Daily Update: Indian Steel Market 10 Jan'20
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Indian spot steel trade activities remain limited as prices moved down by INR 100-400/MT over subdued demand.
However, participants believe that, prices to soon recover once demand of finished steels find support.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 30,100-33,300/MT (USD 423-469) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 19,900-21,200/MT (USD 280-299); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 10th January 2020 (Friday) INR to USD exchange rate stood at INR 70.97.
-- ICEX (Indian Commodity Exchange Ltd) Feb'20 contract for STEELLONG today open at INR 32,760/MT & last traded (IST 18:39 hrs) at INR 32,470/MT.
-- BSE Sensex closed at 41,599(+147) on Friday, as against last day (Thursday) at 41,452(+634).
-- NSE Nifty50 index was closed today at 12,256(+40) & Nifty Metal at 2,840(+33).
Raw Material
-- NMDC is going to conduct an e-auction of 12,000 MT calibrated lump ore, 16,000 MT ROM, 28,000 MT iron ore fines and 8,000 MT iron ore lumps. The last date for submitting the required documents is 14 Jan'20.
-- Melting scrap offers in Western India- Gujarat incline by INR 200/MT in a day trade activities.
Semi Finished
-- Indian mid scale mills export offers to Nepal further increase on falling rupee against US dollar and fresh offers reported at around USD 425-427/MT for Billet & USD 490/MT for Wire rod, ex-mill at Durgapur. However, no fresh deals reported.
-- Neo Metaliks in Durgapur has reduced steel grade pig iron price by INR 200/MT to INR 28,300/MT (ex-plant), however no major inquiries, as stated by officials.
-- Jindal Steel has reduced steel grade PIG IRON price by INR 300/MT to INR 30,500/MT ex-Raigarh, Central India.
-- Rashmi Metaliks in Durgapur has slightly lower Sponge P-DRI offers by INR 100/MT to INR 19,700/MT, as per sources.
-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,200/MT & Billet at INR 30,000/MT ex-plant; an official reported.
-- Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 19,600/MT ex-plant, However as per officials no major deals due to fluctuating steel prices.
-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI at INR 20,600-20,700/MT & Billet at INR 32,700/MT ex-plant.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 19,300-19,400/MT ex-Bellary, an official reported.
-- BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 20,000/MT & INR 20,500/MT ex-plant, Karnataka; an official reported.
Rebar (12 mm)
-- Rathi Steels based in North region has unchanged their offer at INR 37,900/MT.
-- Muzzaffarnagar based Swarup Rolling Mills Limited (Swarup TMT) is current offering at INR 35,400/MT.
-- Raipur based Real Ispat (GK TMT) has unchanged their offer at INR 36,700/MT.
-- Raigarh based Anjani Steels Ltd. (Radhe TMT) has unchanged their offer at INR 35,200/MT.
-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their offer at INR 37,000/MT.
-- Wardha based Sangam TMT is current offering at INR 36,000/MT.
Wire Rod
-- Trade discount in Raipur wire rod remains upside and learned at INR 1,500-1,700/MT through the traders, although base price firm at INR 35,700/MT ex-plant. Also, in Durgapur trade reference prices fall by INR 200/MT to INR 34,800-35,300/MT ex-plant.
Reference prices as on 10th January 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 24,500 | 24,400 | 24,600 | + 200 | 24,400 | 21,900 |
| Ex-Mumbai | HMS(80:20) | 23,100 | 23,000 | 23,300 | 0 | 23,000 | 21,300 | |
| Ex-Chennai | HMS(80:20) | 23,900 | 23,800 | 24,000 | + 100 | 23,200 | 21,500 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,600 | 20,500 | 20,700 | - 100 | 20,200 | 17,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,200 | 20,100 | 20,300 | - 100 | 19,900 | 16,550 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,200 | 21,100 | 21,300 | - 200 | 20,900 | 17,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,900 | 19,800 | 20,000 | + 100 | 19,500 | 16,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,700 | 19,600 | 19,800 | - 100 | 19,300 | 16,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,400 | 20,300 | 20,500 | - 200 | 20,100 | 16,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,400 | 19,300 | 19,500 | 0 | 19,300 | 16,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | 0 | 19,800 | 17,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 32,850 | 32,800 | 32,900 | - 250 | 32,500 | 28,900 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 30,400 | 30,300 | 30,500 | - 100 | 30,000 | 26,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 29,600 | 29,500 | 29,700 | - 150 | 29,650 | 25,400 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,200 | 30,100 | 30,300 | - 400 | 30,100 | 25,800 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,400 | 32,300 | 32,500 | - 200 | 32,200 | 27,800 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 33,250 | 33,200 | 33,300 | - 250 | 33,000 | 29,200 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 30,800 | 30,700 | 30,900 | - 200 | 30,250 | 26,900 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 30,100 | 30,000 | 30,200 | - 100 | 29,900 | 25,800 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 30,650 | 30,600 | 30,700 | - 350 | 30,600 | 26,150 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 33,000 | 32,900 | 33,100 | - 200 | 32,900 | 28,700 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 32,700 | 32,600 | 32,800 | - 200 | 32,500 | 28,000 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 32,800 | 32,800 | 33,000 | + 300 | 32,800 | 29,000 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 31,500 | 31,400 | 31,600 | - 300 | 31,500 | 27,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 36,800 | 36,600 | 37,000 | 0 | 36,200 | 31,500 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 35,000 | 34,800 | 35,200 | - 100 | 34,600 | 30,600 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 34,500 | 34,400 | 34,600 | - 200 | 34,300 | 29,700 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 34,400 | 34,300 | 34,500 | - 100 | 34,200 | 29,300 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 36,700 | 36,500 | 36,900 | 0 | 36,300 | 30,900 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,400 | 36,200 | 36,600 | 0 | 35,800 | 31,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 36,100 | 35,900 | 36,300 | + 100 | 36,300 | 32,300 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 35,200 | 35,100 | 35,300 | - 100 | 35,200 | 31,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 35,000 | 34,800 | 35,300 | - 200 | 34,800 | 30,700 |
| Ex-Raipur | Wire Rod(5.5 MM) | 34,700 | 34,000 | 35,700 | - 100 | 34,800 | 29,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
