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Daily Update: Indian Steel Market 12 Sep'19

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BigMint Bureau
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12 Sep 2019, 18:34 IST
Daily Update: Indian Steel Market 12 Sep'19

Indian steel prices drifted down by approximately INR 100-400/MT today over slowdown trade inquiries, as stated by mid sized mills. The spot trades narrowed down on day trade activities, they mentioned.

The market participants believe that, as there is no major stock with mills, the prices should find support, if demand recovers in coming days.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 27,000-30,000/MT (USD 380-422) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,900-18,600/MT (USD 238-262); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 12th September 2019 (Thursday) INR to USD exchange rate stood at INR 71.08.

-- ICEX (Indian Commodity Exchange Ltd) Oct'19 contract for STEELLONG today open at INR 28,780/MT & last traded (IST 18:30 hrs) at INR 28,540/MT.

-- BSE Sensex closed at 37,104(-166) on Thursday, as against last day (Wednesday) at 37,270(+125).

-- NSE Nifty50 index was closed today at 10,982(-52) & Nifty Metal at 2,410(-3).

Key Trades

-- KIOCL - a southern India based pellet maker has recently concluded 50,000 MT pellet (Fe 64% and 2% alumina) export deal to China at around USD 98/MT, FoB India for immediate September loading.

-- As per trade sources, nearly 7,000-8,000 MT (equivalent to 3 rakes) sponge iron export deals reported to Nepal, at an average price of USD 245-247/MT ex-works, loaded to wagon in eastern region for 80 FeM, 100% lumps & bag packed material.

-- The induction grade billet (100*100 mm) export offers through the mid sized mills assessed at around USD 380-385/MT ex-mill, equivalent to USD 405-410/MT CFR Raxaul border.

-- Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 16,900-17,000/MT ex-plant & excluding GST.

-- Trade discounts in Raipur wire rod is hovering at INR 800-900/MT and base prices reduced by INR 200/MT to INR 32,300/MT ex-plant. Similarly in Durgapur, trade reference prices dropped by INR 100-200/MT to INR 31,500-32,000/MT ex-plant.

-- Durgapur based Rashmi Metaliks has slightly lowered sponge P-DRI prices by INR 100-200/MT to INR 17,600/MT, as per sources.

-- Raipur based major sponge P-DRI producers have reduced offers by INR 300/MT to INR 16,500-16,600/MT ex-plant. However, limited deals learned, as per trade sources.

-- Central India, Raipur based Real Ispat (GK TMT) has unchanged their offers at INR 33,300/MT (size-12 mm, ex-plant).

-- Gujarat based, Mono Steel (India) Ltd. (Mono TMT) is offering 12 mm rebar at INR 31,300/MT FoR (down by INR 200/MT).

-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their offers at INR 32,200/MT, while Gajkesari TMT offers reported at INR 31,300/MT (size-12 mm, ex-plant)

-- Trade sources in Western India reported, limited inquiries due to festive off in the region specifically in Maharashtra. Meanwhile producers are assuming that, trades to find support in coming week as stockiest will take position.

Reference prices as on 12th September 2019

Particular/Delivery Size, Grade, Origin Prices Min Max Change 1W 1M
Scrap Ex-Alang HMS(80:20) 21,600 21,500 21,700 - 200 21,300 22,600
Ex-Mumbai HMS(80:20) 21,500 21,400 21,600 0 21,400 21,000
Ex-Chennai HMS(80:20) 21,000 20,900 21,100 + 200 20,300 20,400
C-DRI Ex-Durgapur Mix, FeM 78%, +/-1 18,600 18,500 18,700 - 200 18,100 17,100
Ex-Rourkela Mix, FeM 80%, +/-1 17,000 16,900 17,100 - 200 16,500 16,600
Ex-Raipur Mix, FeM 80%, +/-1 17,800 17,700 17,900 - 100 17,200 17,500
Ex-Bellary Lumps, FeM 80%, +/-1 16,900 16,800 17,000 0 16,600 16,700
P-DRI Ex-Durgapur Lumps, FeM 78%, +/-1 17,600 17,500 17,700 - 200 17,100 16,100
Ex-Raipur Lumps, FeM 80%, +/-1 16,600 16,500 16,700 - 200 15,950 16,500
Ex-Bellary Lumps, FeM 80%, +/-1 16,700 16,600 16,800 - 50 16,400 16,300
Ex-Hyderabad Lumps, FeM 80%, +/-1 17,200 17,100 17,300 0 16,800 16,600
Ingot Ex-Mandi Gobindgarh 3.5 x 4.5 Inch, IS 2830 29,750 29,700 29,800 - 450 29,600 29,300
Ex-Durgapur 3.5 x 4.5 Inch, IS 2830 27,600 27,500 27,700 - 200 26,700 26,400
Ex-Rourkela 3.5 x 4.5 Inch, IS 2830 26,400 26,300 26,500 - 300 26,000 26,100
Ex-Raipur 3.5 x 4.5 Inch, IS 2830 26,950 26,900 27,000 - 300 26,500 26,200
Ex-Mumbai 3.5 x 4.5 Inch, IS 2830 27,500 27,400 27,600 - 200 27,350 27,500
Billet Ex-Mandi Gobindgarh 100x100 mm, IS 2831 30,000 29,900 30,100 - 400 29,700 29,400
Ex-Durgapur 100x100 mm, IS 2831 27,900 27,800 28,000 - 250 27,100 26,800
Ex-Rourkela 100x100 mm, IS 2831 27,000 26,900 27,100 - 200 26,400 26,500
Ex-Raipur 100x100 mm, IS 2831 27,550 27,500 27,600 - 350 27,000 26,800
Ex-Ahmedabad 100x100 mm, IS 2831 28,200 28,100 28,300 - 200 27,800 28,700
Ex-Mumbai 100x100 mm, IS 2831 27,800 27,700 27,900 - 100 27,550 27,800
Ex-Chennai 100x100 mm, IS 2831 28,100 28,000 28,200 - 300 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 33,000 32,800 33,200 - 100 32,700 33,300
Ex-Durgapur 12-25 MM, IS 1786- 500 Fe 32,100 31,900 32,300 0 31,300 30,800
Ex-Rourkela 12-25 MM, IS 1786- 500 Fe 31,300 31,200 31,500 0 30,400 30,200
Ex-Raipur 12-25 MM, IS 1786- 500 Fe 31,100 30,900 31,300 - 100 30,400 30,400
Ex-Jalna 12-25 MM, IS 1786- 500 Fe 32,000 31,800 32,200 - 100 31,500 31,300
Ex-Mumbai 12-25 MM, IS 1786- 500 Fe 30,600 30,400 30,800 - 200 30,500 30,800
Ex-Chennai 12-25 MM, IS 1786- 500 Fe 32,300 32,100 32,500 - 100 32,000 33,100
Ex-Hyderabad 12-25 MM, IS 1786- 500 Fe 31,500 31,300 31,600 0 30,800 31,200
Wire Rod Ex-Durgapur Wire Rod(5.5 MM) 31,700 31,500 32,000 - 200 30,800 31,000
Ex-Raipur Wire Rod(5.5 MM) 31,500 31,300 32,300 - 200 30,800 30,800

Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research

12 Sep 2019, 18:34 IST

 

 

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