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Daily Update: Indian Steel Market 23 Sep'19

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BigMint Bureau
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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
Ex-Raipur Wire Rod(5.5 MM) 30,700 30,500 31,600 - 100 31,300 29,900

Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research

23 Sep 2019, 18:30 IST

 

 

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