Daily Update: Indian Steel Market 11 Sep'19
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Indian mid sized mills have further raised prices on active trade activities and as per assessment the prices rallied by INR 100-400/MT with major hike of INR 200-400/MT in central region - Raipur & Raigarh, day on day.
Participants being stated, better spot trades & lessened stock with the mills, hence the price rise continuous.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 27,200-30,400/MT (USD 379-424) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,900-18,800/MT (USD 235-262); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 11th September 2019 (Wednesday) INR to USD exchange rate stood at INR 71.68.
-- ICEX (Indian Commodity Exchange Ltd) Oct'19 contract for STEELLONG today open at INR 29,090/MT & last traded (IST 18:08 hrs) at INR 28,980/MT.
-- BSE Sensex closed at 37,270(+125) on Wednesday, as against last day (Monday) at 37,145(+163).
-- NSE Nifty50 index was closed today at 11,035(+32) & Nifty Metal at 2,414(+54).
Key Trades
-- SAIL's Rourkela Steel Plant tender held today (11th Sep'19) to sell about 1,200 MT steel grade pig iron & had received good response. The base price for the tender was quoted by RSP at INR 23,850/MT and about 100% material sold.
-- Central India, Raigarh based sponge manufacturer (900 TPD) has offered Pellet sponge at INR 16,900-17,000/MT & Billet at around INR 28,000/MT FoR Raipur.
-- South India based price trend setter in sponge market i.e. BMM Ispat & BIOP Steels have rolled-over sponge prices today.
-- Trade discounts in Raipur wire rod firm at INR 800-900/MT amid steady base price at INR 32,500/MT ex-plant. Meanwhile in Durgapur, trade reference prices increased by INR 100 MT to INR 31,600-32,000/MT ex-plant.
-- Durgapur based Rashmi Metaliks has further raised Sponge P-DRI offers & reported at around INR 17,800/MT as per participants.
-- Steel grade pig iron prices in Durgapur surged on improved demand and fresh deals learned at INR 24,400-24,500/MT ex-plant.
-- Raipur based major sponge P-DRI producers have increased offers by INR 300-400/MT to INR 16,700-16,900/MT ex-plant. However, deals not upto the mark, as stated by trade sources.
-- Trade sources in Western India stated limited trade activities due to heavy monsoon in Gujarat and ongoing festive season in Maharashtra
-- As per sources, melting scrap prices in Maharashtra & Gujarat likely to remain range bound on account of average supply and lessened furnaces production along with no fresh bulk scrap imports.
-- Rathi Steels based in North region is current offering around INR 34,100/MT.
-- Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 31,900/MT (up by INR 100/MT).
-- Jalna based major rebar manufacturers like Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) & Rajuri Steel Pvt. Ltd. (Rajuri TMT) have unchanged their offers at around INR 32,300/MT.
-- Gujarat based Diamond TMT is offering at INR 32,000/MT (down by INR 100/MT).
Reference prices as on 11th 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 | 0 | 21,000 | 22,600 |
Ex-Mumbai | HMS(80:20) | 21,500 | 21,400 | 21,600 | 0 | 21,400 | 21,000 | |
Ex-Chennai | HMS(80:20) | 20,800 | 20,700 | 21,000 | + 200 | 20,400 | 20,400 | |
C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,800 | 18,700 | 18,900 | + 200 | 18,050 | 17,100 |
Ex-Rourkela | Mix, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | + 200 | 16,600 | 16,600 | |
Ex-Raipur | Mix, FeM 80%, +/-1 | 17,900 | 17,800 | 18,000 | + 300 | 17,350 | 17,500 | |
Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,900 | 16,900 | 17,000 | 0 | 16,600 | 16,700 | |
P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,800 | 17,700 | 17,900 | + 200 | 17,050 | 16,100 |
Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | + 400 | 16,000 | 16,500 | |
Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,750 | 16,700 | 16,800 | + 150 | 16,400 | 16,300 | |
Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | + 200 | 16,800 | 16,600 | |
Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 30,200 | 30,100 | 30,300 | + 50 | 29,700 | 29,300 |
Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,800 | 27,700 | 27,900 | + 100 | 26,700 | 26,400 | |
Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,700 | 26,600 | 26,800 | + 200 | 26,100 | 26,100 | |
Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 27,250 | 27,200 | 27,300 | + 350 | 26,500 | 26,200 | |
Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,700 | 27,600 | 27,800 | + 100 | 27,300 | 27,500 | |
Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 30,400 | 30,300 | 30,500 | + 100 | 29,700 | 29,400 |
Ex-Durgapur | 100x100 mm, IS 2831 | 28,150 | 28,100 | 28,200 | + 150 | 27,000 | 26,800 | |
Ex-Rourkela | 100x100 mm, IS 2831 | 27,200 | 27,100 | 27,300 | + 100 | 26,500 | 26,500 | |
Ex-Raipur | 100x100 mm, IS 2831 | 27,900 | 27,800 | 28,000 | + 400 | 27,000 | 26,800 | |
Ex-Ahmedabad | 100x100 mm, IS 2831 | 28,400 | 28,300 | 28,500 | + 100 | 27,700 | 28,700 | |
Ex-Mumbai | 100x100 mm, IS 2831 | 27,900 | 27,800 | 28,000 | 0 | 27,500 | 27,800 | |
Ex-Chennai | 100x100 mm, IS 2831 | 28,400 | 28,300 | 28,500 | + 400 | 28,000 | 28,500 | |
Ex-Hyderabad | 100x100 mm, IS 2831 | 27,500 | 27,400 | 27,600 | 0 | 26,700 | 27,300 | |
TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 33,100 | 32,900 | 33,300 | - 100 | 32,500 | 33,300 |
Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 32,100 | 31,900 | 32,300 | + 100 | 31,100 | 30,800 | |
Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 31,300 | 31,200 | 31,400 | 0 | 30,400 | 30,200 | |
Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 31,200 | 31,000 | 31,400 | + 200 | 30,300 | 30,400 | |
Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 32,100 | 31,900 | 32,200 | 0 | 31,400 | 31,300 | |
Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 30,800 | 30,600 | 31,000 | 0 | 30,500 | 30,800 | |
Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 32,400 | 32,200 | 32,500 | + 100 | 32,100 | 33,100 | |
Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 31,500 | 31,300 | 31,100 | 0 | 30,800 | 31,200 | |
Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 31,900 | 31,600 | 32,000 | + 100 | 30,800 | 31,000 |
Ex-Raipur | Wire Rod(5.5 MM) | 31,700 | 31,500 | 32,500 | 0 | 30,300 | 30,800 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research