Daily Update: Indian Semis Offers Decline on Demand Concern
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Indian Iron & Steel prices fall further as mid size mills reluctant to cut prices owing to poor off take in finished steel products.
As per assessment, on day trade activities the prices plunged by INR 100-500/MT (upto USD 7), in which Rebar and Billet prices down by INR 100-500/MT & Sponge iron by INR 100-300/MT.
As per participants, the suppliers for Billet increased in open market owing to weak demand in rebar.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 30,500-34,300/MT (USD 423-476) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,600-21,800/MT (USD 286-303); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 11th December 2018 (Tuesday) INR to USD exchange rate stood at INR 72.03.
-- ICEX (Indian Commodity Exchange Ltd) Jan'19 contract for STEELLONG today open at INR 34,200/MT & last traded (IST 18:24) at INR 34,200/MT.
-- BSE Sensex closed at 35,150(+190) on Tuesday, as against last day (Monday) at 34,959(-713).
-- NSE Nifty50 index was closed today at 10,549(+60).
Raw Materials
-- Central India pellet offers inched up on material availability issues. Currently offers from pellet makers are around INR 6,700/MT (ex-Raipur) against last week assessment at INR 6,400-6,500/MT.
-- Melting scrap offers in Western India- Gujarat decline by INR 300/MT in a day trade activities.
-- Indian Silico Manganese prices maintain stability over limited demand & offers for 60-14 reported at around INR 68,500/MT (ex-Durgapur and ex-Raipur).
Semi Finished
-- Atibir Industries based in Jharkhand has offered Steel grade pig iron at INR 29,000-29,500/MT ex-plant & INR 29,500/MT FoR Durgapur, excluding GST.
-- Mid size mill in Durgapur have concludes small lots of Wire rod (5.5mm) export deals to Nepal at around USD 530/MT(ex-mill), yesterday. Meanwhile the fresh offers for Billet (induction grade, 100*100 mm) reported at around USD 430/MT ex-mill at Durgapur, equivalent to USD 455/MT CFR Raxaul border, Nepal.
-- As per export sources, last deals for Indian Sponge iron exports is about USD 353-355/MT CFR Chittagong, Bangladesh.
-- Pig iron supply remained tight in Durgapur, West Bengal due to maintenance works in blast furnaces at couple of merchant pig iron manufacturers. The latest offers hovering at around INR 29,300-29,500/MT ex-Plant.
-- Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 20,000-20,200/MT & Sponge DR CLO grade at INR 22,700-22,900/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 20,200/MT ex-Bellary, an official reported.
-- BIOP Steels in South India has decreased sponge prices by INR 100-200/MT, offering FeM 80 & 82 C-DRI lumps at INR 20,600/MT & INR 21,000/MT ex-plant, Karnataka; an official reported.
-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 21,300/MT & Billet at INR 33,000/MT ex-plant.
Wire Rod & Pipe
-- Raipur based wire rod manufacturers reduced offers by INR 300/MT and trade discount through the manufacturers/suppliers almost unchanged at around INR 900-1,000/MT. The offers for 5.5 mm wire rod is hovering around INR 38,300/MT ex-Raipur & INR 37,500/MT ex-Durgapur.
-- Rashmi Metaliks offers reduced in wire rod and reported at INR 37,200/MT (5.5 mm), ex-Kharagpur.
-- Mandi Gobindgarh, North India based ERW pipe manufacturers reduced prices by INR 200/MT & offers reported at around INR 40,800/MT ex-plant & excluding GST.
-- Hyderabad (South India) based Pipe manufacturer Hari Om Pipe Industries Ltd has offered ERW Pipe at around INR 40,200-40,300/MT ex-plant. (basic & excluding GST).
Rebar (12 mm)
-- Rathi Steels based in North region reduced their offering to INR 38,250/MT. Discount extra.
-- Raipur based - SPEED TMT offering at INR 35,300/MT, down by INR 200/MT
-- Raipur based - GK TMT offering at INR 37,900/MT, down by INR 200/MT (10-25 mm)
-- Mumbai based Guardian TMT offering at INR 36,300/MT, down by INR 200/MT.
-- Jalna based Kalika TMT offering at INR 36,900/MT, down by INR 200/MT.
-- Chennai based ARS Steel (Trusteel) kept offers unchanged to INR 40,000/MT.
-- East region based - Baba Smelter Pvt. Ltd offering unchanged Structure (125,150 Channel) at INR 38,750/MT.
Note - The prices mentioned above based on ex-work and excluding GST and changes are placed on day basis.
Reference prices as on 11th December 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,200 | 26,100 | 26,300 | - 300 | 26,700 | 27,500 |
| Ex-Mumbai | HMS(80:20) | 26,100 | 26,000 | 26,200 | 0 | 25,900 | 25,900 | |
| Ex-Chennai | HMS(80:20) | 24,900 | 24,800 | 25,000 | 0 | 25,000 | 26,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,700 | 20,600 | 20,800 | - 300 | 21,800 | 23,500 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,500 | 20,500 | 20,600 | - 100 | 21,000 | 22,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,800 | 21,700 | 21,900 | 0 | 21,900 | 22,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,600 | 20,500 | 20,600 | - 200 | 20,600 | 21,700 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,700 | 19,600 | 19,800 | - 300 | 20,800 | 22,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,100 | 20,000 | 20,200 | - 200 | 20,400 | 21,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,100 | 20,000 | 20,200 | - 100 | 20,000 | 21,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,800 | 20,700 | 20,900 | - 200 | 20,500 | 21,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,000 | 33,900 | 34,100 | - 100 | 34,900 | 36,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 30,500 | 30,400 | 30,600 | - 300 | 31,500 | 33,400 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,250 | 30,200 | 30,300 | - 150 | 30,700 | 32,400 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,500 | 30,400 | 30,600 | - 250 | 31,100 | 32,800 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,700 | 32,600 | 32,800 | - 100 | 33,300 | 34,000 | |
| Billet | Ex-Mandi Gobindgarh | 125x125 mm, IS 2831 | 34,300 | 34,200 | 34,400 | - 100 | 35,300 | 36,800 |
| Ex-Durgapur | 125x125 mm, IS 2831 | 31,000 | 30,900 | 31,100 | - 300 | 31,900 | 33,800 | |
| Ex-Rourkela | 125x125 mm, IS 2831 | 30,500 | 30,500 | 30,600 | - 200 | 31,000 | 32,900 | |
| Ex-Raipur | 125x125 mm, IS 2831 | 31,000 | 30,900 | 31,100 | - 350 | 31,600 | 33,400 | |
| Ex-Ahmedabad | 125x125 mm, IS 2831 | 33,200 | 33,100 | 33,300 | - 300 | 33,800 | 34,500 | |
| Ex-Mumbai | 125x125 mm, IS 2831 | 32,900 | 32,800 | 33,000 | - 200 | 33,500 | 34,300 | |
| Ex-Chennai | 125x125 mm, IS 2831 | 33,500 | 33,400 | 33,600 | + 300 | 33,500 | 35,200 | |
| Ex-Hyderabad | 125x125 mm, IS 2831 | 32,500 | 32,400 | 32,600 | - 500 | 32,300 | 34,800 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,200 | 37,000 | 37,500 | - 300 | 37,700 | 39,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,700 | 36,500 | 36,900 | - 100 | 37,300 | 39,000 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,100 | 34,900 | 35,200 | - 300 | 35,300 | 36,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,100 | 35,900 | 36,300 | - 200 | 36,400 | 37,900 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 37,500 | 37,400 | 37,700 | 0 | 38,000 | 39,700 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,800 | 37,300 | - 500 | 37,000 | 38,700 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,500 | 37,300 | 37,700 | - 300 | 38,300 | 39,800 |
| Ex-Raipur | Wire Rod(5.5 MM) | 38,300 | 37,300 | 38,300 | - 300 | 38,600 | 40,200 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
