Daily Update: Indian Steel Market 18 Mar'20
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Indian steel prices drop further, billet & rebar by INR 100-400/MT & sponge iron by INR 100-300/MT due to falling demand & improved supply, as per SteelMint's daily assessment.
In addition to this, if sources have to believe, inventories piled up with the secondary mills which may further put pressure on prices in coming days.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 26,100-30,300/MT (USD 351-408) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 16,600-17,900/MT (USD 223-241); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 18th March 2020 (Wednesday) INR to USD exchange rate stood at INR 74.25.
-- ICEX (Indian Commodity Exchange Ltd) Apr'20 contract for STEELLONG today open at INR 28,080/MT & last traded (IST 18:05 hrs) at INR 27,800/MT.
-- BSE Sensex closed at 28,869(-1,709) on Wednesday, as against last day (Tuesday) at 30,579(-810).
-- NSE Nifty50 index was closed today at 8,468(-498) & Nifty Metal at 1,652(-57).
Key Trades
-- Essel Mining - a major iron ore mine in Odisha has decreased its offers by INR 400/MT for high grade iron ore lumps w.e.f 18th Mar'20.
-- Contanerized HMS (80:20) scrap bookings reported at about USD 275/MT CFR Chittagong, Bangladesh.
-- Melting scrap offers in Western India- Gujarat incline by INR 300/MT in a day trade activity.
-- Induction grade billet export offers further fall to USD 350-353/MT & wire rod at USD 400/MT; ex-mill at Durgapur. Few buying inquiries reported at less price by USD 5/MT than offers.
-- Jharkhand, Bokaro based plant sold about 500 MT steel grade pig iron at INR 25,300/MT (ex-plant) in local market.
-- Jindal Steel has reduced pig iron offers and reported steel grade at INR 26,000/MT ex-Raigarh.
-- Ludhiana, North India based trade participants reported steel & foundry grade pig iron offers at INR 28,500/MT & INR 30,700/MT on FoR basis & excluding 18% GST.
-- Raipur based sponge manufacturers have reduced P-DRI offers by INR 300/MT to INR 16,800-16,900/MT & few deals learned on ex-plant & FoR basis.
-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered Billet at INR 26,000/MT ex-plant.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,500/MT ex-Bellary.
-- Bajrangbali Steel Industries Pvt Ltd based in Odisha is offering rebar at INR 31,300/MT.
-- ERW Pipe Manufacturers in central India have decreased offers by INR 300/MT to INR 32,000/MT ex-Raipur.
-- Trade discount in Raipur wire rod increased to INR 1,200-1,300/MT through traders. However base price was firm at INR 30,800/MT ex-Raipur & INR 29,900-30,400/MT ex-Durgapur.
Reference prices as on 18th March 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,900 | 22,800 | 23,000 | + 300 | 24,100 | 23,600 |
| Ex-Mumbai | HMS(80:20) | 22,600 | 22,600 | 22,800 | + 100 | 23,500 | 23,100 | |
| Ex-Chennai | HMS(80:20) | 21,900 | 21,800 | 22,000 | 0 | 22,200 | 21,800 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,500 | 17,400 | 17,600 | - 200 | 19,100 | 19,400 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,600 | 16,500 | 16,700 | 0 | 17,950 | 18,400 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,900 | 17,800 | 18,000 | - 300 | 19,300 | 19,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | - 200 | 18,000 | 18,400 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,650 | 16,600 | 16,700 | - 200 | 18,100 | 18,450 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,900 | 16,800 | 17,000 | - 300 | 18,500 | 18,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | - 100 | 17,900 | 18,300 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 17,000 | 16,900 | 17,100 | - 100 | 18,400 | 18,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,350 | 29,300 | 29,400 | - 50 | 31,300 | 31,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,300 | 26,200 | 26,400 | - 100 | 27,950 | 28,700 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 26,000 | 25,900 | 26,100 | - 300 | 27,800 | 28,100 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,150 | 26,100 | 26,200 | - 250 | 28,200 | 28,550 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 28,900 | 28,800 | 29,000 | - 300 | 30,500 | 30,600 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 29,500 | 29,400 | 29,600 | - 100 | 31,500 | 31,900 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 26,700 | 26,600 | 26,800 | - 200 | 28,500 | 29,200 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 26,200 | 26,100 | 26,300 | - 300 | 28,000 | 28,400 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 26,550 | 26,500 | 26,600 | - 250 | 28,600 | 29,100 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 28,800 | 28,600 | 28,900 | - 100 | 30,600 | 30,900 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 29,400 | 29,300 | 29,500 | - 100 | 31,000 | 31,000 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 30,300 | 30,200 | 30,400 | 0 | 30,600 | 30,550 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 28,000 | 27,900 | 28,100 | 0 | 29,500 | 30,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 32,900 | 32,700 | 33,100 | + 100 | 34,500 | 35,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 30,800 | 30,600 | 31,000 | - 300 | 32,500 | 33,000 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 31,200 | 31,100 | 31,300 | - 100 | 32,600 | 33,000 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 31,200 | 31,000 | 31,300 | 0 | 32,600 | 33,200 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 35,400 | 35,200 | 35,600 | 0 | 36,100 | 35,700 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 34,200 | 34,000 | 34,400 | 0 | 35,300 | 35,100 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 34,800 | 34,700 | 35,100 | 0 | 34,900 | 34,800 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 33,000 | 32,900 | 33,100 | 0 | 34,000 | 34,700 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,000 | 29,900 | 30,400 | 0 | 31,900 | 32,800 |
| Ex-Raipur | Wire Rod(5.5 MM) | 29,800 | 29,500 | 30,800 | - 200 | 31,900 | 32,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
