Daily Update: Indian Semis Trade Improves
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Indian spot steel prices slightly gain today on improved demand in finished steel products and the prices surge by INR 100-400/MT in Billet & INR 100-200/MT in Sponge iron.
The major hike in Billet prices recorded in Gujarat & Punjab by INR 300-400/MT, while in remaining markets it surge by INR 100-200/MT, day on day.
Further the market participants are assuming that, Semis prices to remain strong as rebar demand improves in major supplying regions amidst strengthening raw materials.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 30,800-34,500/MT (USD 441-494) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,800-19,700/MT (USD 268-282); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 29th May 2019 (Wednesday) INR to USD exchange rate stood at INR 69.82.
-- ICEX (Indian Commodity Exchange Ltd) Jun'19 contract for STEELLONG today open at INR 33,250/MT & last traded (IST 18:11) at INR 33,260/MT.
-- BSE Sensex closed at 39,502(-247) on Wednesday, as against last day (Tuesday) at 39,749(+66).
-- NSE Nifty50 index was closed today at 11,861(-67) & Nifty Metal at 2,937(-55).
Raw Materials
-- Bhushan Steel has recorded iron ore & pellet sourcing at 0.32 MnT in Apr'19, dropped 13% as against 0.37 MnT in Mar'19.
-- Essar Steel sourced 0.39 MnT iron ore in Apr'19 from Odisha's merchant mines, up 22% against Mar'19 sourcing at 0.32 MnT.
Semi Finished
-- SAIL has invited an ocean export tender for 18,900 MT billets (Prime Mild steel and non alloy concast) with size 125*125 mm from its Durgapur Steel plant. The last date for bid submission is 31 May'19.
-- Jindal Steel is offering steel grade pig iron at INR 28,000-28,200/MT ex-Raigarh & panther shots(granulated pig iron) at INR 26,500/MT ex-Angul (Odisha).
-- Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 18,600-18,700/MT & Sponge DR CLO grade at INR 20,600-20,700/MT ex-plant.
-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 18,700-18,800/MT & Billet at INR 30,700/MT ex-plant.
-- Shri Hari Sponge, an Odisha based plant offered FeM 80 sponge mix material at INR 18,900-19,000/MT ex-plant.
-- BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 19,100/MT & INR 19,500/MT ex-plant, Karnataka; an official reported.
-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 20,000/MT & Billet at INR 31,300/MT ex-plant.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 18,600-18,700/MT ex-Bellary, an official reported. Added majorly deals concluded for Hyderabad market.
Wire Rod & Pipe
-- Trade discounts in Raipur Wire rod unaltered at INR 800-1,000/MT as base prices rise by INR 200/MT to INR 37,200/MT. Similarly in Durgapur where base prices surge by INR 300/MT to INR 36,800-37,500/MT ex-plant, size 5.5 mm.
-- Raipur, Central India based ERW pipe manufacturers offers reported at around INR 38,000/MT ex-plant & excluding GST. Offers unaltered for the day.
-- Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 39,900/MT ex-plant. (basic & excluding GST).
Reference prices as on 29th May 2019
Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
Scrap | Ex-Alang | HMS(80:20) | 25,700 | 25,600 | 25,800 | + 200 | 26,400 | 26,500 |
Ex-Mumbai | HMS(80:20) | 24,700 | 24,600 | 24,800 | - 100 | 25,000 | 25,100 | |
Ex-Chennai | HMS(80:20) | 23,700 | 23,600 | 23,900 | + 100 | 23,500 | 24,300 | |
C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,600 | 19,500 | 19,700 | + 100 | 19,800 | 19,200 |
Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | + 50 | 19,100 | 18,800 | |
Ex-Raipur | Mix, FeM 80%, +/-1 | 19,700 | 19,600 | 19,800 | 0 | 19,900 | 19,800 | |
Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,000 | 18,900 | 19,100 | 0 | 19,200 | 19,100 | |
P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,500 | 18,400 | 18,600 | + 200 | 18,600 | 18,000 |
Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,650 | 18,600 | 18,700 | + 50 | 19,000 | 18,900 | |
Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,750 | 18,700 | 18,800 | - 50 | 18,800 | 18,800 | |
Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | - 100 | 19,200 | 19,300 | |
Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,050 | 34,000 | 34,100 | + 350 | 34,400 | 34,300 |
Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,400 | + 200 | 31,500 | 31,300 | |
Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,200 | 30,100 | 30,300 | + 100 | 30,650 | 30,700 | |
Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,750 | 30,700 | 30,800 | + 50 | 31,050 | 31,000 | |
Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,000 | 31,900 | 32,100 | + 300 | 32,500 | 33,500 | |
Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 34,500 | 34,400 | 34,600 | + 400 | 34,800 | 34,600 |
Ex-Durgapur | 100x100 mm, IS 2831 | 31,700 | 31,600 | 31,800 | + 200 | 32,000 | 31,700 | |
Ex-Rourkela | 100x100 mm, IS 2831 | 30,800 | 30,700 | 30,900 | + 200 | 31,100 | 31,000 | |
Ex-Raipur | 100x100 mm, IS 2831 | 31,400 | 31,300 | 31,500 | + 200 | 31,700 | 31,600 | |
Ex-Ahmedabad | 100x100 mm, IS 2831 | 32,500 | 32,400 | 32,600 | + 350 | 33,150 | 33,250 | |
Ex-Mumbai | 100x100 mm, IS 2831 | 32,200 | 32,200 | 32,300 | + 200 | 32,800 | 33,700 | |
Ex-Chennai | 100x100 mm, IS 2831 | 32,000 | 32,000 | 32,200 | + 100 | 31,850 | 31,900 | |
Ex-Hyderabad | 100x100 mm, IS 2831 | 31,500 | 31,400 | 31,600 | - 200 | 32,000 | 32,000 | |
TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,400 | 37,200 | 37,600 | + 200 | 37,800 | 37,700 |
Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,800 | 36,600 | 37,000 | + 200 | 37,300 | 36,500 | |
Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,200 | 35,000 | 35,300 | 0 | 35,400 | 35,300 | |
Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 35,100 | 34,900 | 35,300 | + 100 | 35,900 | 36,900 | |
Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 36,700 | 36,600 | 36,900 | 0 | 36,900 | 37,400 | |
Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 35,500 | 35,300 | 35,700 | - 200 | 36,000 | 35,800 | |
Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,100 | 36,800 | 37,500 | + 300 | 37,700 | 37,000 |
Ex-Raipur | Wire Rod(5.5 MM) | 36,700 | 36,200 | 37,200 | + 200 | 37,200 | 37,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research