Daily Update: Indian Steel Market 25 Sep'19
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Indian steel prices remained down trend on demand concern and as per daily assessment the prices have corrected by INR 100-400/MT with major drop of INR 400/MT in central & eastern regions.
As per participants, buyers are cautious presently and hold future bookings due to unclear market trends on constant fall in spot prices.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 25,700-28,900/MT (USD 361-407) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,600-17,400/MT (USD 233-245); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 25th September 2019 (Wednesday) INR to USD exchange rate stood at INR 71.04.
-- ICEX (Indian Commodity Exchange Ltd) Oct'19 contract for STEELLONG today open at INR 28,050/MT & last traded (IST 18:08 hrs) at INR 28,070/MT.
-- BSE Sensex closed at 38,593(-503) on Wednesday, as against last day (Tuesday) at 39,097(+7).
-- NSE Nifty50 index was closed today at 11,440(-148) & Nifty Metal at 2,419(-65).
Key Trades
-- As per sources, Raipur based a manufacturer has sold about 2,500-3,000 MT pellets to outside market at INR 5,900/MT ex-plant.
-- Jindal Steel has reduced pig iron offers by INR 200/MT to INR 24,000/MT ex-Raigarh. Meanwhile kept panther shots (granulated pig iron) offers firm at INR 22,000-22,500/MT ex-Angul, Odisha.
-- Mid sized mills export offers to Nepal drop further on declining domestic prices. Latest offers stood at USD 360-365/MT for Billet & USD 410-415/MT for Wire rod ex-Mill at Durgapur. Frieght cost to Nepal is about USD 25-30/MT CPT Raxaul/Jogbani border.
-- Indian Sponge iron (79-80 FeM, 100% lumps) export offers drop further and few deals learned at USD 270-275/MT ex-mill, equivalent to USD 285-290/MT CFR Chittagong, Bangladesh.
-- As per sources, Mesco Steels has sold steel grade Pig iron at INR 22,800-22,900/MT ex-plant (Odisha). Freight cost to Central region, Raipur & Raigarh is about INR 900-1,000/MT.
-- Imported scrap offers to India for HMS 1&2 (80:20) Dubai origin containers stood at around USD 256/MT, CFR Nhava Sheva.
-- Durgapur based Rashmi Metaliks has reduced sponge P-DRI prices by INR 300-400/MT to INR 16,100-16,200/MT, as per sources.
-- Jharkhand based a large mill has shutdown their wire rod mill due to annual maintenance works and the mill likely to be operational by mid of Oct. The current prices of 5.5 mm wire rod reported at INR 34,000/MT ex-plant.
-- Raigarh based Singhal Steel offered P-DRI at INR 15,600/MT (ex-plant) & Billet at INR 26,300/MT FoR-Raipur, officials reported.
-- Central India, Raipur based Real Ispat (GK TMT) is offering their 12 mm Rebar at INR 33,100/MT (down by INR 300/MT).
-- Trade discounts in Raipur wire rod unchanged at INR 1,100-1,200/MT by stockiest & INR 800-900/MT through manufacturers end due to fall base prices by INR 300/MT to INR 30,900/MT ex-plant. Similarly in Durgapur, trade reference prices down by INR 400/MT to INR 30,000-30,500/MT ex-plant.
-- ERW Pipe Manufacturers have reduced their offers by around INR 500/MT in a day trade activities over less sales. Offers reported at INR 31,000-31,200/MT ex-Raipur, INR 33,500/MT ex-Mandi Gobindgarh & INR 31,200-31,400/MT ex-Rourkela.
-- BIOP Steels in South India has decreased sponge prices by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 16,600/MT & INR 17,000/MT ex-plant, Karnataka; an official reported.
-- North India based Rathi Steels has reduced rebar (12 mm) offers by INR 200/MT to INR 33,200/MT.
-- Jalna, (Maharashtra) based SRJ Peety Steels Pvt Ltd (Shree Om) is offering their 12 mm Rebar at INR 31,600/MT(down by INR 200/MT).
-- Wardha based Sangam TMT is offering at INR 31,200/MT (12 mm).
-- Gujarat based Diamond TMT is offering 12 mm Rebar at INR 31,300/MT.
Reference prices as on 25th September 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,300 | 21,200 | 21,400 | - 200 | 21,800 | 22,100 |
| Ex-Mumbai | HMS(80:20) | 21,200 | 21,100 | 21,400 | 0 | 21,600 | 21,800 | |
| Ex-Chennai | HMS(80:20) | 20,100 | 19,900 | 20,300 | - 300 | 20,300 | 20,600 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,000 | 16,900 | 17,100 | - 400 | 18,200 | 18,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,550 | 16,500 | 16,600 | - 250 | 16,950 | 16,600 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,200 | 17,100 | 17,300 | - 100 | 17,800 | 17,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,550 | 16,500 | 16,600 | - 50 | 16,800 | 16,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,000 | 15,900 | 16,100 | - 400 | 17,200 | 17,000 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,900 | 15,800 | 16,000 | - 300 | 16,600 | 16,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | - 50 | 16,600 | 16,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | 0 | 17,000 | 16,800 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,750 | 28,700 | 28,800 | - 50 | 29,300 | 29,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,200 | 26,100 | 26,300 | - 400 | 27,400 | 26,700 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,500 | 25,400 | 25,600 | - 300 | 26,300 | 26,100 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,850 | 25,800 | 25,900 | - 400 | 26,900 | 26,400 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 27,600 | 27,500 | 27,600 | 0 | 27,500 | 28,300 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 28,900 | 28,800 | 29,000 | - 100 | 29,500 | 29,600 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 26,500 | 26,400 | 26,600 | - 300 | 27,600 | 27,000 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 26,000 | 25,900 | 26,100 | - 300 | 26,800 | 26,400 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 26,250 | 26,200 | 26,300 | - 300 | 27,400 | 27,000 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 27,500 | 27,400 | 27,600 | - 100 | 27,900 | 28,800 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 27,800 | 27,700 | 27,800 | 0 | 27,700 | 28,500 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 27,300 | 27,200 | 27,500 | - 100 | 27,700 | 28,500 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 26,500 | 26,400 | 26,600 | 0 | 27,000 | 27,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 32,200 | 32,000 | 32,300 | - 200 | 32,700 | 33,400 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 30,800 | 30,600 | 31,000 | - 200 | 32,000 | 31,400 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 31,000 | 30,900 | 31,100 | - 200 | 31,400 | 30,500 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,600 | 30,400 | 30,700 | - 100 | 31,200 | 30,400 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 31,400 | 31,300 | 31,600 | - 100 | 31,700 | 31,800 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 30,600 | 30,600 | 30,800 | 0 | 30,500 | 31,300 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 31,600 | 31,600 | 31,900 | - 100 | 32,200 | 32,300 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 30,500 | 30,500 | 30,800 | 0 | 31,000 | 31,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,200 | 30,000 | 30,500 | - 500 | 31,300 | 31,000 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,000 | 29,700 | 30,900 | - 300 | 31,000 | 30,900 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
