Daily Update: Indian Semis Offers Rise Further
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Indian steel prices remain strong following improved demand and high cost raw materials. As per daily assessment, the Sponge iron prices surge by INR 100-300/MT, while Billet & Rebar prices increased by INR 100-500/MT in major markets.
The participants stated that, the production cost of ingot/billet manufacturers in Punjab (northern India) to move up by INR 800-900/MT from 1st Jun'19 due to slight hike in base power tariff & removing of rebate in night hrs (10:00 PM to 06:00 AM) by INR 1.0/unit.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 30,900-34,600/MT (USD 442-495) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,800-19,800/MT (USD 268-283); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 30th May 2019 (Thursday) INR to USD exchange rate stood at INR 69.86.
-- ICEX (Indian Commodity Exchange Ltd) Jun'19 contract for STEELLONG today open at INR 33,840/MT & last traded (IST 18:11) at INR 34,030/MT.
-- BSE Sensex closed at 39,831(+329) on Thursday, as against last day (Wednesday) at 39,502(-247).
-- NSE Nifty50 index was closed today at 11,945(+84) & Nifty Metal at 2,924(-12).
Raw Materials
-- Bhushan Power & Steel has recorded iron ore sourcing at 0.29 MnT in Apr'19, rise by 39% as against 0.21 MnT in Mar'19.
-- Global Iron ore fines index falls to USD 103.5/MT as Vale announces lowered risk of collapsing of its Gongo Soco mining pit.
-- Melting scrap offers in Western India- Gujarat incline by INR 400/MT in a day trade activities.
Semi Finished
-- Neo Metaliks in Durgapur has raised steel grade pig iron offers by INR 300-400/MT and deals reported at around INR 28,200/MT ex-plant. The prices hike in line with short supply by other private producers.
-- Mesco Steels has maintained prices firm and latest deals stated at INR 27,000-27,100/MT for steel grade material, ex-Jajpur (Odisha).
-- Market participants believe that, NINL likely to release domestic prices in coming week which are due since 12th May'19.
-- Indian Sponge iron export offers to Bangladesh continued rally due to rising prices in Indian market. Latest assessment is at USD 310-315/MT CPT Benapole (dry port of India & Bangladesh), this is equivalent to USD 325-330/MT CNF Chittagong, Bangladesh.
-- Mid sized mills Billet export offers to Nepal surge on rising domestic offers. Latest offers reported at around USD 445-450/MT ex-mill at Durgapur, eastern India.
-- Raipur, Central India based Integrated plants offers increased by INR 100/MT, offering Sponge P-DRI at INR 18,700-18,800/MT & Sponge DR CLO grade at INR 20,600-20,700/MT ex-plant.
-- Rashmi Metaliks in Durgapur (kharagpur) has increased Sponge P-DRI prices by INR 300-400/MT to INR 18,800-18,900/MT, as per sources.
-- Raigarh based Singhal Steel offered P-DRI at INR 18,000/MT ex-Raigarh & Billet at INR 31,500/MT FoR Raipur, officials reported.
-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 19,000/MT & Billet at INR 30,800-30,900/MT ex-plant. Offers rise by INR 100-200/MT D-o-D.
-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 20,000/MT & Billet at INR 31,500/MT ex-plant.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 18,800-18,900/MT ex-Bellary, offers incline by INR 200/MT from the last trade; an official reported.
-- Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 18,800-19,000/MT ex-plant, an official reported.
-- BIOP Steels in South India has increased sponge prices by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 19,200/MT & INR 19,600/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
-- Trade discounts in Raipur Wire rod remain unchanged at INR 800-1,000/MT as base prices further raised by INR 300/MT to INR 37,500/MT. Meanwhile in Durgapur base prices slightly gain by INR 100-200/MT to INR 36,900-37,700/MT ex-plant, size 5.5 mm.
-- Raipur, Central India based ERW pipe manufacturers offers reported at around INR 38,100/MT ex-plant & excluding GST.
-- Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 40,200/MT ex-plant & excluding GST.
Rebar (12 mm)
-- Raipur based - SPEED TMT is offering at INR 35,400/MT (up by INR 100/MT).
-- Raigarh based Scan Group branding -Shrishti TMT is offering at INR 35,800/MT.
-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is offering at INR 36,800/MT (up by INR 100/MT).
-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri) TMT has unchanged their offers at INR 36,700/MT.
-- Gujarat based Akshar Ispat Ltd. (Akshat TMT) is offering at INR 36,900/MT FoR.
Note - Prices mentioned above are ex-work, excluding GST & changes are placed on day basis. Prices are subject to reconfirmation.
Reference prices as on 30th May 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,100 | 26,000 | 26,200 | + 400 | 26,300 | 26,500 |
| Ex-Mumbai | HMS(80:20) | 24,800 | 24,700 | 24,900 | + 100 | 25,000 | 25,100 | |
| Ex-Chennai | HMS(80:20) | 23,700 | 23,600 | 23,900 | 0 | 23,600 | 24,200 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,800 | 19,700 | 19,900 | + 200 | 19,800 | 19,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,850 | 18,800 | 19,000 | + 50 | 19,100 | 18,900 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | + 100 | 20,000 | 19,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,100 | 19,000 | 19,200 | + 100 | 19,300 | 19,100 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,800 | 18,700 | 18,900 | + 300 | 18,600 | 18,100 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,700 | 18,600 | 18,800 | + 50 | 18,900 | 18,950 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | + 50 | 19,000 | 18,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | 0 | 19,400 | 19,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,400 | 34,300 | 34,500 | + 350 | 34,400 | 34,350 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,600 | 31,500 | 31,700 | + 300 | 31,500 | 31,450 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,350 | 30,300 | 30,400 | + 150 | 30,500 | 30,700 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,000 | 30,900 | 31,100 | + 250 | 31,000 | 31,050 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,200 | 32,100 | 32,200 | + 200 | 32,500 | 33,400 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 34,600 | 34,500 | 34,700 | + 100 | 34,700 | 34,700 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 32,000 | 31,900 | 32,100 | + 300 | 32,000 | 31,800 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 30,900 | 30,800 | 31,000 | + 100 | 30,950 | 31,000 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 31,600 | 31,500 | 31,700 | + 200 | 31,700 | 31,750 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 32,900 | 32,900 | 33,050 | + 400 | 33,000 | 33,100 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 32,450 | 32,400 | 32,500 | + 250 | 32,750 | 33,600 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 31,700 | 31,500 | 31,800 | - 300 | 32,300 | 31,950 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 32,000 | 31,900 | 32,100 | + 500 | 32,500 | 32,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,400 | 37,200 | 37,600 | 0 | 38,000 | 37,700 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,800 | 37,200 | + 200 | 37,300 | 36,800 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,200 | 35,200 | 35,400 | 0 | 35,400 | 35,400 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 35,200 | 35,000 | 35,400 | + 100 | 35,800 | 37,000 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 36,700 | 36,600 | 36,900 | 0 | 36,900 | 37,300 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 36,000 | 35,800 | 36,200 | + 500 | 36,200 | 35,800 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,200 | 36,900 | 37,700 | + 100 | 37,700 | 37,200 |
| Ex-Raipur | Wire Rod(5.5 MM) | 37,000 | 36,500 | 37,500 | + 300 | 37,200 | 37,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
