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Daily Update: Indian Steel Market 1 Oct'19

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1 Oct 2019, 18:23 IST

Daily Update: Indian Steel Market 1 Oct'19

Spot steel trades remained weak in Indian market, following which prices dropped on day trade activities by INR 100-400/MT through the mid sized mills.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 25,800-29,100/MT (USD 362-409) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,400-17,300/MT (USD 230-243); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 1st October 2019 (Tuesday) INR to USD exchange rate stood at INR 71.14.

-- ICEX (Indian Commodity Exchange Ltd) Nov'19 contract for STEELLONG today open at INR 28,320/MT & last traded (IST 18:17 hrs) at INR 28,300/MT.

-- BSE Sensex closed at 38,305(-361) on Tuesday, as against last day (Monday) at 38,667(-155).

-- NSE Nifty50 index was closed today at 11,359(-114) & Nifty Metal at 2,397(-42).

Key Trades

-- Jindal Steel has offered panther shots (granulated pig iron) at INR 22,000-22,500/MT ex-plant.

-- Melting scrap offers in Western India- Jalna (Maharashtra) decline by INR 300/MT in a day trade activities.

-- Raipur based manufacturers have reduced sponge P-DRI prices by INR 200/MT to INR 16,000/MT ex-plant. However limited deals reported due to falling billet prices.

-- Private pig iron producers in eastern India have roll-over prices and offers for steel grade learned at INR 23,000/MT ex-Bokaro by Electrosteels & INR 23,500-23,600/MT ex-Durgapur by Neo Metaliks.

-- Raigarh based Singhal Steel offered Billet at INR 26,000/MT (ex-plant) & INR 26,500/MT FoR Raipur, officials reported.

-- Trade discounts in Raipur wire rod is hovering at INR 800-1,100/MT and base prices drop by INR 300/MT to INR 31,200/MT ex-plant. Similarly, in Durgapur trade reference prices corrected by INR 300/MT to INR 29,800-30,500/MT ex-plant.

-- BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,600/MT & INR 17,000/MT ex-plant, Karnataka. Limited trade activities reported through the officials.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,100-16,200/MT ex-Bellary, an official reported.

-- Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 16,000-16,200/MT ex-plant, an official reported.

-- Rathi Steels based in North region has unchanged their 12 mm Rebar offer at INR 33,300/MT.

-- Central region Raipur based SPEED TMT is current offering their 12 mm Rebar at INR 30,700/MT (down by INR 400/MT).

-- Raigarh based Scan Group branding (Shrishti TMT) is offering 12 mm Rebar at INR 31,300/MT(down by INR 200/MT).

-- Western region Gujarat based Diamond TMT offers their 12 mm Rebar at INR 31,700/MT(down by INR 200/MT).

-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) is offering their 12 mm Rebar at INR 31,300/MT(down by INR 200/MT).

Reference prices as on 1st October 2019

	Particular/Delivery	Size, Grade, Origin	Prices	Min	Max	Change	1W	1M
Scrap	Ex-Alang	HMS(80:20)	21,800	21,700	21,900	- 200	21,500	21,000
	Ex-Mumbai	HMS(80:20)	21,400	21,200	21,500	0	21,200	21,400
	Ex-Chennai	HMS(80:20)	19,700	19,400	19,800	- 100	20,400	20,300
C-DRI	Ex-Durgapur	Mix, FeM 78%, +/-1	16,700	16,600	16,800	- 250	17,400	17,800
	Ex-Rourkela	Mix, FeM 80%, +/-1	16,600	16,500	16,700	- 100	16,800	16,300
	Ex-Raipur	Mix, FeM 80%, +/-1	17,300	17,200	17,400	- 200	17,300	17,200
	Ex-Bellary	Lumps, FeM 80%, +/-1	16,500	16,400	16,600	0	16,600	16,600
P-DRI	Ex-Durgapur	Lumps, FeM 78%, +/-1	15,700	15,600	15,800	- 250	16,400	16,800
	Ex-Raipur	Lumps, FeM 80%, +/-1	16,000	15,900	16,100	- 150	16,200	15,850
	Ex-Bellary	Lumps, FeM 80%, +/-1	16,100	16,000	16,200	0	16,350	16,300
	Ex-Hyderabad	Lumps, FeM 80%, +/-1	16,700	16,600	16,800	- 100	16,800	16,700
Ingot	Ex-Mandi Gobindgarh	3.5 x 4.5 Inch, IS 2830	28,900	28,800	29,000	- 50	28,800	28,950
	Ex-Durgapur	3.5 x 4.5 Inch, IS 2830	26,000	25,900	26,100	- 400	26,600	26,400
	Ex-Rourkela	3.5 x 4.5 Inch, IS 2830	25,600	25,500	25,700	- 200	25,800	25,600
	Ex-Raipur	3.5 x 4.5 Inch, IS 2830	25,900	25,800	26,000	- 300	26,250	26,100
	Ex-Mumbai	3.5 x 4.5 Inch, IS 2830	28,000	27,900	28,100	- 100	27,600	27,350
Billet	Ex-Mandi Gobindgarh	100x100 mm, IS 2831	29,050	29,000	29,100	- 50	29,000	29,200
	Ex-Durgapur	100x100 mm, IS 2831	26,300	26,200	26,400	- 400	26,800	26,700
	Ex-Rourkela	100x100 mm, IS 2831	25,800	25,700	25,900	- 300	26,300	26,000
	Ex-Raipur	100x100 mm, IS 2831	26,400	26,300	26,500	- 250	26,550	26,600
	Ex-Ahmedabad	100x100 mm, IS 2831	28,100	28,000	28,200	- 300	27,600	27,550
	Ex-Mumbai	100x100 mm, IS 2831	28,200	28,100	28,300	- 100	27,800	27,550
	Ex-Chennai	100x100 mm, IS 2831	27,150	27,100	27,200	+ 150	27,400	28,000
	Ex-Hyderabad	100x100 mm, IS 2831	26,500	26,400	26,600	0	26,500	26,500
TMT	Ex-Delhi/NCR	12-25 MM, IS 1786- 500 Fe	32,200	32,000	32,400	- 100	32,400	32,300
	Ex-Durgapur	12-25 MM, IS 1786- 500 Fe	30,300	30,100	30,500	- 300	31,000	30,800
	Ex-Rourkela	12-25 MM, IS 1786- 500 Fe	30,800	30,600	30,900	- 100	31,200	30,200
	Ex-Raipur	12-25 MM, IS 1786- 500 Fe	30,500	30,400	30,600	- 300	30,700	30,100
	Ex-Jalna	12-25 MM, IS 1786- 500 Fe	31,300	31,100	31,400	- 200	31,500	31,500
	Ex-Mumbai	12-25 MM, IS 1786- 500 Fe	31,200	31,100	31,300	+ 100	30,600	30,700
	Ex-Chennai	12-25 MM, IS 1786- 500 Fe	31,500	31,400	31,700	0	31,700	32,100
	Ex-Hyderabad	12-25 MM, IS 1786- 500 Fe	30,500	30,400	30,600	0	30,500	30,500
Wire Rod	Ex-Durgapur	Wire Rod(5.5 MM)	30,000	29,800	30,500	- 300	30,700	30,400
Wire Rod	Ex-Raipur	Wire Rod(5.5 MM)	30,400	30,100	31,200	- 300	30,300	30,000