Daily Update: Indian Semis Offers Fall on Limited Inquiries
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Indian Semi finished steel prices remain on down trend over limited spot trades. The prices of Billet fall by INR 100-400/MT, while Sponge iron by INR 100-300/MT, day-on-day.
Market participants believed that, trade volume to remain thin in coming days due to festive mood in Indian markets.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 33,000-36,600/MT (USD 449-498), ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 21,400-22,700/MT (USD 291-309); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 1st November 2018 (Thursday) INR to USD exchange rate stood at INR 73.4
-- BSE Sensex closed at 34,431(-10) on Thursday, as against last day (Wednesday) at 34,442(+550).
-- NSE Nifty50 index was closed today at 10,380(-6).
Raw Materials
-- Monnet Ispat commences trial production from its 2 MnT Pellet plant in Raigarh, Chattisgarh (Central India). Market expects pellets in merchant market with soon commercial operations.
-- Southern India based pellet maker - KIOCL has concluded pellet export deal for 50,000 MT consisting of Fe 64% content and less than 2% alumina. As per souces, amid lower bids received the company has concluded the deal at around USD 132/MT, FoB India.
-- OMC keeps base prices unchanged for upcoming e-auction for 295,523 MT Iron ore on 05th Nov'18 from Gandhamardan, Daitari, Koira and Raikela mines. The base prices for fines remain unchanged against the previous e-auction held on 05 Sep'18.
-- Railways increase freight rate for coal, iron ore & steel by 8.75% - Reports.
Semi Finished
-- Vizag Steel concludes 10,000 MT Bloom export tender. As per sources report, the company has concluded 10,000 MT Blooms (200*200mm, IS 2830 GrA) deal at around USD 455/MT, FoB.
-- Raipur, Central India based Integrated plants offer unaltered for Sponge P-DRI at INR 21,300-21,400/MT, however mid size plants have reduced prices for same material and traded around INR 21,000-21,100/MT, ex-plant.
-- Odisha, Rourkela based 100-300 TPD sponge manufacturers have offered Sponge C-DRI mix material at INR 21,900-22,000/MT, meanwhile deals heard at around INR 21,800/MT, ex-plant.
-- BMM Ispat a price trend for South Indian sponge market, has roll over Sponge P-DRI prices at INR 20,600/MT ex-plant, Bellary. Buying interest is weak, as per officials.
-- Jai Balaji Group has offered Steel grade Pig iron at INR 29,500/MT & Billet at INR 34,000/MT ex-plant, Durgapur.
-- SAIL's Pig iron auction held today from its Rourkela Steel Plant (RSP) has received poor response. As per participants the company had alloted about 5,900 MT basic grade Pig iron, in which only 500 MT have been sold out at the base price of INR 30,000/MT, ex-plant.
-- Medium mills in Durgapur, eastern India have concludes export deals to Nepal at around USD 455-458/MT (ex-mill) for Induction grade & size 100*100 mm.
Finish Long
-- As per the market participants, Vizag Steel (RINL) is likely to roll-over finished steel prices for Nov'18. Meanwhile recent hike in rail freight by 8.75% for coal, iron ore and steel, may partially pass prices to the consumer. Official announcement still awaited.
-- Raipur based wire rod suppliers kept trade discount unaltered and today's discount at around INR 1,000-1,200/MT.
-- East region based - Baba Smelter Pvt. Ltd current offering Structure at INR 40,250/MT (150 Channel) down by INR 250/MT.
Rebar (12 mm)
-- Rathi Steels based in North region offering at INR 40,100/MT, down by INR 350/MT.
-- Raipur based - SPEED TMT offering at INR 36,400/MT, down by INR 300/MT.
-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT unchanged their offers at INR 36,300/MT, down by INR 300/MT.
-- Jalna based Rajuri Steel Pvt Ltd unchanged their offers at INR 36,300/MT
-- Chennai based ARS Steel (Trusteel) unchanged their offers at INR 42,100/MT.
-- South region based Prakash Ferrous Ind. Pvt. Ltd (Tirumala) unchanged their offers at INR 41,500/MT.
Note - The prices mentioned above based on ex-work, excluding GST and changes are placed on day basis.
Reference prices as on 01st November 2018
| Products | Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M |
| Scrap | Ex-Alang | HMS(80:20) | 26,700 | 26,600 | 26,900 | -200 | 26,800 | 26,700 |
| Ex-Mumbai | HMS(80:20) | 25,500 | 25,400 | 25,600 | + 100 | 25,500 | 26,100 | |
| Ex-Chennai | HMS(80:20) | 26,800 | 26,800 | 27,000 | 0 | 26,500 | 26,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,900 | 22,800 | 23,000 | 0 | 23,200 | 21,600 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 21,800 | 21,700 | 21,900 | -200 | 22,000 | 22,300 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22,700 | 22,600 | 22,800 | -100 | 22,800 | 23,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 21,400 | 21,300 | 21,500 | -100 | 22,000 | 22,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,700 | 21,600 | 21,800 | 0 | 21,700 | 20,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 21,000 | 20,900 | 21,100 | -300 | 21,200 | 21,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,550 | 20,500 | 20,600 | -150 | 21,300 | 21,900 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 21,600 | 21,500 | 21,700 | 0 | 22,000 | 22,300 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 35,900 | 35,900 | 36,000 | +100 | 35,950 | 35,000 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 33,500 | 33,400 | 33,600 | -400 | 34,000 | 33,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 32,450 | 32,400 | 32,500 | -150 | 32,700 | 31,800 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,600 | 32,500 | 32,700 | -150 | 32,800 | 32,200 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,000 | 32,900 | 33,100 | -200 | 33,400 | 33,800 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,600 | 34,500 | 34,700 | -100 | 34,900 | 36,200 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 33,700 | 33,600 | 33,800 | 0 | 34,200 | 34,700 | |
| Billet | Ex-Mandi Gobindgarh | 125x125 mm, IS 2831 | 36,600 | 36,500 | 36,700 | 0 | 36,750 | 35,800 |
| Ex-Durgapur | 125x125 mm, IS 2831 | 33,700 | 33,600 | 33,800 | -400 | 34,400 | 33,500 | |
| Ex-Rourkela | 125x125 mm, IS 2831 | 32,900 | 32,800 | 33,000 | -100 | 33,300 | 32,600 | |
| Ex-Raipur | 125x125 mm, IS 2831 | 33,500 | 33,400 | 33,600 | -200 | 33,800 | 33,000 | |
| Ex-Ahmedabad | 125x125 mm, IS 2831 | 34,200 | 34,200 | 34,400 | 0 | 34,200 | 34,500 | |
| Ex-Mumbai | 125x125 mm, IS 2831 | 33,200 | 33,100 | 33,300 | -200 | 33,600 | 34,600 | |
| Ex-Chennai | 125x125 mm, IS 2831 | 35,100 | 35,000 | 35,300 | -100 | 35,400 | 36,700 | |
| Ex-Hyderabad | 125x125 mm, IS 2831 | 34,000 | 33,900 | 34,100 | 0 | 34,500 | 35,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 38,900 | 38,700 | 39,100 | -300 | 39,900 | 38,200 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 39,100 | 38,900 | 39,300 | -200 | 39,300 | 38,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,300 | 36,200 | 36,400 | -300 | 37,000 | 37,300 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,900 | 36,700 | 37,200 | 0 | 37,200 | 38,700 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 39,900 | 39,700 | 40,200 | -100 | 40,500 | 41,800 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 38,000 | 37,800 | 38,200 | 0 | 38,500 | 38,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
