INR 41,250/MT, ex-work & excluding GST.
-- Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT kept offers unchanged & offering rebar at INR 46,400/MT (20 mm) FoR & including GST.
-- Kalika Steel Alloys in Jalna slight increased their prices and current offering 28mm rebar at INR 37,100/MT ex-plant & excluding GST.
-- South India - Chennai based ARS Trusteel unchanged their prices on day basis & current offering rebar at INR 42,800/MT (12 mm), ex-plant & excluding GST.
-- Hyderabad (South India) based Pipe manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has kept offers unaltered for Electric Resistance Welded (ERW) Pipe which is made from strips of hot-rolled steel at INR 42,600/MT ex-plant, basic & excluding GST.
-- Raipur (Central India) & Mandi Gobindgarh (North India) based pipe manufacturers have maintained offers & today's offers reported for ERW pipe at INR 41,000-41,200/MT & INR 44,400/MT, respectively, ex-plant & excluding GST.
-- The trade discounts in Raipur Wire rod more or less unchanged and today's discount at INR 900-1,200/MT.
-- The Indian Govt has extended anti dumping duty on imports of Ductile Iron Pipes from China PR, falling under tariff of 73030030 & 73030090 for the period of 6 month's (till 9th Apr'19).
Reference prices as on 10th October 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 27,300 | 27,700 | 27,900 | - 500 | 27,000 | 27,700 |
| Ex-Mumbai | HMS(80:20) | 26,100 | 25,800 | 26,100 | 0 | 26,300 | 27,000 | |
| Ex-Chennai | HMS(80:20) | 26,800 | 26,600 | 27,000 | + 200 | 26,500 | 25,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,900 | 22,800 | 23,000 | 0 | 21,800 | 24,600 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 22,700 | 22,600 | 22,800 | - 200 | 22,500 | 25,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 23,800 | 23,700 | 23,900 | - 200 | 23,800 | 26,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 22,700 | 22,600 | 22,800 | 0 | 23,000 | 24,100 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,300 | 21,200 | 21,400 | - 100 | 20,500 | 23,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 22,400 | 22,300 | 22,500 | - 100 | 22,200 | 24,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 22,100 | 22,000 | 22,200 | 0 | 22,100 | 23,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 22,600 | 22,500 | 22,700 | 0 | 23,000 | 24,100 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 36,600 | 36,500 | 36,700 | - 300 | 35,500 | 37,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,900 | 34,100 | - 200 | 33,200 | 36,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 33,000 | 32,900 | 33,100 | - 300 | 32,100 | 34,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 33,500 | 33,400 | 33,600 | - 200 | 32,600 | 34,850 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,600 | 34,500 | 34,700 | - 200 | 34,300 | 36,500 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 35,700 | 35,600 | 35,800 | 0 | 36,300 | 37,000 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 35,200 | 35,100 | 35,300 | - 500 | 35,300 | 36,200 | |
| Billet | Ex-Mandi Gobindgarh | 125x125 mm, IS 2831 | 37,400 | 37,300 | 37,500 | - 300 | 36,300 | 37,900 |
| Ex-Durgapur | 125x125 mm, IS 2831 | 34,400 | 34,300 | 34,500 | - 200 | 33,800 | 36,500 | |
| Ex-Rourkela | 125x125 mm, IS 2831 | 33,600 | 33,500 | 33,700 | - 300 | 33,100 | 35,600 | |
| Ex-Raipur | 125x125 mm, IS 2831 | 34,400 | 34,300 | 34,500 | - 200 | 33,500 | 35,800 | |
| Ex-Mumbai | 125x125 mm, IS 2831 | 34,800 | 34,700 | 34,900 | - 200 | 34,500 | 36,900 | |
| Ex-Chennai | 125x125 mm, IS 2831 | 36,200 | 36,100 | 36,300 | 0 | 36,800 | 37,500 | |
| Ex-Hyderabad | 125x125 mm, IS 2831 | 35,500 | 35,400 | 35,600 | - 500 | 35,500 | 36,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 39,400 | 39,300 | 39,600 | 0 | 38,800 | 40,000 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 39,000 | 38,800 | 39,200 | 0 | 38,800 | 41,000 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 38,100 | 37,900 | 38,300 | - 100 | 37,500 | 38,900 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 39,100 | 38,900 | 39,300 | + 200 | 39,200 | 40,800 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 41,400 | 41,300 | 41,600 | 0 | 42,200 | 42,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 39,000 | 38,800 | 39,200 | - 500 | 39,000 | 40,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
