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Daily Update: Indian Steel Market 23 Sep'19

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23 Sep 2019, 18:30 IST

Daily Update: Indian Steel Market 23 Sep'19

Indian steel prices dropped further on account of limited spot trades, as stated by participants. The prices have corrected by INR 100-600/MT on daily trade activities.

The major price fall was observed in western & eastern regions, where producers seem in hurry to deal due to upcoming holidays of Durga Puja. In general during this festivals the trade activities remain very low in Gujarat & West Bengal.

In-line with this sponge iron & rebar, Durgapur marked with major drop of INR 300-400/MT followed by INR 100-200/MT, day on day in central & eastern regions.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 26,500-29,200/MT (USD 373-411) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,700-17,600/MT (USD 235-248); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 23rd September 2019 (Monday) INR to USD exchange rate stood at INR 70.92.

-- ICEX (Indian Commodity Exchange Ltd) Oct'19 contract for STEELLONG today open at INR 28,450/MT & last traded (IST 18:24 hrs) at INR 28,320/MT.

-- BSE Sensex closed at 39,090(+1075) on Monday, as against last day (Friday) at 38,014(+1921).

-- NSE Nifty50 index was closed today at 11,274(+569) & Nifty Metal at 2,497(+134).

Key Trades

-- SAIL's Rourkela Steel Plant tender held today (23rd Sep'19) to sell about 1,500 MT steel grade pig iron & had received average response. The base price for the tender was quoted by RSP at INR 24,000/MT and about 40% material sold.

-- Trade discounts in Raipur wire rod slightly raised by INR 100/MT to INR 900-1,100/MT amid steady base price at INR 31,600/MT ex-plant. Also in Durgapur, trade reference prices plunge by INR 300/MT to INR 30,800-31,300/MT ex-plant.

-- Durgapur based Rashmi Metaliks has reduced sponge P-DRI at INR 16,700-16,800/MT, as per sources.

-- Raipur based sponge P-DRI markers have slashed prices by INR 100/MT to INR 16,200-16,300/MT ex-plant. However as per sources, demand remained limited due to constant drop in billet prices.

-- Raigarh based Singhal Steel offered billet at INR 27,000/MT FoR Raipur, officials reported.

-- BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,800/MT & INR 17,200/MT ex-plant, Karnataka; an official reported.

-- Sources reported Chandrapur (Maharashtra) based manufacturers offered Sponge P-DRI (FeM 80) at around INR 16,600/MT, ex-plant & excluding GST.

-- Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 16,800-17,000/MT ex-plant & excluding GST.

-- Rathi Steels based in North region is offering 12 mm Rebar at INR 33,900/MT.

-- Raipur based Real Ispat (GK TMT) is current offering 12 mm Rebar at INR 33,200/MT.

-- Raigarh based Scan Group branding (Shrishti TMT) has unchanged their 12 mm Rebar offers at INR 31,700/MT.

-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their 12 mm Rebar offers at INR 31,800/MT.

-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is current offering 12 mm Rebar at INR 31,300/MT FoR.

-- Chennai based Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) is currently offering 12 mm Rebar at INR 32,000/MT.

Reference prices as on 23rd September 2019

	Particular/Delivery	Size, Grade, Origin	Prices	Min	Max	Change	1W	1M
Scrap	Ex-Alang	HMS(80:20)	21,700	21,600	21,800	- 200	21,850	21,800
	Ex-Mumbai	HMS(80:20)	21,200	21,200	21,500	0	21,700	21,500
	Ex-Chennai	HMS(80:20)	20,400	20,300	20,600	+ 100	20,700	20,400
C-DRI	Ex-Durgapur	Mix, FeM 78%, +/-1	17,600	17,500	17,700	- 400	18,500	17,200
	Ex-Rourkela	Mix, FeM 80%, +/-1	16,900	16,800	17,000	0	17,000	16,200
	Ex-Raipur	Mix, FeM 80%, +/-1	17,500	17,400	17,600	- 100	17,800	17,000
	Ex-Bellary	Lumps, FeM 80%, +/-1	16,700	16,600	16,800	- 100	16,900	16,400
P-DRI	Ex-Durgapur	Lumps, FeM 78%, +/-1	16,600	16,500	16,700	- 400	17,500	16,200
	Ex-Raipur	Lumps, FeM 80%, +/-1	16,300	16,200	16,400	- 100	16,700	15,750
	Ex-Bellary	Lumps, FeM 80%, +/-1	16,400	16,300	16,500	- 100	16,700	16,000
	Ex-Hyderabad	Lumps, FeM 80%, +/-1	16,900	16,800	17,000	- 100	17,100	16,400
Ingot	Ex-Mandi Gobindgarh	3.5 x 4.5 Inch, IS 2830	29,000	28,900	29,100	- 300	29,750	28,900
	Ex-Durgapur	3.5 x 4.5 Inch, IS 2830	27,000	26,900	27,100	- 300	27,700	25,800
	Ex-Rourkela	3.5 x 4.5 Inch, IS 2830	26,100	26,000	26,200	- 200	26,500	25,300
	Ex-Raipur	3.5 x 4.5 Inch, IS 2830	26,550	26,500	26,600	- 250	27,200	25,800
	Ex-Mumbai	3.5 x 4.5 Inch, IS 2830	27,550	27,500	27,600	0	27,400	27,800
Billet	Ex-Mandi Gobindgarh	100x100 mm, IS 2831	29,200	29,100	29,300	- 300	29,900	29,000
	Ex-Durgapur	100x100 mm, IS 2831	27,200	27,100	27,300	- 400	28,000	26,200
	Ex-Rourkela	100x100 mm, IS 2831	26,600	26,500	26,700	- 100	27,000	25,700
	Ex-Raipur	100x100 mm, IS 2831	26,900	26,800	27,000	- 300	27,750	26,400
	Ex-Ahmedabad	100x100 mm, IS 2831	27,600	27,500	27,700	- 600	28,200	28,200
	Ex-Mumbai	100x100 mm, IS 2831	27,800	27,700	27,900	0	27,600	28,000
	Ex-Chennai	100x100 mm, IS 2831	27,400	27,300	27,500	- 100	28,100	28,200
	Ex-Hyderabad	100x100 mm, IS 2831	27,000	26,900	27,100	0	27,500	26,500
TMT	Ex-Delhi/NCR	12-25 MM, IS 1786- 500 Fe	32,800	32,600	32,900	+ 200	32,900	32,700
	Ex-Durgapur	12-25 MM, IS 1786- 500 Fe	31,300	31,100	31,500	- 300	32,100	30,400
	Ex-Rourkela	12-25 MM, IS 1786- 500 Fe	31,300	31,200	31,400	0	31,400	29,800
	Ex-Raipur	12-25 MM, IS 1786- 500 Fe	30,900	30,800	31,100	- 200	31,200	29,700
	Ex-Jalna	12-25 MM, IS 1786- 500 Fe	31,500	31,300	31,600	- 200	31,800	31,100
	Ex-Mumbai	12-25 MM, IS 1786- 500 Fe	30,500	30,500	30,700	+ 200	30,400	30,700
	Ex-Chennai	12-25 MM, IS 1786- 500 Fe	31,700	31,700	32,000	- 100	32,300	32,300
	Ex-Hyderabad	12-25 MM, IS 1786- 500 Fe	30,800	30,600	31,000	- 300	31,000	30,500
Wire Rod	Ex-Durgapur	Wire Rod(5.5 MM)	31,000	30,800	31,300	- 300	31,600	30,000
Wire Rod	Ex-Raipur	Wire Rod(5.5 MM)	30,700	30,500	31,600	- 100	31,300	29,900