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Daily Update: Indian Steel Market 18 Oct'19

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18 Oct 2019, 18:40 IST

Daily Update: Indian Steel Market 18 Oct'19

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
Wire Rod	Ex-Raipur	Wire Rod(5.5 MM)	31,100	30,700	32,000	+ 100	30,000	30,800