Daily Update: Indian Steel Market 16 Mar'20

Indian Steel prices fall further by INR 100-500/MT on day trade activities due to limited inquiries. The participants in major markets reported, thin spot trades & strong supply.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 26,800-30,400/MT (USD 361-410) ex-plant.

Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 17,000-18,600/MT (USD 229-251); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 16th March 2020 (Monday) INR to USD exchange rate stood at INR 74.21.

-- ICEX (Indian Commodity Exchange Ltd) Apr'20 contract for STEELLONG today open at INR 28,970/MT & last traded (IST 18:09 hrs) at INR 28,220/MT.

-- BSE Sensex closed at 31,390(-2,713) on Monday, as against last day (Friday) at 34,103(+1325).

-- NSE Nifty50 index was closed today at 9,197(-757) & Nifty Metal at 1,730(-172).

Raw Material

-- Odisha- India's largest iron ore producing state recorded total iron ore dispatches at 7.49 MnT in Feb'20, down 10% on monthly basis as against 8.33 MnT in Jan'20.

-- Melting scrap offers in Western India- Gujarat incline by INR 200/MT in a day trade activity.

Semi Finished

-- Induction grade billet export offers drop by USD 5/MT to USD 356-358/MT, also wire rod offers plunged to USD 410-415/MT; ex-mill at Durgapur.

-- Indian sponge iron export offers fall further and assessed at USD 260-265/MT CPT Benapole (dry port of India & Bangladesh), equivalent to USD 280/MT CFR Chittagong, Bangladesh.

-- Rashmi Metaliks in Durgapur reduced sponge P-DRI offers by INR 100-200/t to INR 17,300-17,400/MT ex-plant, as per market sources.

-- Neo Metaliks in Durgapur slashed steel grade pig iron offers by INR 300-400/MT to INR 25,500-25,600/MT ex-plant.

-- Jindal Steel is offering steel grade pig iron at around INR 26,700-26,800/MT ex-plant, Raigarh.

-- Raipur based sponge manufacturers haver reduced P-DRI prices by INR 400/MT to INR 17,500/MT and about 4,000 MT bookings reported on ex-plant & FoR basis for P-DRI.

-- SAIL's Bhilai Steel Plant (BSP) received bookings total of about 12,000-13,000 MT steel grade pig iron at the price range of INR 27,000-27,200/MT ex-plant.

-- Apple Industries in Bellary (Karnataka) offered Billet at INR 29,300/MT ex-plant.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 17,000-17,100/MT ex-Bellary.

Rebar (12 mm)

-- Rathi Steels based in North region is offering around INR 34,400/MT.

-- Muzaffarnagar based Sarvottam Rolling Mills Pvt. Ltd.(Paras TMT) is offering at INR 32,000/MT.

-- Raipur based Real Ispat (GK TMT) is offering at INR 34,000/MT(down by INR 400/MT).

-- Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 31,800/MT.

-- Bajrangbali Steel Industries Pvt Ltd based in Odisha is offering rebar at INR 31,700/MT.

-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) is offering at INR 35,700/MT (down by INR 400/MT)

-- Gujarat based, Mono Steel (India) Ltd. (Mono TMT) is offering at INR 34,900/MT FoR (down by INR 300/MT).

-- Chennai based ARS Steel (ARS 550 D TMT) is offering at INR 38,000/MT.

Wire Rod & Pipe

-- Trade discount in Raipur wire stood at INR 800-1,000/MT through traders, also base price declined by INR 300/MT to INR 31,200/MT ex-plant & in Durgapur down by INR 500/MT to INR 30,400-30,800/MT ex-plant.

-- ERW Pipe Manufacturers have decreased offers by INR 100-200/MT to INR 32,300-32,500/MT ex-Raipur, INR 34,800/MT ex-Mandi Gobindgarh & INR 32,500-32,700/MT ex-Rourkela

Reference prices as on 16th March 2020

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