Daily Update: Indian Semis Offers Decline Further
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Indian spot steel prices slump further on limited trade activities and as per daily assessment the prices drop by INR 100-400/MT with major fall of INR 300-400/MT (USD 4-6) in western region.
In current circumstances supply is excess in merchant market, however demand continued weak in major markets.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 27,400-31,200/MT (USD 400-455) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,700-18,000/MT (USD 243-263); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 5th July 2019 (Friday) INR to USD exchange rate stood at INR 68.52.
-- ICEX (Indian Commodity Exchange Ltd) Aug'19 contract for STEELLONG today open at INR 30,500/MT & last traded (IST 18:45) at INR 30,120/MT.
-- BSE Sensex closed at 39,513(-394) on Friday, as against last day (Thursday) at 39,908(+68).
-- NSE Nifty50 index was closed today at 11,811(-135) & Nifty Metal at 2,851(-111).
Raw Materials
-- NMDC has kept floor prices for upcoming Karnataka e-auctions unaltered in July'19, fines (Fe 63%) base price from Kumaraswamy mines at INR 2,781/MT & Fe 63.8% lump at INR 3,275/MT. All prices mentioned are basic, royalty and other taxes extra.
-- Indian metallurgical coke imports have shown a downfall of 30% in June'19 to 0.25 MnT, as compared to 0.35 MnT in May'19 - CoalMint Research.
-- SteelMint's assessment for containerised Shredded from UK and Europe stands at USD 318-323/MT, CFR Nhava Sheva, up USD 5-7/MT against last week.
-- Melting scrap offers in Western India- Gujarat decline by INR 500/MT in a day trade activities.
Semi Finished
-- Neelachal Ispat Nigam Ltd (NINL)- India's largest and state owned steel grade pig iron manufacturer & exporter has sharply reduced its pig iron prices for steel grade by INR 1,500/MT (USD 22) to INR 25,400/MT(USD 371), w.e.f. 5th Jul'19.
-- SAIL's Rourkela Steel Plant tender held today (5th July'19) to sell about 3,800 MT steel grade pig iron & had received weak response. The base price for the tender was quoted by RSP at INR 26,600/MT which is down by INR 650/MT (USD 9.5) as against previous auction and near about only 5% (200-300 MT) material sold.
-- Raipur based sponge producers have kept offers unchanged, however trade reference prices drop by INR 200/MT to INR 16,200-16,300/MT ex-plant, for P-DRI.
-- Major sponge producers in Durgapur have further slash prices by INR 200-300/MT to INR INR 17,000/MT for P-DRI.
-- Mesco Steels in Jajpur, Odisha has reduced steel grade pig iron prices by INR 500/MT to INR 25,300-25,400/MT ex-plant. Landed cost to Raipur, Central India learned at around INR 26,500-26,600/MT FoR.
-- Odisha based manufacturer, KJS Ahluwalia offered billet at INR 27,500/MT ex-plant. And also offering Fem 80 Sponge mix material at INR 16,700/MT ex-plant. Also offering sponge lumps at INR 17,500/MT (USD 255) loaded to wagon for Nepal.
-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,800/MT & Billet at INR 27,500/MT ex-plant.
-- Sources reported Chandrapur (Maharashtra) based manufacturers offered Sponge P-DRI (FeM 80) at INR 16,500-16,600/MT, ex-plant & excluding GST.
-- Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 16,300/MT ex-plant, an official reported.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,300/MT ex-Bellary, offers decline by INR 100-200/MT from the last trade; an official reported.
-- BIOP Steels in South India has decreased sponge prices by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 17,000/MT & INR 17,300/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
-- Trade discounts in Raipur wire rod unchanged at INR 1,300-1,500/MT as base price fell by INR 300/MT to INR 34,400/MT ex-plant. Also Durgapur based mills cut prices by INR 300/MT to INR 32,500-33,300/MT ex-plant.
-- Raipur, Central India based ERW pipe manufacturers offers reported at around INR 35,500/MT ex-plant & excluding GST. Offers decline by INR 500/MT D-o-D.
-- Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 37,200/MT ex-plant & excluding GST. Offers decline by INR 200/MT D-o-D.
Rebar (12 mm)
-- Raipur based - SPEED TMT is offering at INR 32,300/MT (down by INR 300/MT).
-- Real Ispat (GK TMT) is offering at INR 34,700/MT (down by INR 300/MT).
-- Raigarh based Anjani Steels Ltd. (Radhe TMT) has unchanged their offers at INR 32,600/MT.
-- Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 32,800/MT (down by INR 200/MT).
-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is offering at INR 34,600/MT FoR(down by INR 200/MT).
-- Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) is offering at INR 33,500/MT.
-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri) TMT is offering at INR 33,300/MT (down by INR 500/MT).
-- Mumbai based Sun Metallics And Alloy Pvt. Ltd. (SUN TMT) is offering at INR 32,200/MT (down by INR 400/MT).
-- Chennai based Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) is offering at INR 34,800/MT.
Note - Prices mentioned above are ex-work, excluding GST & changes are placed on day basis. Prices are subject to reconfirmation.
Reference prices as on 5th July 2019
Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
Scrap | Ex-Alang | HMS(80:20) | 23,000 | 22,900 | 23,100 | - 500 | 23,700 | 25,600 |
Ex-Mumbai | HMS(80:20) | 22,000 | 21,900 | 22,100 | - 400 | 22,400 | 24,700 | |
Ex-Chennai | HMS(80:20) | 21,600 | 21,500 | 21,800 | - 200 | 22,000 | 23,400 | |
C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,000 | 17,900 | 18,100 | - 250 | 18,000 | 19,000 |
Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | - 100 | 16,900 | 18,400 | |
Ex-Raipur | Mix, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | - 100 | 17,250 | 18,900 | |
Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,800 | - 100 | 16,800 | 18,800 | |
P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,000 | 16,900 | 17,100 | - 250 | 17,000 | 18,000 |
Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,200 | 16,100 | 16,300 | - 200 | 16,300 | 17,800 | |
Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | - 200 | 16,400 | 18,400 | |
Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | - 300 | 16,900 | 19,000 | |
Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,950 | 30,900 | 31,000 | - 350 | 31,400 | 33,800 |
Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,600 | 27,500 | 27,700 | - 200 | 28,100 | 30,600 | |
Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,950 | 26,900 | 27,000 | - 350 | 27,300 | 29,700 | |
Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27,050 | 27,000 | 27,100 | - 250 | 27,750 | 30,000 | |
Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 28,800 | 28,700 | 28,800 | - 300 | 29,400 | 31,400 | |
Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 31,150 | 31,100 | 31,200 | - 350 | 31,600 | 34,100 |
Ex-Durgapur | 100x100 mm, IS 2831 | 28,100 | 28,000 | 28,200 | - 200 | 28,600 | 31,000 | |
Ex-Rourkela | 100x100 mm, IS 2831 | 27,400 | 27,300 | 27,500 | - 300 | 27,700 | 30,100 | |
Ex-Raipur | 100x100 mm, IS 2831 | 27,800 | 27,700 | 27,900 | - 300 | 28,500 | 30,600 | |
Ex-Ahmedabad | 100x100 mm, IS 2831 | 29,450 | 29,400 | 29,500 | - 350 | 30,300 | 32,500 | |
Ex-Mumbai | 100x100 mm, IS 2831 | 29,000 | 28,900 | 29,000 | - 300 | 29,600 | 31,700 | |
Ex-Chennai | 100x100 mm, IS 2831 | 29,700 | 29,500 | 29,800 | 0 | 30,000 | 31,400 | |
Ex-Hyderabad | 100x100 mm, IS 2831 | 29,000 | 28,900 | 29,100 | 0 | 28,500 | 31,000 | |
TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 35,300 | 35,100 | 35,500 | - 100 | 35,700 | 37,200 |
Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 33,300 | 33,100 | 33,500 | - 200 | 33,500 | 35,800 | |
Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 32,200 | 32,000 | 32,300 | - 200 | 32,400 | 34,600 | |
Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 32,200 | 32,000 | 32,400 | - 400 | 32,900 | 34,600 | |
Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 34,700 | 34,600 | 34,900 | - 200 | 34,900 | 36,300 | |
Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 32,700 | 32,500 | 32,900 | - 300 | 32,700 | 35,000 | |
Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 32,700 | 32,500 | 33,200 | - 300 | 33,200 | 36,100 |
Ex-Raipur | Wire Rod(5.5 MM) | 33,700 | 33,100 | 34,400 | - 300 | 33,900 | 35,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research