Daily Update: Indian Semis Trade Slowdown
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Indian spot steel trade activities remain limited as prices moved down trend despite strengthening raw materials.
however, participants believe that, prices to soon recover once demand of finished steels find support.
As per daily assessment, the Billet prices down by INR 100-500/MT and majorly in Hyderabad by INR 500/MT. Meanwhile Rebar prices fell by INR 100-200/MT, day on day, in major markets.
In line Sponge iron, the prices in Eastern region declined by INR 100-200/MT. However, the producers in Central & Southern India have maintained prices due to high cost/rising raw materials.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 30,800-34,400/MT (USD 443-495) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,100-20,000/MT (USD 274-288); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 24th May 2019 (Friday) INR to USD exchange rate stood at INR 69.47.
-- ICEX (Indian Commodity Exchange Ltd) Jun'19 contract for STEELLONG today open at INR 33,880/MT & last traded (IST 18:26) at INR 33,800/MT.
-- BSE Sensex closed at 39,434(+623) on Friday, as against last day (Thursday) at 38,811(-298).
-- NSE Nifty50 index was closed today at 11,844(+187).
Raw Materials
-- Essel Mining - a major iron ore mine in Odisha has increased its offers for iron ore lumps by INR 300/MT (USD 4/MT) and INR 250/MT in fines (USD 3.5/MT) w.e.f yesterday (23rd May'19).
-- Eastern India based pellet maker has concluded an export deal for around 50,000 MT for regular grade pellets (Fe 64%, containing 3% alumina) for June shipments at around USD 126-127/MT, CFR China.
-- Imported scrap offers to India for HMS (80:20) Europe origin containers stood at around USD 315-325/MT, CFR depending on quality.
Semi Finished
-- Electrosteels has maintained prices and reported trades for steel grade pig iron at INR 27,500/MT ex-Bokaro (Jharkhand).
-- Mesco Steels has raised steel grade pig iron prices by INR 200/MT to INR 27,100-27,200/MT ex-Jajpur (Odisha).
-- Raipur based sponge producers quoted P-DRI at INR 18,900-19,000/MT ex-plant. However no major deals reported as landed offers from Odisha based manufacturers hovering at INR 18,900/MT.
-- Rashmi Metaliks in Durgapur has reduced sponge P-DRI prices by INR 100-200/MT to INR 18,400-18,500/MT, as reported by sources.
-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 18,800/MT & Billet at INR 30,800/MT ex-plant. Offers fall by INR 100-200/MT D-o-D.
-- Shri Hari Sponge, an Odisha based plant offered FeM 80 sponge mix material at INR 18,900-19,000/MT ex-plant.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 19,500/MT ex-Bellary, offers incline by INR 300/MT from the last trade; an official reported.
-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 20,000/MT & Billet at INR 32,000/MT ex-plant. Offers unaltered for the day.
Wire Rod & Pipe
-- Raipur, Central India based ERW pipe manufacturers offers reported at around INR 38,000-38,100/MT ex-plant & excluding GST.
-- Trade discounts in Raipur Wire rod increased further by INR 200/MT to INR 1,100-1,300/MT amid unchanged base price at INR 37,700/MT ex-plant. Similarly the trade price in Durgapur fell by INR 300/MT to INR 37,100-38,000/MT ex-plant.
-- Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 40,100/MT ex-plant. (basic & excluding GST).
Rebar (12 mm)
-- Raipur based - SPEED TMT has unchanged their offers at INR 35,600/MT.
-- Raigarh based Anjani Steels Ltd. (Radhe TMT) is offering at INR 35,800/MT (down by INR 200/MT).
-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their offers at INR 37,300/MT.
-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is offering at INR 37,100/MT.
-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri) TMT has unchanged their offers at INR 37,100/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 24th May 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,000 | 25,900 | 26,100 | - 300 | 25,600 | 27,300 |
| Ex-Mumbai | HMS(80:20) | 24,900 | 24,800 | 25,000 | - 100 | 24,900 | 25,000 | |
| Ex-Chennai | HMS(80:20) | 23,600 | 23,500 | 23,800 | 0 | 23,400 | 24,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,700 | 19,600 | 19,800 | - 100 | 18,900 | 19,400 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,850 | 18,800 | 18,900 | - 250 | 18,500 | 18,700 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | 0 | 19,500 | 19,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,300 | 19,200 | 19,400 | 0 | 18,700 | 19,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,600 | 18,500 | 18,700 | 0 | 17,700 | 18,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,900 | 18,800 | 19,000 | 0 | 18,400 | 18,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,200 | 19,100 | 19,300 | + 200 | 18,300 | 18,900 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,400 | 19,300 | 19,500 | 0 | 18,900 | 19,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,050 | 34,000 | 34,100 | - 350 | 33,900 | 34,100 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,300 | 31,200 | 31,400 | - 200 | 30,900 | 31,300 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 30,300 | 30,300 | 30,400 | - 200 | 30,100 | 30,600 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,900 | 30,800 | 31,000 | - 100 | 30,500 | 30,900 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,200 | 32,100 | 32,200 | - 300 | 32,000 | 33,050 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 34,400 | 34,300 | 34,500 | - 300 | 34,200 | 34,500 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 31,750 | 31,700 | 31,800 | - 250 | 31,400 | 31,600 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 30,800 | 30,700 | 30,800 | - 150 | 30,400 | 30,900 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 31,550 | 31,500 | 31,600 | - 150 | 31,100 | 31,500 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 32,800 | 32,700 | 32,900 | - 200 | 32,000 | 33,300 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 32,500 | 32,400 | 32,500 | - 250 | 32,300 | 33,300 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 32,200 | 32,100 | 32,300 | - 100 | 31,500 | 32,800 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 32,000 | 31,900 | 32,100 | - 500 | 31,400 | 32,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,900 | 37,800 | 38,200 | - 100 | 36,900 | 37,700 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 37,100 | 36,900 | 37,300 | - 200 | 36,500 | 36,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,400 | 35,300 | 35,600 | 0 | 34,800 | 35,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 35,600 | 35,400 | 35,800 | - 200 | 35,600 | 36,900 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 36,800 | 36,700 | 37,100 | - 100 | 36,900 | 37,700 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 36,000 | 35,800 | 36,200 | - 200 | 35,200 | 36,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 37,400 | 37,100 | 38,000 | - 300 | 37,000 | 36,900 |
| Ex-Raipur | Wire Rod(5.5 MM) | 37,100 | 36,500 | 37,700 | - 100 | 37,000 | 37,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
