Daily Update: Indian Steel Market 25 Feb'20
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Indian sponge iron, billet & rebar prices remained volatile by INR 100-300/MT in major locations on account subdued demand & sufficient supply.
However in Maharashtra (western India) rebar prices climbed by INR 500-700/MT today to match price range from different regions on account of recent change in gauge parity, which has also supported billet price hike.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 28,700-32,100/MT (USD 399-447) ex-plant.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 18,400-19,600/MT (USD 256-273); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 25th February 2020 (Tuesday) INR to USD exchange rate stood at INR 71.79.
-- ICEX (Indian Commodity Exchange Ltd) Mar'20 contract for STEELLONG today open at INR 31,720/MT & last traded (IST 18:18 hrs) at INR 31,620/MT.
-- BSE Sensex closed at 40,281(-82) on Tuesday, as against last day (Monday) at 40,363(-806).
-- NSE Nifty50 index was closed today at 11,813(-16) & Nifty Metal at 2,474(+4).
Raw Material
-- Melting scrap offers in Western India- Jalna (Maharashtra) incline by INR 300/MT in a day trade activity.
-- South African RB2 (5500 NAR) coal offers are assessed at USD 60/MT on FoB basis & USD 74/MT CNF India
Semi Finished
-- Induction grade billet (100*100 mm) export offers slightly up by USD 2/MT to USD 400-402/MT ex-mill at Durgapur, equivalent to USD 425-428/MT CPT Nepal.
-- Rashmi Metaliks in Durgapur has slightly raised sponge P-DRI offers by INR 100/MT to INR 18,600-18,700/MT, as per sources.
-- Raipur sponge offers remained under pressure on account of power cuts in Raigarh which in turn drop in furnaces production by more than 50%. About 3,000-4,000 MT P-DRI deals learned at INR 18,600-18,700/MT ex-plant, Raipur.
-- Neo Metaliks in Durgapur is receiving less participation in Pig iron offers of INR 27,500-27,700/MT ex-plant, as mentioned by officials.
-- SAIL has schedule an auction to sale of about 2,200 MT basic grade Pig iron on 26th Feb'20 from its Rourkela Steel Plant (RSP).
-- Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 18,400/MT ex-plant, an official reported.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 18,200-18,300/MT ex-Bellary & around 2,000 MT deals reported in nearby market.
-- BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 18,400/MT & INR 18,800/MT ex-plant, Karnataka & no major deals reported.
Rebar (12 mm)
-- Rathi Steels based in North region is current offering at INR 36,700/MT.
-- Muzaffarnagar based Sarvottam Rolling Mills Pvt. Ltd.(Paras TMT) is current offering at INR 34,200/MT.
-- Raipur based Real Ispat (GK TMT) has unchanged their offer at INR 35,400/MT.
-- Raipur based Kamdhenu TMT is current offering at INR 35,600/MT.
-- Raigarh based Anjani Steels Ltd. (Radhe TMT) has unchanged their offer at INR 33,400/MT.
-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) is offering at INR 36,200/MT (up by INR 500/MT).
-- Gujarat based, Mono Steel (India) Ltd.(Mono TMT) has unchanged their offer at INR 37,200/MT FoR.
Wire Rod & Pipe
-- Raipur Wire rod offers up by INR 200/MT and assessed at INR 32,400-32,500/MT by traders & INR 32,600-32,700/MT through the manufacturers, ex-works. However in Durgapur offers down by INR 100/MT to 32,300-32,800/MT ex-plant.
-- ERW Pipe Manufacturers have kept offers at firm level 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 25th February 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 23,900 | 23,800 | 24,000 | + 100 | 24,100 | 23,900 |
| Ex-Mumbai | HMS(80:20) | 23,600 | 23,400 | 23,700 | + 100 | 23,100 | 22,900 | |
| Ex-Chennai | HMS(80:20) | 21,700 | 21,500 | 21,800 | 0 | 21,800 | 23,100 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,450 | 19,400 | 19,400 | + 50 | 19,600 | 20,400 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,700 | 18,600 | 18,800 | 0 | 18,800 | 19,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 19,600 | 19,500 | 19,700 | 0 | 19,600 | 20,100 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,400 | 18,300 | 18,500 | 0 | 18,500 | 19,000 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,550 | 18,500 | 18,600 | + 50 | 18,650 | 19,400 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,650 | 18,600 | 18,800 | - 50 | 18,600 | 19,150 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,200 | 18,100 | 18,300 | - 100 | 18,400 | 18,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 18,800 | 18,700 | 18,900 | - 100 | 18,900 | 19,300 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,750 | 31,700 | 31,800 | + 50 | 31,400 | 32,100 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 28,600 | 28,500 | 28,700 | 0 | 28,750 | 29,800 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 28,300 | 28,200 | 28,400 | 0 | 28,100 | 28,500 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 28,900 | 28,800 | 29,000 | 0 | 28,500 | 29,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 31,100 | 31,000 | 31,200 | + 600 | 30,800 | 31,200 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 32,100 | 32,000 | 32,200 | + 100 | 31,800 | 32,500 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 29,250 | 29,200 | 29,300 | + 50 | 29,250 | 30,300 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 28,700 | 28,600 | 28,800 | 0 | 28,600 | 29,000 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 29,300 | 29,200 | 29,400 | 0 | 29,100 | 29,550 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 31,300 | 31,200 | 31,400 | + 100 | 31,100 | 32,000 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 31,500 | 31,400 | 31,600 | + 600 | 31,200 | 31,500 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 30,600 | 30,500 | 30,800 | 0 | 30,800 | 31,700 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 30,800 | 30,500 | 31,000 | 0 | 31,000 | 31,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 35,700 | 35,500 | 35,800 | - 100 | 35,600 | 36,300 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 33,100 | 32,900 | 33,300 | 0 | 33,400 | 34,100 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 33,000 | 32,900 | 33,100 | 0 | 33,200 | 33,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 33,000 | 32,900 | 33,100 | 0 | 33,400 | 33,400 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 36,200 | 36,100 | 36,400 | + 700 | 35,900 | 35,900 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 35,500 | 35,300 | 35,700 | + 400 | 35,100 | 36,000 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 34,900 | 34,700 | 35,100 | 0 | 34,900 | 35,700 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 35,000 | 34,900 | 35,100 | 0 | 35,100 | 34,700 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 32,400 | 32,300 | 32,800 | - 100 | 32,900 | 34,000 |
| Ex-Raipur | Wire Rod(5.5 MM) | 32,600 | 32,400 | 32,900 | + 100 | 32,600 | 33,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
