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Daily Update: Indian Steel Market 12 Sep'19

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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
Wire Rod	Ex-Raipur	Wire Rod(5.5 MM)	31,500	31,300	32,300	- 200	30,800	30,800