Daily Update: Indian Steel Market 16 Oct'19
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Indian billet & rebar prices slightly fluctuated by INR 100-300/MT today amid average spot trades. Following the trend, sponge iron prices were more ore less firm on day trade activities.
As per participants, prices remained supported on active trades. Also reduction in inventories by standalone mills was reported today.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 25,900-29,300/MT (USD 362-410) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,300-17,100/MT (USD 228-240); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 16th October 2019 (Wednesday) INR to USD exchange rate stood at INR 71.39.
-- ICEX (Indian Commodity Exchange Ltd) Nov'19 contract for STEELLONG today open at INR 28,140/MT & last traded (IST 18:35 hrs) at INR 28,160/MT.
-- BSE Sensex closed at 38,598(+92) on Wednesday, as against last day (Tuesday) at 38,506(+291).
-- NSE Nifty50 index was closed today at 11,471(+43) & Nifty Metal at 2,384(-12).
Key Trades
-- Indian sponge iron export offers to Bangladesh is hovering at USD 258-260/MT CPT Benapole(dry port of India & Bangladesh), equivalent to USD 275/MT CFR Chittagong, Bangladesh.
-- One of the large scale mill in Jharkhand has resumed wire rod productions since last week and reference trade price reported at around INR 33,500/MT ex-works, size 5.5 mm. The plant has monthly installed capacity of wire rod & rebars about 1,00,000 MT.
-- Rathi Steels based in North region is offering 12 mm Rebar at INR 33,700/MT ( up by INR 100/MT).
-- Jindal's industrial park, Punjipatra (Raigarh) based furnace owners reported JSP may cut power in the coming days due to unavailability of coal.
-- Raipur based Real Ispat (GK TMT) has unchanged 12 mm Rebar offer at INR 32,800/MT.
-- Raipur based a major sponge producer has kept offers firm, sponge P-DRI at INR 15,800-15,900/MT (ex-plant), however no major deals reported.
-- Trade discounts in Raipur Wire rod up by INR 100/MT to INR 800-900/MT by manufacturers and INR 1,100-1,200/MT through the resellers, also base prices surge by INR 300/MT to INR 31,600/MT ex-plant. However base prices were firm in Durgapur at INR 30,200-31,000/MT ex-plant.
-- Raigarh(Chhattisgarh) based Scan Group branding (Shrishti TMT) is currently offering 12 mm Rebar at INR 30,800/MT.
-- Rashmi Metaliks in Durgapur has maintained sponge P-DRI firm at INR 15,800-15,900/MT, as per sources.
-- ERW pipe offers in Odisha, east India reported at INR 30,800-31,000/MT ex-plant & excluding GST, a Pipe (100 TPD) manufacturer reported. Inline trade activities are good in pipe sector.
-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) is offering 12 mm Rebar at INR 31,300/MT (up by INR 200/MT).
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,000/MT ex-Bellary, offers incline by INR 200-300/MT from the last trade; an official reported.
-- Apple Industries in Bellary (Karnataka) offered Billet at INR 27,700/MT ex-plant.
-- BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,300/MT & INR 16,600/MT ex-plant, Karnataka. And added a deal of 1,000 MT P-DRI concluded for Jalna & Hindupur region.
-- Chennai based Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) is currently offering 12 mm Rebar at INR 31,500/MT.
Reference prices as on 16th October 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,700 | 21,600 | 21,800 | 0 | 21,600 | 21,800 |
| Ex-Mumbai | HMS(80:20) | 20,700 | 20,500 | 20,800 | + 100 | 20,400 | 21,600 | |
| Ex-Chennai | HMS(80:20) | 19,200 | 19,000 | 19,300 | 0 | 19,000 | 20,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,050 | 17,000 | 17,100 | 0 | 16,700 | 18,200 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | - 50 | 16,100 | 16,950 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,900 | 16,800 | 17,000 | 0 | 16,800 | 17,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | + 100 | 16,300 | 16,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,800 | 15,700 | 15,900 | + 100 | 15,500 | 17,200 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,900 | 15,800 | 16,000 | + 100 | 15,550 | 16,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,900 | 15,800 | 16,000 | + 200 | 15,800 | 16,600 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | + 100 | 16,300 | 17,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,150 | 29,100 | 29,200 | 0 | 28,250 | 29,300 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,300 | 26,200 | 26,400 | 0 | 26,000 | 27,400 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,500 | 25,400 | 25,600 | - 100 | 25,100 | 26,300 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,100 | 26,000 | 26,200 | 0 | 25,550 | 26,900 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 28,050 | 28,000 | 28,100 | + 350 | 27,200 | 27,500 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 29,300 | 29,200 | 29,400 | 0 | 28,400 | 29,500 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 26,600 | 26,500 | 26,700 | - 50 | 26,300 | 27,600 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 25,900 | 25,800 | 26,000 | - 50 | 25,500 | 26,800 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 26,600 | 26,500 | 26,700 | 0 | 26,000 | 27,400 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 28,450 | 28,400 | 28,500 | - 200 | 27,700 | 27,900 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 28,250 | 28,200 | 28,300 | + 300 | 27,400 | 27,700 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 27,200 | 27,100 | 27,300 | + 100 | 27,300 | 27,700 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 26,000 | 25,900 | 26,100 | 0 | 26,000 | 27,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 32,600 | 32,500 | 32,800 | 0 | 31,700 | 32,700 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 30,500 | 30,300 | 30,700 | 0 | 29,800 | 32,000 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,700 | 30,600 | 30,800 | 0 | 30,700 | 31,400 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,100 | 29,900 | 30,100 | 0 | 30,100 | 31,200 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 31,300 | 31,000 | 31,300 | + 200 | 30,600 | 31,700 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,200 | 31,000 | 31,400 | + 200 | 30,600 | 30,500 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 31,100 | 31,100 | 31,300 | - 200 | 31,400 | 32,200 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 30,000 | 29,800 | 30,100 | 0 | 30,000 | 31,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,300 | 30,200 | 31,000 | 0 | 29,600 | 31,300 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,800 | 30,500 | 31,800 | + 200 | 30,000 | 31,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
