Daily Update: Indian Semis Trade Improves
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Spot steel trades improved gradually in major Indian markets and the prices find support. On daily basis, Billet & Rebar prices surge by INR 100-400/MT, meanwhile sponge iron being raised in same proportion.
It is being learned that, the major Indian mills have raised finished steel prices by around INR 500/MT (USD 7) on account of low stock, better response in exports & improved domestic demand.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 31,000-34,600/MT (USD 449-502) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,800-20,300/MT (USD 272-295); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 2nd April 2019 (Tuesday) INR to USD exchange rate stood at INR 68.87.
-- ICEX (Indian Commodity Exchange Ltd) May'19 contract for STEELLONG today open at INR 34,200/MT & last traded (IST 18:14) at INR 34,060/MT.
-- BSE Sensex closed at 39,056(+184) on Tuesday, as against last day (Monday) at 38,871(+198).
-- NSE Nifty50 index was closed today at 11,713(+44).
Raw Materials
-- NMDC produced 32.44 MnT iron ore in FY19 against 35.5 MnT in previous fiscal.
-- Raipur (Central India) based pellet makers continue to hold offers at INR 6,300/MT from the last few weeks.
-- Imported containerise scrap offers to India from West African HMS 80:20 is hovering at USD 310-315/MT CNF India.
-- Melting scrap offers in Western India- Gujarat incline by INR 300/MT in a day trade activities.
-- South Eastern Coalfields Ltd (SECL) once again stands tall amongst all the subsidiaries of Coal India Limited & produced 157.35 MnT of coal in FY19, recorded a growth of 8.73% over last fiscal's output of 144.71 MnT.
Semi Finished
-- Indian Sponge iron export deals concluded at around USD 310/MT CPT Benapole (dry port of India & Bangladesh), equivalent to USD 330/MT CFR Chittagong, Bangladesh.
-- MMTC- India's largest and state-owned trading house, has floated export tender of 30,000 MT non-alloy Pig Iron on behalf of NINL. The due date for submission of bids is 14:30 hrs on 15 Apr'19.
-- Electro Steels in Bokaro, Jharkhand has lowered Pig iron prices and offering steel grade at INR 27,300-27,500/MT as against last week at INR 27,500/MT; ex-plant.
-- A large mill in eastern India has reported Billet export offers to Nepal at around USD 460/MT & Wire rod at USD 540/MT ex-mill. Freight cost is about USD 15-20/MT CNF Raxaul border (Nepal).
-- Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 18,600-18,800/MT & Sponge DR CLO grade at INR 20,800-21,000/MT ex-plant.
-- Central India,Raigarh based mill owners reported, 5-6 hours power cut continues by Jindal for Punjipatra region.
-- Rashmi Metaliks in Durgapur has increased sponge prices by around INR 200-300/MT and today offers for P-DRI heard at around INR 19,000/MT-Sources.
-- Aloke Steel Industries (Jharkhand) offered Fem 78-80 C-DRI lumps at INR 19,800/MT & Sponge mix material (60:40) at INR 19,500/MT ex-plant.
-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 19,600/MT & Billet at INR 32,500/MT ex-plant.
-- BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 19,200/MT & INR 19,600/MT ex-plant, Karnataka; an official reported.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 18,500-18,600/MT ex-Bellary, offers incline by INR 100/MT from the last trade; an official reported.
Wire Rod & Pipe
-- Blast furnace grade wire rod (5.5-6.0 mm) offers hovering at INR 42,000/MT ex-Bokaro, Jharkhand. The prices are unaltered as against Mar'19.
-- Trade discounts in Raipur wire rod quoted at INR 600-800/MT through the suppliers which is unchanged as against 1st Apr'19.
-- Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 40,500/MT ex-plant & excluding GST.
-- Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 38,700/MT ex-plant (basic & excluding GST).
Rebar (12 mm)
-- Raipur based - SPEED TMT has offered at INR 36,300/MT (Increase by INR 200/MT).
-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is offering at INR 38,800/MT FoR (Increase by around INR 300/MT).
-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) has unchanged their offers at INR 37,900/MT.
-- Chennai based ARS Steel (ARS 500 D) has unchanged their offers at INR 40,400/MT.
Note - Prices mentioned above are ex-work, excluding GST & changes are placed on day basis.
Reference prices as on 2nd April 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,400 | 26,300 | 26,500 | + 300 | 26,100 | 26,100 |
| Ex-Mumbai | HMS(80:20) | 25,000 | 24,900 | 25,100 | 0 | 25,000 | 25,400 | |
| Ex-Chennai | HMS(80:20) | 24,700 | 24,500 | 24,800 | 0 | 24,500 | 25,500 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,300 | 20,200 | 20,400 | + 300 | 20,100 | 20,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | + 100 | 18,800 | 20,300 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | + 200 | 19,900 | 21,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | 0 | 19,100 | 20,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,000 | 18,900 | 19,100 | + 300 | 18,800 | 18,800 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,650 | 18,600 | 18,700 | + 50 | 18,600 | 19,750 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,400 | 18,300 | 18,500 | 0 | 18,700 | 20,200 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,000 | 19,000 | 19,200 | 0 | 19,000 | 20,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,200 | 34,100 | 34,300 | + 100 | 34,050 | 35,200 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,400 | 31,300 | 31,500 | + 300 | 31,400 | 32,100 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,600 | 30,500 | 30,700 | + 100 | 30,600 | 31,900 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,400 | + 100 | 31,000 | 32,600 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 33,100 | 33,000 | 33,200 | 0 | 33,300 | 35,300 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 34,600 | 34,500 | 34,700 | + 100 | 34,400 | 35,700 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 31,800 | 31,700 | 31,900 | + 300 | 31,800 | 32,650 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | + 100 | 30,900 | 32,300 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 31,750 | 31,700 | 31,800 | + 50 | 31,500 | 33,050 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 34,000 | 33,900 | 34,100 | + 300 | 34,200 | 35,700 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 33,300 | 33,200 | 33,400 | 0 | 33,500 | 35,500 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 32,500 | 32,500 | 32,700 | + 200 | 32,200 | 34,700 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 32,700 | 32,500 | 33,000 | + 200 | 32,500 | 35,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 38,100 | 37,900 | 38,300 | + 400 | 37,700 | 38,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,800 | 37,200 | + 300 | 36,700 | 37,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 36,100 | 36,000 | 36,300 | + 100 | 36,000 | 37,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 37,000 | 36,800 | 37,200 | 0 | 37,200 | 38,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 37,500 | 37,300 | 37,700 | + 100 | 37,500 | 39,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 36,500 | 36,300 | 36,700 | + 300 | 36,000 | 38,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,000 | 36,800 | 37,500 | + 200 | 36,900 | 37,700 |
| Ex-Raipur | Wire Rod(5.5 MM) | 38,300 | 37,600 | 38,300 | + 200 | 38,200 | 40,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
