Daily Update: Indian Semis Offers Decline Further
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Indian Semis prices further drop owing to lack of demand and strengthening supply, as per participants. The prices fall by INR 100-500/MT (upto USD 7), day on day.
The major fall in Billet & Sponge iron prices seen in Durgapur by INR 400-500/MT as selling pressure mount with the producers. Meanwhile in remaining markets the prices plunged by INR 100-200/MT on day trade activities.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 32,200-36,100/MT (USD 452-508) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,200-21,400/MT (USD 284-301); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 21st February 2019 (Thursday) INR to USD exchange rate stood at INR 71.10.
-- ICEX (Indian Commodity Exchange Ltd) Mar'19 contract for STEELLONG today open at INR 34,870/MT & last traded (IST 18:23) at INR 34,850/MT.
-- BSE Sensex closed at 35,898(+142) on Thursday, as against last day (Wednesday) at 35,756(+403).
-- NSE Nifty50 index was closed today at 10,789(+54).
Raw Materials
-- Iron ore dispatches from Odisha in Jan'19 witnessed at 5.62 MnT, down by 14% as against Dec'18 dispatches at 6.54 MnT.
-- In Jan'19, Indian iron ore imports dropped 87% M-o-M & recorded 19 month low at 0.19 MnT as against 1.46 MnT in Dec'18.
-- The Indian pellet export price assessment is at around USD 115-120/MT, CFR China levels for regular grade pellet with 3% alumina.
-- Durgapur (Eastern India) pellet offers have come down this week by INR 400-500/MT and the current assessment is around INR 7,000/MT against last week's assessment of INR 7,500/MT.
-- According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 208.50/MT FoB Australia & USD 219.90/MT CNF India.
-- Indian HC Silico Manganese exports fall slightly (0.46%) from 794,754 MT in CY17 to 791,099 MT in CY18.
-- South Africa remained the largest exporter of manganese Ore for India in Jan'19 with total exports of 70,111 MT.
Semi Finished
-- SAIL has floated the export tender for 16,200 MT billets from its Durgapur Steel Plant.The due date for bid submission was on 19 Feb'19.
-- MMTC- India's largest and state owned trading house, has floated export tender of 30,000 MT non-alloy Pig Iron on behalf of Neelachal Ispat Nigam Limited (NINL). The due date for submission of bids is 14:30 hrs on 07 Mar'19.
-- In West Bengal - Durgapur, big manufacturers have decreased sponge prices by INR 300-400/MT D-o-D; offering P-DRI at INR 18,800-19,000/MT.
-- Raipur, Central India based Integrated plants offers decreased by INR 100/MT, offering Sponge P-DRI at INR 20,400-20,500/MT & Sponge DR CLO grade at INR 22,400-22,500/MT ex-plant.
-- Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 20,500-20,600/MT ex-plant & excluding GST.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 20,100-20,200/MT ex-Bellary, an official reported.
-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 21,600/MT & Billet at INR 34,800/MT ex-plant.
-- BIOP Steels in South India has decreased sponge prices by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 20,900/MT & INR 21,200/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
-- A large mill is offering wire rod (5.5-6 mm) at around INR 42,000/MT ex-Indore - Sources
-- Raipur based wire rod manufacturers kept offers unchanged 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 40,000/MT ex-Raipur & INR 37,300-37,500/MT ex-Durgapur.
-- Rashmi Metaliks reduces wire rod offers & reported at INR 37,200/MT (5.5 mm) ex-Kharagpur, East India. Offers decline by INR 200/MT.
-- Raipur (Central India) based pipe manufacturers kept offers at firm level, offering ERW pipe at around INR 39,000/MT; prices are ex-plant & excluding GST.
-- Mandi Gobindgarh, North India based ERW pipe manufacturers decreased prices by INR 300/MT & offers reported at around INR 41,800/MT ex-plant & excluding GST.
Rebar (12 mm)
-- Raipur based - SPEED TMT unchanged their offering at INR 36,900/MT.
-- Gujarat based Akshar Ispat Ltd. (Akshat TMT) unchanged their offering at INR 39,700/MT FoR.
-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) offering at INR 39,200/MT (Up by INR 400/MT).
-- Chennai based Ponneri Steel Ind. (Triple Power) current offering at INR 40,000/MT.
Note - Prices mentioned above are ex-work, excluding GST & changes are placed on day basis.
Reference prices as on 21st 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 | - 100 | 26,300 | 26,100 |
| Ex-Mumbai | HMS(80:20) | 25,500 | 25,300 | 25,700 | 0 | 25,900 | 25,100 | |
| Ex-Chennai | HMS(80:20) | 25,100 | 25,000 | 25,300 | 0 | 25,400 | 24,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,200 | 20,100 | 20,300 | - 300 | 21,800 | 20,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | - 100 | 21,300 | 19,500 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,400 | 21,300 | 21,500 | - 100 | 22,600 | 20,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,700 | 20,600 | 20,800 | - 200 | 21,400 | 19,300 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,900 | 18,800 | 19,000 | - 400 | 20,700 | 19,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,400 | 20,300 | 20,500 | - 100 | 21,600 | 19,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,300 | 20,200 | 20,400 | 0 | 20,900 | 18,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,800 | 20,700 | 20,900 | 0 | 21,400 | 19,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,200 | 35,200 | 35,300 | 0 | 35,900 | 34,100 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,800 | 31,700 | 31,900 | - 500 | 33,250 | 31,400 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,800 | 31,700 | 31,900 | - 200 | 33,000 | 30,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,450 | 32,400 | 32,500 | - 150 | 33,800 | 31,100 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 35,800 | 35,700 | 35,900 | 0 | 36,050 | 33,300 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 35,900 | 35,900 | 36,000 | 0 | 36,500 | 34,500 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 32,200 | 32,100 | 32,300 | - 400 | 33,750 | 32,000 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 32,500 | 32,400 | 32,600 | - 200 | 33,900 | 31,100 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 33,400 | 33,300 | 33,500 | - 200 | 34,750 | 32,050 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 35,450 | 35,400 | 35,500 | - 50 | 35,500 | 33,500 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 36,100 | 36,000 | 36,200 | 0 | 36,350 | 33,500 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 34,500 | 34,400 | 34,600 | - 200 | 35,500 | 32,200 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 34,300 | 34,000 | 34,500 | - 200 | 35,000 | 32,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 38,300 | 38,100 | 38,500 | - 200 | 39,200 | 37,500 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 37,300 | 37,100 | 37,500 | - 200 | 38,500 | 36,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,600 | 36,500 | 36,800 | 0 | 37,600 | 35,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 39,100 | 38,900 | 39,300 | + 100 | 39,700 | 36,500 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 39,000 | 38,900 | 39,300 | 0 | 39,600 | 36,600 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 37,800 | 37,600 | 38,000 | - 200 | 38,500 | 36,700 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,300 | 37,100 | 37,500 | - 200 | 39,000 | 37,100 |
| Ex-Raipur | Wire Rod(5.5 MM) | 40,000 | 39,000 | 40,000 | 0 | 41,200 | 38,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
