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Daily Update: Indian Steel Market 11 Sep'19

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11 Sep 2019, 18:31 IST

Daily Update: Indian Steel Market 11 Sep'19

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
Wire Rod	Ex-Raipur	Wire Rod(5.5 MM)	31,700	31,500	32,500	0	30,300	30,800