Daily Update: Indian Semis Offers Fall Further Over Demand Concern
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Indian Steel prices drop sharply in the week opening on the wake of limited spot trades and strong supply.
The participants in major markets reported rising stock with the midsized mills due to poor lifting following constant fall in prices.
On daily assessment, the Rebar & Billet prices slump by INR 100-700/MT with major fall of INR 400-700/MT in Central, West & Northern regions.
Meanwhile Sponge iron prices being fall by INR 100-300/MT on account of falling Billet prices across regions.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 26,600-30,200/MT (USD 388-441) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,300-17,700/MT (USD 237-258); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 8th July 2019 (Monday) INR to USD exchange rate stood at INR 68.51.
-- ICEX (Indian Commodity Exchange Ltd) Aug'19 contract for STEELLONG today open at INR 30,030/MT & last traded (IST 18:23) at INR 29,520/MT.
-- BSE Sensex closed at 38,720(-792) on Monday, as against last day (Friday) at 39,513(-394).
-- NSE Nifty50 index was closed today at 11,558(-252) & Nifty Metal at 2,791(-60).
Raw Materials
-- JSPL's steel output from Indian operations increased by 16% in Q1 FY'20 to 1.57 MnT which was 1.35 MnT in Q1 FY'19.
-- Jindal SAW (Rajasthan) decreased pellet (Fe 63%) offers for the week at INR 8,700/MT (delivered Kandla) as against INR 9,100/MT a week ago.
-- Central India based pellet makers have lowered offers by INR 200/MT, offers for Fe 63% is at INR 6,800/MT (ex-Raipur, GST extra).
-- Melting scrap offers in Western India- Jalna (Maharashtra) decline by INR 400/MT in a day trade activities.
Semi Finished
-- Mesco Steels further cuts pig iron price and reported steel grade material at INR 25,000-25,100/MT ex-Jajpur, Odisha.
-- Raipur based sponge producers have quoted P-DRI at INR 16,000-16,100/MT, however buying inquiries learned at INR 15,800-15,900/MT ex-plant.
-- Major sponge producers in Durgapur reduced sponge P-DRI price by INR 300/MT to INR 16,700/MT due to limited inquiries.
-- Raigarh based Singhal Steel offered P-DRI at INR 15,400/MT & Billet at INR 26,600/MT ex-plant, officials reported.
-- Agrasen Sponge pvt ltd, an Odisha based manufacturer offered Fem 80 Sponge C-DRI (mix material) at INR 16,500/MT ex-plant.
-- Odisha based manufacturer, KJS Ahluwalia offered billet & Sponge C-DRI (mix material) at INR 27,000/MT & INR 16,500/MT (ex-plant).
-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,500/MT & Billet at INR 27,000/MT ex-plant.
-- Odisha based manufacturer, Ganesh Metaliks offered Billet at INR 27,200/MT ex-plant, an official reported.
-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 17,400/MT & Billet at INR 28,200/MT ex-plant.
-- Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 16,000-16,200/MT ex-plant, an official reported.
Wire Rod & Pipe
-- Trade discounts in Raipur Wire rod drop by INR 300/MT to INR 1,100-1,300/MT as base price fell by INR 700/MT to INR 33,700/MT ex-plant.
-- Raipur, Central India based ERW pipe manufacturers offers reported at around INR 34,600/MT ex-plant & excluding GST.
-- Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 36,600/MT ex-plant & excluding GST.
Rebar (12 mm)
-- Raipur based - SPEED TMT is offering at INR 31,800/MT (down by INR 300/MT).
-- Real Ispat (GK TMT) is offering at INR 34,000/MT (down by INR 700/MT).
-- Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 32,000/MT (down by INR 400/MT).
-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) is offering at INR 32,800/MT (down by INR 500/MT).
-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri) TMT has unchanged their offers at INR 32,800/MT.
-- Mumbai based Sun Metallics And Alloy Pvt. Ltd. (SUN TMT) is offering at INR 31,500/MT.
-- West region based Bhagwati Ferro Metal (P) Ltd is offering at INR 31,500/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 8th 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 | + 200 | 24,200 | 25,700 |
| Ex-Mumbai | HMS(80:20) | 21,600 | 21,500 | 21,800 | - 300 | 22,500 | 24,800 | |
| Ex-Chennai | HMS(80:20) | 21,300 | 21,200 | 21,500 | - 300 | 22,000 | 23,500 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,700 | 17,600 | 17,900 | - 300 | 18,300 | 18,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | - 100 | 17,000 | 18,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,900 | 16,800 | 17,000 | - 200 | 17,500 | 18,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | - 200 | 16,900 | 18,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,700 | 16,600 | 16,800 | - 300 | 17,300 | 17,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,900 | 15,800 | 16,000 | - 300 | 16,600 | 17,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,100 | 16,000 | 16,100 | - 100 | 16,500 | 18,000 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | 0 | 17,000 | 18,600 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,100 | 30,000 | 30,200 | - 600 | 31,800 | 33,450 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,900 | 26,800 | 27,000 | - 500 | 28,500 | 30,200 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,200 | 26,100 | 26,200 | - 500 | 27,600 | 29,400 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,600 | 26,500 | 26,700 | - 400 | 28,000 | 29,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,900 | 27,800 | 27,900 | - 400 | 29,500 | 31,500 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 30,200 | 30,100 | 30,300 | - 700 | 32,000 | 33,800 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 27,400 | 27,300 | 27,500 | - 500 | 28,900 | 30,650 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 26,800 | 26,700 | 26,900 | - 300 | 27,900 | 29,800 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 27,100 | 27,000 | 27,200 | - 500 | 28,700 | 30,050 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 28,700 | 28,600 | 28,800 | - 400 | 30,750 | 32,200 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 28,100 | 28,000 | 28,100 | - 400 | 29,700 | 31,750 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 29,600 | 29,500 | 29,700 | - 100 | 30,000 | 31,200 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 28,000 | 27,900 | 28,100 | - 300 | 29,300 | 31,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 34,800 | 34,700 | 35,100 | - 300 | 35,800 | 37,000 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 32,800 | 32,600 | 33,000 | - 300 | 33,800 | 35,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 31,600 | 31,500 | 31,800 | - 200 | 32,600 | 34,300 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,500 | 31,300 | 31,700 | - 400 | 32,900 | 34,400 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 34,300 | 34,100 | 34,500 | - 100 | 34,900 | 36,200 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 32,200 | 32,000 | 32,400 | - 300 | 33,300 | 34,800 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 32,100 | 32,000 | 32,700 | - 300 | 33,400 | 35,800 |
| Ex-Raipur | Wire Rod(5.5 MM) | 33,000 | 32,400 | 33,700 | - 600 | 34,400 | 35,800 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
