Daily Update: Indian Semis Offers Decline on Demand Concern
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Indian Steel prices continued downtrend through the mid sized mills over lessened spot trades. The standalone Billet & Sponge iron producers reported limited bookings, leading to piled up stock and significant fall in prices.
As per daily assessment, the Sponge iron & Billet prices down by INR 100-400/MT, while price fall in Rebar upto INR 500/MT in major markets of India.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 32,800-36,100/MT (USD 459-506) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,700-21,600/MT (USD 289-303); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 18th February 2019 (Monday) INR to USD exchange rate stood at INR 71.40.
-- ICEX (Indian Commodity Exchange Ltd) Mar'19 contract for STEELLONG today open at INR 35,000/MT & last traded (IST 18:12) at INR 34,790/MT.
-- BSE Sensex closed at 35,498(-310) on Monday, as against last day (Friday) at 35,808(-67)
-- NSE Nifty50 index was closed today at 10,640(-83).
Raw Materials
-- JSW Steel's iron ore purchases from Karnataka e-auctions increased by 25% to 1.45 MnT in Jan'19 compared to 1.16 MnT in Dec'18.
-- Local manufacturers in Central India offered 60-14 Silico Manganese at around INR 67,000/MT ex-plant.
Semi Finished
-- As per sources, last week SAIL's IISCO (Burnpur based plant) has sold basic grade pig iron at around INR 26,800-27,000/MT for couple of rakes (5,200-5,400 MT) in the local market.
-- Neelachal Ispat (NINL)- India's largest pig iron producer has again closed its pig iron sales amid healthy response at increased offers on 13th Feb'19 - closed sources with the company stated.
-- Following slump in domestic prices, export offers to Nepal being slip and evaluated at USD 530-535/MT for Wire Rod (5.5 mm, commercial grade) & USD 455-460/MT for Billet (100*100 mm, induction grade); ex-mill at Durgapur.
-- Raipur, Central India based Integrated plants offers decreased by INR 300-400/MT, offering Sponge P-DRI at INR 20,500-20,700/MT & Sponge DR CLO grade at INR 22,500-22,700/MT ex-plant.
-- Rashmi Metaliks in Durgapur, known as price trend setter, has offered Sponge P-DRI at around INR 19,900/MT - Sources.
-- Aloke Steel Industries (Jharkhand) offered Fem 78-80 C-DRI lumps at INR 21,800/MT & Sponge mix material (60:40) at INR 21,400/MT ex-plant.
-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,800/MT & Billet at INR 33,400/MT ex-plant.
-- BIOP Steels in South India has decreased sponge prices by INR 200-300/MT, offering FeM 80 & 82 C-DRI lumps at INR 21,000/MT & INR 21,300/MT ex-plant, Karnataka; an official reported.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 20,600-20,700/MT ex-Bellary, offers decline by INR 200-300/MT from the last trade; an official reported.
-- Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 82 P-DRI at INR 21,300-21,500/MT ex-plant, an official reported.
Wire Rod & Pipe
-- Raipur based wire rod manufacturers reduced offers by INR 300/MT and trade discount through the manufacturers/suppliers stood at INR 1,200-1,600/MT. The offers for 5.5 mm wire rod is hovering around INR 40,500/MT ex-Raipur & INR 38,000-38,200/MT ex-Durgapur.
-- Jindal Steel and Power Ltd. (JSPL) has been awarded an additional order for supply of 30,000 tonnes from Indian Railways under global tender. The additional order enhances the order size by over 30%, with the overall order size now estimated at around INR 650 crore.
-- Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 41,200/MT ex-plant. (basic & excluding GST). Offers decline by INR 800/MT.
-- Raipur, Central India based ERW pipe manufacturers decreased prices by INR 500/MT & offers reported at around INR 39,500/MT ex-plant & excluding GST.
Rebar (12mm)
-- A large mill is offering rebar at around INR 40,000/MT in projects (ex-Vijaywada) - Sources
-- Raipur based - SPEED TMT offering at INR 37,000/MT (Down by INR 600/MT).
-- Raigarh based Anjani Steels Ltd. (Radhe TMT) current offering at INR 37,100/MT.
-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) current offering at INR 39,900/MT FoR (Down by INR 200/MT).
-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT offering at INR 38,300/MT (Down by INR 200/MT).
-- Kalika Steel Alloys Pvt Ltd unchanged their offering at INR 38,500/MT (Jalna).
Note - Prices mentioned above are ex-work, excluding GST & changes are placed on day basis.
Reference prices as on 18th 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 | 26,800 | 25,700 |
| Ex-Mumbai | HMS(80:20) | 25,500 | 25,300 | 25,600 | - 200 | 25,800 | 24,900 | |
| Ex-Chennai | HMS(80:20) | 25,200 | 25,000 | 25,400 | 0 | 25,400 | 24,200 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,000 | 20,900 | 21,100 | - 300 | 22,100 | 19,900 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,700 | 20,600 | 20,800 | - 200 | 21,000 | 19,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,600 | 21,500 | 21,700 | - 400 | 22,500 | 20,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 21,200 | 21,100 | 21,300 | 0 | 21,300 | 19,000 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,800 | 19,700 | 19,900 | - 300 | 20,800 | 18,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | - 300 | 21,700 | 18,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | - 100 | 20,800 | 18,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 21,000 | 20,900 | 21,100 | - 100 | 21,300 | 19,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,500 | 35,400 | 35,600 | - 50 | 36,200 | 33,400 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 32,500 | 32,400 | 32,600 | - 300 | 33,500 | 30,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 32,500 | 32,400 | 32,600 | - 100 | 33,300 | 30,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,850 | 32,800 | 32,900 | - 350 | 34,150 | 30,400 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 35,200 | 35,200 | 35,300 | - 100 | 36,000 | 32,850 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 36,100 | 36,000 | 36,200 | 0 | 36,700 | 33,800 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 32,800 | 32,700 | 32,900 | - 400 | 34,000 | 31,100 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 33,300 | 33,200 | 33,400 | - 200 | 34,000 | 30,400 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 33,800 | 33,700 | 33,900 | - 300 | 35,100 | 31,300 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 35,500 | 35,400 | 35,600 | + 200 | 35,800 | 33,000 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 35,500 | 35,500 | 35,600 | 0 | 36,200 | 33,050 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 35,000 | 34,900 | 35,100 | 0 | 35,200 | 32,500 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 34,000 | 33,900 | 34,100 | - 300 | 35,500 | 32,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 38,900 | 38,700 | 39,100 | - 100 | 39,100 | 37,000 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 37,800 | 37,600 | 38,000 | - 400 | 38,500 | 35,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 37,100 | 36,900 | 37,300 | - 300 | 37,700 | 34,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 38,700 | 38,400 | 38,900 | - 100 | 38,700 | 36,400 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 39,100 | 38,900 | 39,300 | - 300 | 39,000 | 36,600 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 37,800 | 37,600 | 38,000 | 0 | 39,000 | 36,200 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 38,000 | 37,900 | 38,200 | - 300 | 39,400 | 36,100 |
| Ex-Raipur | Wire Rod(5.5 MM) | 40,500 | 39,300 | 40,500 | - 300 | 40,900 | 37,300 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
