Daily Update: Indian Steel Market 18 Oct'19
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Indian mid sized mills reduced billet prices by INR 100-300/MT in central, east & northern regions. However in remaining market prices surged in same proportion. As per trade sources, demand weak on day trade activities.
Further the sponge iron prices declined by INR 100-200/MT in central & eastern India owing to fall in Billet prices.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 26,200-29,400/MT (USD 368-414) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,300-17,100/MT (USD 229-241); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 18th October 2019 (Friday) INR to USD exchange rate stood at INR 71.13.
-- ICEX (Indian Commodity Exchange Ltd) Nov'19 contract for STEELLONG today open at INR 28,220/MT & last traded (IST 18:21 hrs) at INR 28,020/MT.
-- BSE Sensex closed at 39,298(+246) on Friday, as against last day (Thursday) at 39,052(+453).
-- NSE Nifty50 index was closed today at 11,661(+75) & Nifty Metal at 2,456(+45).
Key Trades
-- RINL has invited a tender for export of 15,000 MT Wire Rod and 20,000 MT Billets. Interested bidders can submit their bids till 24 Oct'19 at 15:00 for Wire Rod and 24 Oct'19 at 14:00 For Billets.
-- Tata Steel's Pig iron auction for around 3,000 MT steel grade pig iron from its Bhushan Steel Plant in Angul (Odisha) has received good response as total allotted quantity sold with increase bid price by INR 350/MT to INR 22,750/MT ex-plant, as stated by participants.
-- Raipur based manufacturers have further raised wire rod offers by INR 200/MT to INR 32,000/MT. However due to limited inquiries trade discount has raised by stockiest by INR 100/MT to INR 1,100-1,200/MT.
-- Rashmi Metaliks in Durgapur has kept sponge P-DRI offers firm at INR 16,000/MT, as per sources.
-- One of the major sponge producer in Raipur has reduced sponge P-DRI prices by INR 200/MT to INR 15,600-15,700/MT (ex-plant) and near to 3,000-4,000 MT have been sold out, as reported by participants.
-- As per private pig iron producers in Durgapur steel grade pig iron deals concluded at near to INR 23,200-23,300/MT, up by INR 100-200/MT W-o-W.
-- ERW pipe offers in Odisha, east India reported at INR 31,000/MT ex-plant & excluding GST, a Pipe (100 TPD) manufacturer reported. And added trade remains limited.
-- Raipur, Central India based ERW pipe manufacturers offers reported at around INR 30,800-31,000/MT ex-plant & excluding GST.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,100-16,200/MT ex-Bellary, offers incline by INR 100/MT from the last trade; an official reported.
-- BIOP Steels in South India has increased sponge prices by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 16,500/MT & INR 16,900/MT ex-plant, Karnataka; an official reported.
Reference prices as on 18th 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 | 21,700 | 21,500 |
Ex-Mumbai | HMS(80:20) | 20,700 | 20,600 | 20,800 | 0 | 20,300 | 21,100 | |
Ex-Chennai | HMS(80:20) | 19,100 | 19,000 | 19,300 | - 100 | 19,000 | 20,400 | |
C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,100 | 17,000 | 17,200 | - 100 | 16,800 | 18,200 |
Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,350 | 16,300 | 16,400 | 0 | 16,150 | 17,000 | |
Ex-Raipur | Mix, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | - 100 | 16,800 | 17,800 | |
Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,450 | 16,400 | 16,500 | + 50 | 16,200 | 16,800 | |
P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 15,900 | 15,800 | 16,000 | - 100 | 15,600 | 17,200 |
Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,700 | 15,600 | 15,800 | - 150 | 15,700 | 16,550 | |
Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,050 | 16,000 | 16,100 | + 50 | 15,700 | 16,500 | |
Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | + 100 | 16,200 | 17,000 | |
Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 29,200 | 29,100 | 29,300 | - 200 | 28,500 | 29,300 |
Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,200 | 26,100 | 26,300 | - 150 | 26,100 | 27,400 | |
Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,800 | 25,700 | 25,900 | - 100 | 25,200 | 26,300 | |
Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,350 | 26,300 | 26,400 | - 100 | 25,700 | 26,800 | |
Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 28,200 | 28,100 | 28,300 | + 150 | 27,200 | 27,300 | |
Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 29,400 | 29,300 | 29,500 | - 200 | 28,600 | 29,500 |
Ex-Durgapur | 100x100 mm, IS 2831 | 26,500 | 26,400 | 26,600 | - 200 | 26,400 | 27,650 | |
Ex-Rourkela | 100x100 mm, IS 2831 | 26,200 | 26,100 | 26,300 | - 50 | 25,650 | 26,800 | |
Ex-Raipur | 100x100 mm, IS 2831 | 26,750 | 26,700 | 26,800 | - 50 | 26,200 | 27,200 | |
Ex-Ahmedabad | 100x100 mm, IS 2831 | 28,200 | 28,200 | 28,400 | + 150 | 27,900 | 28,100 | |
Ex-Mumbai | 100x100 mm, IS 2831 | 28,450 | 28,400 | 28,500 | + 200 | 27,400 | 27,500 | |
Ex-Chennai | 100x100 mm, IS 2831 | 27,400 | 27,300 | 27,500 | + 300 | 27,250 | 27,500 | |
Ex-Hyderabad | 100x100 mm, IS 2831 | 26,800 | 26,700 | 27,000 | + 300 | 26,000 | 27,000 | |
TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 33,000 | 32,900 | 33,200 | + 100 | 31,800 | 32,500 |
Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 30,500 | 30,300 | 30,700 | - 300 | 29,900 | 31,800 | |
Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 31,000 | 30,900 | 31,100 | - 200 | 30,800 | 31,200 | |
Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,250 | 30,200 | 30,400 | - 50 | 29,900 | 31,000 | |
Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 31,200 | 31,000 | 31,300 | - 100 | 30,600 | 31,600 | |
Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,400 | 31,300 | 31,600 | + 100 | 30,600 | 30,100 | |
Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 31,200 | 31,100 | 31,400 | + 200 | 31,400 | 31,900 | |
Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 30,700 | 30,600 | 30,800 | + 200 | 29,900 | 31,000 | |
Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,400 | 30,300 | 31,000 | - 200 | 29,800 | 31,300 |
Ex-Raipur | Wire Rod(5.5 MM) | 31,100 | 30,700 | 32,000 | + 100 | 30,000 | 30,800 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research