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Daily Update: Indian Steel Market 24 Feb'20

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Semi Finished

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24 Feb 2020, 18:32 IST

Daily Update: Indian Steel Market 24 Feb'20

Indian Semi finished steel market reported mix trends as sponge offers declined by INR 100-200/MT, while billet prices fluctuated by INR 100-300/MT in major markets.

In context to finished long (Rebar), price fluctuated by INR 100-400/MT in major locations on average trade activities.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 28,700-32,000/MT (USD 398-444) ex-plant.

Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 18,400-19,600/MT (USD 255-272); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 24th February 2020 (Monday) INR to USD exchange rate stood at INR 71.96.

-- ICEX (Indian Commodity Exchange Ltd) Mar'20 contract for STEELLONG today open at INR 31,800/MT & last traded (IST 18:21 hrs) at INR 31,710/MT.

-- BSE Sensex closed at 40,363(-806) on Monday, as against last day (Thursday) at 41,170(-152).

-- NSE Nifty50 index was closed today at 11,829(-251) & Nifty Metal at 2,469(-142).

Raw Material

-- Melting scrap offers in Western India- Gujarat incline by INR 300/MT in a day trade activity.

-- Raipur Silicon Manganese (60-14) offers assessed at INR 61,000-61,500/MT by traders & INR 61,700-62,000/MT through the manufacturers, ex-works.

Semi Finished

-- Induction grade billet (100*100 mm) export offers stable to Nepal at around USD 400/MT ex-mill at Durgapur, equivalent to USD 425/MT CPT Nepal.

-- Rashmi Metaliks in Durgapur has kept sponge P-DRI offers firm at around INR 18,500-600/MT, as per sources.

-- Raipur sponge P-DRI offers more or less firm at INR 18,700/MT ex-plant, however no major deals owing to competitive offers from Raigarh at INR 18,600-18,700/MT FoR Raipur basis.

-- Central India, Raigarh (Punjipatra) based mill owners reported, around 15-16 hours power cut continues by Jindal Power.

-- As per Ingot/billet manufacturers in Raigarh, Central India steel grade pig iron offers by traders at around INR 28,100/MT FoR.

-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 18,600/MT & Billet at INR 28,400/MT ex-plant; an official reported.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 18,200-18,400/MT ex-Bellary & around 1,500 MT deals reported in nearby market.

Rebar (12 mm)

-- Muzaffarnagar based Sarvottam Rolling Mills Pvt. Ltd.(Paras TMT) is current offering at INR 34,400/MT.

-- Raipur based Real Ispat (GK TMT) has unchanged their offers at INR 35,400/MT.

-- Raigarh based Anjani Steels Ltd. (Radhe TMT) is current offering at INR 33,400/MT.

-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is current offering at INR 36,100/MT.

-- Gujarat based, Mono Steel (India) Ltd.(Mono TMT) is offering at INR 37,200/MT FoR (up by INR 100/MT).

Wire Rod & Pipe

-- Wire rod offers remain unchanged in Raipur at INR 32,200-32,300/MT by traders & INR 32,400-32,500/MT through the manufacturers, ex-works. However in Durgapur offers drop by INR 100/MT to INR 32,400-32,800/MT ex-plant.

-- ERW Pipe offers fluctuated by INR 100-200/MT to INR 33,800/MT ex-Raipur, INR 36,700/MT ex-Mandi Gobindgarh & INR 33,800-34,000/MT ex-Rourkela.

Reference prices as on 24th February 2020

	Particular/Delivery	Size, Grade, Origin	Prices	Min	Max	Change	1W	1M
Scrap	Ex-Alang	HMS(80:20)	23,800	23,700	23,900	+ 300	24,100	24,100
	Ex-Mumbai	HMS(80:20)	23,500	23,400	23,600	0	22,700	23,100
	Ex-Chennai	HMS(80:20)	21,700	21,500	21,800	0	21,700	23,100
C-DRI	Ex-Durgapur	Mix, FeM 78%, +/-1	19,400	19,300	19,500	- 150	19,800	20,600
	Ex-Rourkela	Mix, FeM 80%, +/-1	18,700	18,600	18,800	+ 100	19,100	19,450
	Ex-Raipur	Mix, FeM 80%, +/-1	19,600	19,500	19,700	- 100	19,800	20,400
	Ex-Bellary	Lumps, FeM 80%, +/-1	18,400	18,300	18,500	0	18,500	19,200
P-DRI	Ex-Durgapur	Lumps, FeM 78%, +/-1	18,500	18,400	18,600	- 150	18,900	19,600
	Ex-Raipur	Lumps, FeM 80%, +/-1	18,700	18,600	18,800	- 50	18,900	19,400
	Ex-Bellary	Lumps, FeM 80%, +/-1	18,300	18,200	18,400	- 100	18,400	19,000
	Ex-Hyderabad	Lumps, FeM 80%, +/-1	18,900	18,800	19,000	- 100	19,000	19,500
Ingot	Ex-Mandi Gobindgarh	3.5 x 4.5 Inch, IS 2830	31,700	31,600	31,800	+ 50	31,750	32,150
	Ex-Durgapur	3.5 x 4.5 Inch, IS 2830	28,600	28,500	28,700	- 150	29,150	29,900
	Ex-Rourkela	3.5 x 4.5 Inch, IS 2830	28,300	28,200	28,400	+ 200	28,400	28,600
	Ex-Raipur	3.5 x 4.5 Inch, IS 2830	28,900	28,800	29,000	+ 150	28,900	29,200
	Ex-Mumbai	3.5 x 4.5 Inch, IS 2830	30,500	30,400	30,600	- 100	30,800	31,500
Billet	Ex-Mandi Gobindgarh	100x100 mm, IS 2831	32,000	31,900	32,100	0	32,200	32,700
	Ex-Durgapur	100x100 mm, IS 2831	29,200	29,100	29,300	- 100	29,650	30,400
	Ex-Rourkela	100x100 mm, IS 2831	28,700	28,600	28,800	+ 100	28,800	29,200
	Ex-Raipur	100x100 mm, IS 2831	29,300	29,200	29,400	+ 100	29,450	29,800
	Ex-Ahmedabad	100x100 mm, IS 2831	31,200	31,100	31,300	+ 100	31,500	32,500
	Ex-Mumbai	100x100 mm, IS 2831	30,900	30,800	31,000	- 100	31,200	31,850
	Ex-Chennai	100x100 mm, IS 2831	30,600	30,500	30,800	+ 300	30,900	31,800
	Ex-Hyderabad	100x100 mm, IS 2831	30,800	30,500	31,000	+ 100	31,000	31,000
TMT	Ex-Delhi/NCR	12-25 MM, IS 1786- 500 Fe	35,800	35,600	36,000	+ 200	35,800	36,700
	Ex-Durgapur	12-25 MM, IS 1786- 500 Fe	33,100	32,900	33,300	0	33,500	34,400
	Ex-Rourkela	12-25 MM, IS 1786- 500 Fe	33,000	32,900	33,100	0	33,200	33,600
	Ex-Raipur	12-25 MM, IS 1786- 500 Fe	33,000	32,900	33,100	- 100	33,000	33,600
	Ex-Jalna	12-25 MM, IS 1786- 500 Fe	35,500	35,300	35,700	- 100	35,400	36,100
	Ex-Mumbai	12-25 MM, IS 1786- 500 Fe	35,100	34,900	35,200	0	35,100	36,200
	Ex-Chennai	12-25 MM, IS 1786- 500 Fe	34,900	34,800	35,200	+ 100	35,100	35,800
	Ex-Hyderabad	12-25 MM, IS 1786- 500 Fe	35,000	34,900	35,100	0	35,000	34,700
Wire Rod	Ex-Durgapur	Wire Rod(5.5 MM)	32,500	32,400	32,800	- 100	33,200	34,400
Wire Rod	Ex-Raipur	Wire Rod(5.5 MM)	32,500	32,300	32,700	0	32,800	33,600