Daily Update: Indian Steel Market 10 Sep'19
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Indian sponge iron & Billet prices slightly fluctuated by INR 100-200/MT today amid average spot trades.
However rebar prices have raised through the mid sized mills by INR 100-500/MT and majorly in Maharashtra & Hyderabad by INR 300-500/MT, day on day.
As per participants, trades are active, hence prices should remained strong, in addition inventories are also lessened with the most of standalone mills.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 27,100-30,300/MT (USD 376-421) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,900-18,600/MT (USD 235-259); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 10th September 2019 (Tuesday) INR to USD exchange rate stood at INR 71.92.
-- ICEX (Indian Commodity Exchange Ltd) Oct'19 contract for STEELLONG today open at INR 29,090/MT & last traded (IST 18:30 hrs) at INR 29,040/MT.
Key Trades
-- Neo Metaliks in Durgapur has raised pig iron prices and reported steel grade material at INR 24,400-24,500/MT ex-plant.
-- Foundry grade pig iron offers dropped in northern India and assessed at INR 30,000/MT FoR Ludhiana & INR 29,400-29,600/MT in Delhi.
-- JSW Steel, India's largest private steel producer has increased its gas based DRI (sponge iron) offers by around INR 750/MT (USD 11) to INR 18,250/MT for Sep'19 deliveries, SteelMint learned from trade participants.
-- Raipur based major sponge P-DRI producers have maintained offers firm as there was healthy deals yesterday at INR 16,200-16,400/MT ex-plant.
-- Durgapur based Rashmi Metaliks has kept offers firm for Sponge P-DRI at around INR 17,600-17,700/MT, as per sources.
-- Raigarh based Singhal Steel offered billet at INR 27,600/MT FoR Raipur, officials reported.
-- South India based price trend setter in sponge market i.e. BMM Ispat have increased sponge prices today over less availability of raw materials.
-- BIOP Steels in South India has increased sponge prices by INR 200/MT, offering FeM 80 & 82 C-DRI lumps at INR 17,000/MT & INR 17,400/MT ex-plant, Karnataka; an official reported.
-- Trade discounts in Raipur wire rod firm at INR 800-1,000/MT along with steady base price at INR 32,500/MT ex-plant. Similarly in Durgaupr where trade reference prices unaltered at INR 31,600-32,000/MT ex-plant.
-- Rathi Steels based in North region is current offering 12 mm rebar at around INR 34,300/MT.
-- Raigarh based Scan Group branding (Shrishti TMT) is offering 12 mm rebar at INR 31,800/MT(up by INR 100/MT).
-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) is current offering 12 mm rebar at INR 32,200/MT (up by INR 300/MT)
-- Wardha based Sangam TMT is currently offering 12 mm rebar at INR 31,600/MT.
Reference prices as on 10th September 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 | 21,000 | 22,500 |
Ex-Mumbai | HMS(80:20) | 21,500 | 21,400 | 21,600 | + 100 | 21,400 | 20,900 | |
Ex-Chennai | HMS(80:20) | 20,600 | 20,500 | 20,700 | + 100 | 20,300 | 20,400 | |
C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,600 | 18,500 | 18,700 | 0 | 17,800 | 17,500 |
Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,000 | 16,900 | 17,000 | + 100 | 16,300 | 16,600 | |
Ex-Raipur | Mix, FeM 80%, +/-1 | 17,600 | 17,500 | 17,700 | 0 | 17,200 | 17,500 | |
Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,900 | 16,800 | 17,000 | + 200 | 16,600 | 16,600 | |
P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,600 | 17,500 | 17,700 | 0 | 16,800 | 16,500 |
Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | 0 | 15,850 | 16,600 | |
Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | + 100 | 16,300 | 16,000 | |
Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,000 | 17,000 | 17,100 | + 100 | 16,700 | 16,500 | |
Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,150 | 30,100 | 30,200 | - 150 | 28,950 | 29,800 |
Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,700 | 27,600 | 27,800 | - 100 | 26,400 | 26,900 | |
Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,500 | 26,400 | 26,600 | - 50 | 25,600 | 26,100 | |
Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,900 | 26,800 | 27,000 | - 150 | 26,100 | 26,600 | |
Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,600 | 27,500 | 27,700 | + 100 | 27,350 | 27,700 | |
Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 30,300 | 30,200 | 30,400 | - 200 | 29,200 | 29,900 |
Ex-Durgapur | 100x100 mm, IS 2831 | 28,000 | 27,900 | 28,100 | 0 | 26,700 | 27,300 | |
Ex-Rourkela | 100x100 mm, IS 2831 | 27,100 | 27,000 | 27,200 | + 100 | 26,000 | 26,400 | |
Ex-Raipur | 100x100 mm, IS 2831 | 27,500 | 27,400 | 27,600 | - 150 | 26,600 | 27,300 | |
Ex-Ahmedabad | 100x100 mm, IS 2831 | 28,300 | 28,200 | 28,400 | - 200 | 27,550 | 28,600 | |
Ex-Mumbai | 100x100 mm, IS 2831 | 27,900 | 27,800 | 28,000 | + 200 | 27,550 | 27,950 | |
Ex-Chennai | 100x100 mm, IS 2831 | 28,000 | 27,900 | 28,100 | + 150 | 28,000 | 28,700 | |
Ex-Hyderabad | 100x100 mm, IS 2831 | 27,500 | 27,400 | 27,600 | 0 | 26,500 | 27,300 | |
TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 33,200 | 33,000 | 33,400 | 0 | 32,300 | 33,300 |
Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 32,000 | 31,800 | 32,200 | 0 | 30,800 | 30,800 | |
Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 31,300 | 31,200 | 31,400 | + 400 | 30,200 | 30,000 | |
Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 31,000 | 30,800 | 31,200 | + 100 | 30,100 | 30,500 | |
Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 32,100 | 32,000 | 32,200 | + 500 | 31,500 | 31,300 | |
Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 30,800 | 30,600 | 31,000 | + 200 | 30,700 | 30,800 | |
Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 32,300 | 32,100 | 32,500 | + 300 | 32,100 | 33,100 | |
Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 31,500 | 31,300 | 31,100 | + 500 | 30,500 | 31,200 | |
Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 31,800 | 31,600 | 32,000 | 0 | 30,400 | 31,000 |
Ex-Raipur | Wire Rod(5.5 MM) | 31,700 | 31,500 | 32,500 | 0 | 30,000 | 30,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research