Daily Update: Indian Semis Offers Decline
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Indian Steel prices continued down trend over poor inquiries and the prices fall by INR 100-500/MT (upto USD 7) as against last day trades, through the mid sized mills.
Market participants stated that, there is less scope for major down in prices, although if weak demand continuous, the producers may come under selling pressure.
On daily analysis, the major fall in Billet & Rebar prices observed in Mumbai & Hyderabad by INR 400-500/MT, meanwhile in central & eastern regions it decline by INR 100-300/MT.
In context to Sponge iron, the prices drop by INR 100-400/MT & major fall seen in Central India by INR 300-400/MT following price corrections in Billet.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 32,700-35,900/MT (USD 458-505) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 21,100-22,300/MT (USD 295-313); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 15th February 2019 (Friday) INR to USD exchange rate stood at INR 71.32.
-- ICEX (Indian Commodity Exchange Ltd) Mar'19 contract for STEELLONG today open at INR 35,520/MT & last traded (IST 18:00) at INR 35,390/MT.
-- BSE Sensex closed at 35,808(-67) on Friday, as against last day (Thursday) at 35,876(-157)
-- NSE Nifty50 index was closed today at 10,724(-21).
Raw Materials
-- Bhushan Steel has recorded iron ore sourcing at 0.35 MnT in Jan'19, dropped 17% M-o-M as against 0.42 MnT in Dec'18.
Semi Finished
-- Neelachal Ispat Nigam Ltd (NINL), a state owned and one of India's largest merchant pig iron supplier have booked around 25,000-30,000 MT at revised prices of INR 26,750-27,150/MT (USD 375-380) on ex-mill basis- sources.
-- Bokaro, Jharkhand based Electrosteels Ltd has offered Steel grade pig iron at INR 28,200/MT ex-plant & INR 28,700/MT FoR Durgapur.
-- Raipur, Central India based Integrated plants offers decreased by INR 300-400/MT, offering Sponge P-DRI at INR 21,200-21,400/MT & Sponge DR CLO grade at INR 23,100-23,300/MT ex-plant.
-- Rashmi Metaliks in Durgapur, known as price trend setter, has offered Sponge P-DRI at INR 20,600/MT - Sources.
-- Aloke Steel Industries (Jharkhand) offered Fem 78-80 C-DRI lumps at INR 21,900/MT & Sponge mix material (60:40) at INR 21,500/MT ex-plant.
-- Odisha based manufacturer, KJS Ahluwalia offered billet at INR 33,500/MT & FeM 80 Sponge mix material at INR 21,100/MT ex-plant.
-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 21,300-21,400/MT & Billet at INR 33,800/MT ex-plant.
-- BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 21,200/MT & INR 21,700/MT ex-plant, Karnataka; an official reported.
-- Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 82 P-DRI at INR 21,600-21,800/MT ex-plant, an official reported.
-- South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI & Billet at INR 21,200/MT & INR 34,500/MT. Also offering 12 mm Rebar at INR 38,000/MT. All prices are ex-plant & excluding GST
Finish Long
-- Raipur based wire rod manufacturers kept offers unchanged and trade discount through the manufacturers/suppliers have increased to INR 1,000-1,500/MT. The offers for 5.5 mm wire rod is hovering around INR 41,200/MT ex-Raipur & INR 38,700-39,000/MT ex-Durgapur.
-- Rashmi Metaliks reduced wire rod offers & reported at INR 38,500/MT (5.5 mm) ex-Kharagpur, East India.
-- Raipur (Central India) & Mandi Gobindgarh (North India) based pipe manufacturers decrease offers by INR 100/MT, offering ERW pipe at around INR 40,200/MT & INR 42,600/MT; prices are ex-plant & excluding GST.
-- Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 42,000/MT ex-plant. (basic & excluding GST).
Reference prices as on 15th February 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,300 | 26,200 | 26,400 | 0 | 26,700 | 25,400 |
| Ex-Mumbai | HMS(80:20) | 25,800 | 25,800 | 26,000 | - 100 | 25,500 | 24,900 | |
| Ex-Chennai | HMS(80:20) | 25,300 | 25,200 | 25,500 | - 100 | 24,800 | 24,200 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,750 | 21,700 | 21,800 | - 50 | 21,500 | 19,800 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 21,200 | 21,100 | 21,300 | - 100 | 20,400 | 19,050 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22,300 | 22,200 | 22,400 | - 300 | 21,800 | 19,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 21,300 | 21,200 | 21,400 | - 100 | 20,400 | 19,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,550 | 20,500 | 20,600 | - 150 | 20,250 | 18,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 21,300 | 21,200 | 21,400 | - 300 | 20,600 | 18,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,800 | 20,700 | 20,900 | - 100 | 20,000 | 18,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 21,300 | 21,200 | 21,400 | - 100 | 20,500 | 19,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,800 | 35,700 | 35,900 | - 100 | 35,500 | 33,100 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 33,200 | 33,100 | 33,300 | - 50 | 32,600 | 30,250 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 32,900 | 32,800 | 33,000 | - 100 | 32,000 | 29,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 33,600 | 33,500 | 33,700 | - 200 | 32,850 | 30,250 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 35,700 | 35,600 | 35,800 | - 350 | 35,150 | 32,900 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 36,400 | 36,300 | 36,500 | - 100 | 35,900 | 33,400 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 33,700 | 33,600 | 33,800 | - 50 | 33,200 | 30,650 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 33,600 | 33,500 | 33,700 | - 300 | 32,700 | 30,100 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 34,500 | 34,400 | 34,600 | - 250 | 33,850 | 31,000 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 35,500 | 35,400 | 35,600 | 0 | 34,750 | 32,800 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 35,900 | 35,800 | 36,000 | - 450 | 35,350 | 33,100 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 35,500 | 35,500 | 35,700 | 0 | 34,000 | 32,500 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 34,500 | 34,400 | 34,600 | - 500 | 34,200 | 32,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 39,000 | 38,800 | 39,100 | - 200 | 38,300 | 36,800 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 38,300 | 38,100 | 38,500 | - 200 | 37,500 | 35,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 37,500 | 37,400 | 37,700 | - 100 | 36,300 | 34,500 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 39,300 | 39,000 | 39,500 | - 400 | 38,200 | 36,400 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 39,600 | 39,500 | 39,800 | 0 | 37,800 | 36,700 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 38,000 | 37,800 | 38,200 | - 500 | 38,200 | 36,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 38,700 | 38,500 | 39,000 | - 300 | 38,000 | 36,300 |
| Ex-Raipur | Wire Rod(5.5 MM) | 41,200 | 40,200 | 41,200 | 0 | 40,000 | 37,300 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
