Daily Update: Indian Sponge & Billet Market
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Indian steel prices slightly fluctuate by INR 100-300/MT today amid average spot trades. As per Semis manufacturers healthy bookings were received last day, hence they are maintaining offers firm levels and currently in wait & watch mode due to uncertain market direction.
Further it is being learned that, spot trades in finished products remained limited, this led to surge in inventories with the mid sized mills specifically in Central & Eastern regions.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 26,500-30,200/MT (USD 372-442) ex-plant. Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,300-17,800/MT (USD 238-260); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 11th July 2019 (Thursday) INR to USD exchange rate stood at INR 68.42.
-- ICEX (Indian Commodity Exchange Ltd) Aug'19 contract for STEELLONG today open at INR 30,010/MT & last traded (IST 18:12) at INR 29,670/MT.
-- BSE Sensex closed at 38,823(+266) on Thursday, as against last day (Wednesday) at 38,557(-173).
-- NSE Nifty50 index was closed today at 11,582(+84) & Nifty Metal at 2,805(+48).
Raw Materials
-- JSW Steel's iron ore purchases from Karnataka e-auctions increased sharply by 50% to 1.63 MnT in Jun'19 compared to 1.08 MnT in May'19.
-- Raipur based pellet makers book over 50,000 MT for exports for August delivery. SteelMint's price assessment for standard grade pellets at around USD 120-122/MT FOB India east coast
-- Melting scrap offers in Western India- Gujarat incline by INR 300/MT in a day trade activities.
Semi Finished
-- Mid sized mills Billet (100*100) export offers to Nepal is hovering at USD 390/MT & Wire rod (5.5 mm) at USD 460/MT ex-mill at Durgapur, Eastern India.
-- Mesco Steels in Jajpur, Odisha has further lowered steel grade pig iron price by INR 200/MT to INR 25,800-25,900/MT ex-plant. According to officials, landed cost to Raipur at around INR 26,000/MT.
-- Durgapur based Rashmi Metaliks has raised sponge P-DRI prices at INR 17,000/MT, however as per sources no major deals.
-- The sponge P-DRI manufacturers in Raipur have increased prices by INR 100-200/MT to INR 16,100-16,200/MT, meanwhile as per trade sources no major deals as bulk bookings made last day through the furnaces at the price of INR 16,000-16,100/MT ex-plant.
-- Odisha based manufacturer, KJS Ahluwalia offered billet & Sponge mix material at INR 26,500/MT & INR 16,500/MT (ex-plant).
-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,400-16,500/MT & Billet at INR 26,500/MT ex-plant.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,000-16,100/MT ex-Bellary, an official reported.
-- Apple Industries in Bellary (Karnataka) offered Billet at INR 30,500/MT ex-plant.
-- BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 16,600/MT & INR 17,000/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
-- Trade discounts in Raipur Wire rod more or less firm at INR 1,400-1,600/MT amidst slight fall in billet prices and base prices of 5.5 mm Wire rod stood at INR 33,700/MT ex-Raipur & INR 31,600-32,300/MT ex-Durgapur.
-- Raipur, Central India based ERW pipe manufacturers offers reported at around INR 34,500/MT ex-plant & excluding GST.
-- Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 36,400/MT ex-plant & excluding GST.
Rebar (12 mm)
-- Raipur based - SPEED TMT has unchanged their offers at INR 31,500/MT.
-- Real Ispat (GK TMT) has unchanged their offers at INR 33,800/MT.
-- Raigarh based Anjani Steels Ltd. (Radhe TMT) is offering at INR 31,300/MT.
-- Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 31,500/MT (up by INR 100/MT).
-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their offers at INR 32,300/MT.
-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) has unchanged their offers at INR 32,500/MT
-- Gujarat based Akshar Ispat Ltd. (Akshat TMT) is offering at INR 34,100/MT FoR.
-- Chennai based Ponneri Steel Ind. (Triple Power) is offering at INR 35,000/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 11th July 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,800 | 22,700 | 22,900 | + 300 | 23,500 | NA |
| Ex-Mumbai | HMS(80:20) | 21,200 | 21,000 | 21,200 | 0 | 22,400 | 24,400 | |
| Ex-Chennai | HMS(80:20) | 21,200 | 21,000 | 21,300 | + 100 | 21,800 | 23,100 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,800 | 17,700 | 17,900 | + 100 | 18,250 | 18,300 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | 0 | 16,800 | 18,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,000 | 16,900 | 17,100 | 0 | 17,300 | 18,200 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | 0 | 16,900 | 18,100 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,800 | 16,700 | 16,900 | + 100 | 17,250 | 17,300 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,100 | 16,000 | 16,200 | + 100 | 16,400 | 17,050 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,000 | 15,900 | 16,100 | 0 | 16,500 | 17,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | 0 | 17,100 | 18,100 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,150 | 30,100 | 30,200 | - 100 | 31,300 | 32,850 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,000 | 26,800 | 27,200 | + 200 | 27,800 | 29,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,100 | 26,000 | 26,200 | - 200 | 27,300 | 28,900 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,600 | 26,500 | 26,700 | - 100 | 27,300 | 29,100 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,750 | 27,700 | 27,800 | + 300 | 29,100 | 31,200 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 30,200 | 30,100 | 30,300 | - 100 | 31,500 | 33,200 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 27,500 | 27,300 | 27,700 | + 100 | 28,300 | 30,000 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 26,500 | 26,400 | 26,600 | - 100 | 27,700 | 29,200 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 27,350 | 27,300 | 27,400 | + 50 | 28,100 | 29,600 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 29,000 | 28,900 | 29,100 | + 300 | 29,800 | 32,300 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 28,050 | 28,000 | 28,100 | + 350 | 29,300 | 31,400 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 29,300 | 29,200 | 29,400 | - 200 | 29,700 | 30,800 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 28,300 | 28,000 | 28,500 | + 300 | 29,000 | 30,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 34,500 | 34,400 | 34,700 | 0 | 35,400 | 37,000 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 32,300 | 32,100 | 32,500 | - 200 | 33,500 | 35,100 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 31,300 | 31,200 | 31,500 | 0 | 32,400 | 34,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,200 | 31,000 | 31,300 | + 300 | 32,600 | 34,300 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 34,200 | 34,000 | 34,400 | 0 | 34,900 | 35,900 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 32,500 | 32,300 | 32,700 | + 200 | 33,000 | 34,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 31,800 | 31,600 | 32,300 | - 100 | 33,000 | 35,000 |
| Ex-Raipur | Wire Rod(5.5 MM) | 32,900 | 32,100 | 33,700 | 0 | 34,000 | 35,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
