Daily Update: Indian Semis Offers Decline
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The steel prices in India significant on downtrend and fall about INR 100-500/MT in today's trade through the mid sized mills. The major drop in prices marked in Central, East & Northern regions.
As per daily assessment, Billet & Rebar prices slump by INR 100-500/MT (upto USD 7), while Sponge iron down by INR 100-400/MT.
Market players stated that, as selling pressure rise with the mills, prices to remain under pressure. However if the demand of finished steel pick, the prices may find support, they added.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 31,900-35,700/MT (USD 448-502) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,900-21,100/MT (USD 279-297); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 22nd February 2019 (Friday) INR to USD exchange rate stood at INR 71.12.
-- ICEX (Indian Commodity Exchange Ltd) Mar'19 contract for STEELLONG today open at INR 34,800/MT & last traded (IST 18:07) at INR 34,550/MT.
-- BSE Sensex closed at 35,871(-26) on Friday, as against last day (Thursday) at 35,898(+142).
-- NSE Nifty50 index was closed today at 10,791(+1).
Raw Materials
-- Bhushan Power & Steel's iron ore sourcing from Rungta mines recorded at 0.06 MnT for the month of Jan'19, down 57% on monthly basis as against 0.13 MnT in Dec'18.
-- Odisha based merchant miners widen discount on bulk Iron Ore fines purchase. Current trade prices for fines (Fe 63%) for bulk bookings is around INR 2,000-2,100/MT (ex-mines, including Royalty, DMF & NMET), down against last week's assessment of INR 2,300/MT (ex-mines, including Royalty, DMF & NMET).
-- Local manufacturers in Central India offered 60-14 Silico Manganese at around INR 67,500/MT ex-plant.
-- Ferro Manganese prices for Ex-Durgapur increased to INR 75,000/MT and Ex-Raipur increased to INR 74,000/MT.
-- SteelMint's assessment for containerised Shredded from the USA and UK stands at around USD 335-340/MT, CFR Nhava Sheva, down by USD 5/MT against the last report.
Semi Finished
-- Rashtriya Ispat Nigam Limited (RINL), has invited tender for export of 8,127 MT Billets to Nepal. Interested bidders can submit their bids till 26 Feb'19 at 15:00 hrs.
-- NINL extended domestic Pig iron price circular due date to 27th Feb'19 as against earlier on 22nd Feb'19. The company's offer for Steel (N1) grade hovering at INR 26,750-27,150/MT; ex-Cuttack, East India.
-- Indian sponge iron export offers reduced by USD 10-15/MT W-o-W, price assessment for 80 FeM sponge lumps are at USD 320-325/MT CPT Benapole (dry land port of Bangladesh & India) and USD 340-345/MT CFR Chittagong, Bangladesh.
-- As per sources, Usha Martin Ltd in Jamshedpur has offered Sponge C-DRI (FeM 80) at around INR 19,700/MT ex-plant.
-- Indian medium mills export offers to Nepal hovering at USD 440-445/MT for Billet & USD 515-520/MT for Wire rod (5.5 mm) ex-mill at Durgapur.
-- Raipur, Central India based Integrated plants offers decreased by INR 300-400/MT, offering Sponge P-DRI at INR 20,000-20,100/MT & Sponge DR CLO grade at INR 22,000-22,200/MT ex-plant.
-- Raigarh based Singhal Steel offered P-DRI at INR 19,300/MT ex-Raigarh & Billet at INR 33,100-33,200/MT FoR Raipur, officials reported.
-- BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 20,900/MT & INR 21,200/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
-- Raipur based wire rod manufacturers reduced offers by INR 300/MT and trade discount through the manufacturers/suppliers is around INR 1,000-1,200/MT. The offers for 5.5 mm wire rod is hovering at around INR 39,700/MT ex-Raipur & INR 37,000-37,200/MT ex-Durgapur.
-- Rashmi Metaliks reduces wire rod offers by INR 200/MT to INR 36,800/MT (5.5 mm) ex-Kharagpur, East India.
-- Raipur, Central India based ERW pipe manufacturers decreased prices by INR 200/MT & offers reported at around INR 38,700-38,800/MT ex-plant & excluding GST.
-- Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 40,800/MT ex-plant. (basic & excluding GST).
Rebar (12 mm)
-- Raipur based - SPEED TMT offering at INR 36,500/MT (Down by INR 400/MT).
-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) current offering at INR 39,700/MT FoR (Down by INR 200/MT).
-- Mumbai based Vistar Metal Ind. Pvt. Ltd. (Vistar TMT) offering at INR 39,200/MT (Down by INR 100/MT).
-- Mumbai based Guardian Castings Pvt. Ltd. (Guardian TMT) unchanged their offering at INR 39,400/MT.
Note - Prices mentioned above are ex-work, excluding GST & changes are placed on day basis.
Reference prices as on 22nd February 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,000 | 25,900 | 26,100 | 0 | 26,300 | 25,800 |
| Ex-Mumbai | HMS(80:20) | 25,300 | 25,100 | 25,400 | - 200 | 25,800 | 25,100 | |
| Ex-Chennai | HMS(80:20) | 25,200 | 25,000 | 25,300 | + 100 | 25,300 | 24,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,900 | 19,800 | 20,000 | - 300 | 21,750 | 20,600 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,300 | 20,200 | 20,400 | - 300 | 21,200 | 19,400 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,100 | 21,000 | 21,200 | - 300 | 22,300 | 20,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | - 200 | 21,300 | 19,300 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,700 | 18,600 | 18,800 | - 200 | 20,550 | 19,500 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,000 | 20,000 | 20,100 | - 400 | 21,300 | 19,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,100 | 20,000 | 20,200 | - 200 | 20,800 | 18,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,700 | 20,600 | 20,800 | - 100 | 21,300 | 19,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,800 | 34,700 | 34,900 | - 400 | 35,800 | 34,050 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,500 | 31,400 | 31,600 | - 300 | 33,200 | 31,400 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,500 | 31,400 | 31,600 | - 300 | 32,900 | 30,500 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,200 | 32,100 | 32,300 | - 250 | 33,600 | 31,100 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 35,500 | 35,400 | 35,600 | - 300 | 35,700 | 33,300 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 35,300 | 35,200 | 35,300 | - 600 | 36,400 | 34,450 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 31,900 | 31,800 | 32,000 | - 300 | 33,700 | 31,800 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 32,300 | 32,200 | 32,300 | - 200 | 33,600 | 31,200 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 33,200 | 33,100 | 33,300 | - 200 | 34,500 | 32,000 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 35,450 | 35,400 | 35,500 | 0 | 35,500 | 33,200 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 35,700 | 35,600 | 35,800 | - 400 | 35,900 | 33,500 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 34,500 | 34,400 | 34,600 | 0 | 35,500 | 32,500 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 34,000 | 33,900 | 34,100 | - 300 | 34,500 | 32,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 38,100 | 37,900 | 38,300 | - 200 | 39,000 | 37,500 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,800 | 36,600 | 37,000 | - 500 | 38,300 | 36,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,300 | 36,100 | 36,500 | - 300 | 37,500 | 35,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 39,100 | 38,900 | 39,400 | 0 | 39,300 | 36,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 38,800 | 38,600 | 39,000 | - 200 | 39,600 | 36,600 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 37,800 | 37,600 | 38,000 | 0 | 38,000 | 36,700 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,000 | 36,800 | 37,200 | - 300 | 38,700 | 37,100 |
| Ex-Raipur | Wire Rod(5.5 MM) | 39,700 | 38,500 | 39,700 | - 300 | 41,200 | 38,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
