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Daily Update: Indian Steel Market 18 Sep'19

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18 Sep 2019, 18:36 IST

Daily Update: Indian Steel Market 18 Sep'19

Spot steel trades remained weak in Indian market, following which prices dropped on day trade activities by INR 100-500/MT through the mid sized mills.

The billet prices drop majorly in southern region-Hyderabad by INR 500/MT (USD 7), while in remaining markets it corrected by INR 100-300/MT, day on day.

In context to rebar & sponge iron, the prices fell by INR 100-300/MT, as per daily assessment made by SteelMint.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 26,800-29,500/MT (USD 376-415) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,800-18,200/MT (USD 236-256); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 18th September 2019 (Wednesday) INR to USD exchange rate stood at INR 71.18.

-- ICEX (Indian Commodity Exchange Ltd) Oct'19 contract for STEELLONG today open at INR 28,440/MT & last traded (IST 18:27 hrs) at INR 28,250/MT.

-- BSE Sensex closed at 36,563(+82) on Wednesday, as against last day (Monday) at 37,123(-261).

-- NSE Nifty50 index was closed today at 10,840(+23) & Nifty Metal at 2,402(+26).

Key Trades

-- Trade discounts in Raipur wire rod up by INR 100/MT to INR 800-1,000/MT despite reduced base price by INR 200/MT to INR 31,800/MT ex-plant. Similarly in Durgapur, trade reference prices plunged by INR 300/MT to INR 31,200-31,600/MT ex-plant.

-- Durgapur based Rashmi Metaliks has slightly reduced sponge P-DRI prices by INR 100-200/MT to INR 17,300/MT, as per sources.

-- Raipur based a major sponge P-DRI producer has lowered prices by INR 100/MT to INR 16,600-16,700/MT ex-plant. Further sources mentioned that, no major deals on account of falling billet prices across markets.

-- Neo Metaliks in Durgapur has offered steel grade pig iron at INR 23,800-23,900/MT ex-plant.

-- Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 16,900-17,000/MT ex-plant & excluding GST.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,500-16,600/MT ex-Bellary, 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 16,900/MT & INR 17,300/MT ex-plant, Karnataka; an official reported.

-- Raipur based Real Ispat (GK TMT) is offering 12 mm Rebar at INR 33,000/MT (down by INR 300/MT).

-- Raigarh based Scan Group branding (Shrishti TMT) is offering 12 mm Rebar at INR 31,900/MT (down by INR 100/MT).

-- Gujarat based Diamond TMT is current offering 12mm Rebar at INR 31,400/MT.

-- Jalna based Rajuri Steel Pvt. Ltd.(Rajuri TMT) is current offering 12mm Rebar at INR 31,800/MT.

Reference prices as on 18th September 2019

	Particular/Delivery	Size, Grade, Origin	Prices	Min	Max	Change	1W	1M
Scrap	Ex-Alang	HMS(80:20)	21,800	21,700	21,900	- 50	21,800	21,300
	Ex-Mumbai	HMS(80:20)	21,600	21,500	21,700	- 100	21,500	21,300
	Ex-Chennai	HMS(80:20)	20,300	20,200	20,500	0	20,800	20,400
C-DRI	Ex-Durgapur	Mix, FeM 78%, +/-1	18,200	18,100	18,300	- 300	18,800	16,400
	Ex-Rourkela	Mix, FeM 80%, +/-1	16,950	16,900	17,000	- 50	17,200	15,600
	Ex-Raipur	Mix, FeM 80%, +/-1	17,800	17,700	17,900	0	17,900	16,600
	Ex-Bellary	Lumps, FeM 80%, +/-1	16,800	16,700	16,900	- 100	16,900	16,300
P-DRI	Ex-Durgapur	Lumps, FeM 78%, +/-1	17,200	17,100	17,300	- 300	17,800	15,400
	Ex-Raipur	Lumps, FeM 80%, +/-1	16,600	16,500	16,700	- 100	16,800	15,300
	Ex-Bellary	Lumps, FeM 80%, +/-1	16,600	16,500	16,700	- 100	16,750	15,900
	Ex-Hyderabad	Lumps, FeM 80%, +/-1	17,000	16,900	17,100	- 100	17,200	16,400
Ingot	Ex-Mandi Gobindgarh	3.5 x 4.5 Inch, IS 2830	29,300	29,300	29,400	- 350	30,200	27,400
	Ex-Durgapur	3.5 x 4.5 Inch, IS 2830	27,400	27,300	27,500	- 200	27,800	25,200
	Ex-Rourkela	3.5 x 4.5 Inch, IS 2830	26,300	26,200	26,400	- 200	26,700	24,100
	Ex-Raipur	3.5 x 4.5 Inch, IS 2830	26,900	26,800	27,000	- 250	27,250	24,550
	Ex-Mumbai	3.5 x 4.5 Inch, IS 2830	27,500	27,400	27,600	0	27,700	27,000
Billet	Ex-Mandi Gobindgarh	100x100 mm, IS 2831	29,500	29,400	29,600	- 300	30,400	27,400
	Ex-Durgapur	100x100 mm, IS 2831	27,600	27,500	27,700	- 300	28,150	25,600
	Ex-Rourkela	100x100 mm, IS 2831	26,800	26,700	26,900	- 200	27,200	24,600
	Ex-Raipur	100x100 mm, IS 2831	27,400	27,300	27,500	- 300	27,900	25,050
	Ex-Ahmedabad	100x100 mm, IS 2831	27,900	27,800	28,000	- 300	28,400	27,100
	Ex-Mumbai	100x100 mm, IS 2831	27,700	27,600	27,800	0	27,900	27,200
	Ex-Chennai	100x100 mm, IS 2831	27,700	27,600	27,800	- 300	28,400	28,200
	Ex-Hyderabad	100x100 mm, IS 2831	27,000	26,900	27,100	- 500	27,500	26,000
TMT	Ex-Delhi/NCR	12-25 MM, IS 1786- 500 Fe	32,700	32,500	32,900	- 200	33,100	32,600
	Ex-Durgapur	12-25 MM, IS 1786- 500 Fe	32,000	31,800	32,200	- 100	32,100	29,400
	Ex-Rourkela	12-25 MM, IS 1786- 500 Fe	31,400	31,300	31,500	0	31,300	29,100
	Ex-Raipur	12-25 MM, IS 1786- 500 Fe	31,200	31,000	31,400	0	31,200	28,600
	Ex-Jalna	12-25 MM, IS 1786- 500 Fe	31,700	31,500	31,800	- 100	32,100	30,900
	Ex-Mumbai	12-25 MM, IS 1786- 500 Fe	30,500	30,300	30,600	0	30,800	30,400
	Ex-Chennai	12-25 MM, IS 1786- 500 Fe	32,200	32,100	32,400	- 200	32,400	32,500
	Ex-Hyderabad	12-25 MM, IS 1786- 500 Fe	31,000	30,900	31,100	0	31,500	30,000
Wire Rod	Ex-Durgapur	Wire Rod(5.5 MM)	31,300	31,200	31,600	- 300	31,900	29,200
Wire Rod	Ex-Raipur	Wire Rod(5.5 MM)	31,000	30,900	31,800	- 300	31,700	28,900