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Daily Update: Indian Steel Market 26 Sep'19

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26 Sep 2019, 18:27 IST

Daily Update: Indian Steel Market 26 Sep'19

Indian steel prices increased by INR 100-300/MT today in central, east & northern regions. However in remaining markets prices it slightly fluctuated by INR 100-200/MT amid limited spot trades.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 25,900-29,000/MT (USD 365-409) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,500-17,300/MT (USD 232-244); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 26th September 2019 (Thursday) INR to USD exchange rate stood at INR 70.86.

-- ICEX (Indian Commodity Exchange Ltd) Oct'19 contract for STEELLONG today open at INR 28,120/MT & last traded (IST 18:27 hrs) at INR 28,150/MT.

-- BSE Sensex closed at 38,989(+396) on Thursday, as against last day (Wednesday) at 38,593(-503).

-- NSE Nifty50 index was closed today at 11,573(+133) & Nifty Metal at 2,524(+105).

Key Trades

-- Indian sponge iron export offers drop further and stood at USD 265-270/MT CPT Benapole, equivalent to USD 280-285/MT CFR Chittagong, Bangladesh.

-- Indian induction grade billet export offers to Nepal is hovering at USD 360-365/MT ex-mill at Durgapur, this landed cost to Nepal would be around USD 390/MT CPT Raxaul/Jogbani border.

-- Trade discounts in Raipur wire rod firm at INR 800-900/MT by manufacturers & INR 1,000-1,200/MT through re-sellers. However base prices up by INR 300/MT to INR 31,200/MT ex-Raipur & INR 30,200-30,500/MT ex-Durgapur, rose by INR 100-200/MT.

-- Indian large mills export tender to Nepal fetches highest bid at around USD 355-360/MT for Billet & USD 385-390/MT for Wire rod, ex-mill, southern region.

-- Rashmi Metaliks in Durgapur has slightly raised sponge P-DRI prices by INR 100/MT to INR 16,100/MT, as reported by participants.

-- Major sponge producers in Raipur have raised P-DRI prices by INR 100/MT to INR 16,000-16,100/MT ex-plant.

-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,700/MT & Billet at INR 26,000/MT ex-plant; an official reported. And added sales remain limited, however no major export inquiries as of now.

-- Jindal's industrial park, Punjipathra (Raigarh) based furnace owners reported JSP may cut power in the coming days due to unavailability of coal.

-- Melting scrap offers in Western India- Jalna (Maharashtra) decline by INR 400/MT in a day trade activities.

-- BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,600/MT & INR 17,000/MT ex-plant, Karnataka; an official reported.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,200-16,300/MT ex-Bellary, offers decline by INR 100-200/MT from the last trade; an official reported.

Reference prices as on 26th September 2019

	Particular/Delivery	Size, Grade, Origin	Prices	Min	Max	Change	1W	1M
Scrap	Ex-Alang	HMS(80:20)	21,400	21,300	21,500	+ 100	21,500	21,800
	Ex-Mumbai	HMS(80:20)	21,200	21,100	21,400	0	21,500	21,700
	Ex-Chennai	HMS(80:20)	20,000	19,800	20,200	- 100	20,300	20,500
C-DRI	Ex-Durgapur	Mix, FeM 78%, +/-1	17,100	17,000	17,200	+ 100	18,000	17,900
	Ex-Rourkela	Mix, FeM 80%, +/-1	16,600	16,500	16,700	+ 50	16,800	16,400
	Ex-Raipur	Mix, FeM 80%, +/-1	17,300	17,200	17,400	+ 100	17,600	17,300
	Ex-Bellary	Lumps, FeM 80%, +/-1	16,500	16,400	16,600	- 50	16,800	16,800
P-DRI	Ex-Durgapur	Lumps, FeM 78%, +/-1	16,100	16,000	16,200	+ 100	17,000	16,900
	Ex-Raipur	Lumps, FeM 80%, +/-1	15,950	15,900	16,000	+ 50	16,400	16,100
	Ex-Bellary	Lumps, FeM 80%, +/-1	16,200	16,100	16,300	- 100	16,500	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	28,900	28,800	29,000	+ 150	29,200	29,300
	Ex-Durgapur	3.5 x 4.5 Inch, IS 2830	26,400	26,300	26,500	+ 200	27,300	26,700
	Ex-Rourkela	3.5 x 4.5 Inch, IS 2830	25,700	25,600	25,800	+ 200	26,150	25,900
	Ex-Raipur	3.5 x 4.5 Inch, IS 2830	26,050	26,000	26,100	+ 200	26,800	26,400
	Ex-Mumbai	3.5 x 4.5 Inch, IS 2830	27,600	27,500	27,600	0	27,300	28,000
Billet	Ex-Mandi Gobindgarh	100x100 mm, IS 2831	29,100	29,000	29,200	+ 200	29,400	29,400
	Ex-Durgapur	100x100 mm, IS 2831	26,700	26,600	26,800	+ 200	27,600	26,900
	Ex-Rourkela	100x100 mm, IS 2831	26,000	25,900	26,100	0	26,700	26,200
	Ex-Raipur	100x100 mm, IS 2831	26,500	26,400	26,600	+ 250	27,200	26,800
	Ex-Ahmedabad	100x100 mm, IS 2831	27,850	27,800	27,950	+ 350	27,550	28,000
	Ex-Mumbai	100x100 mm, IS 2831	27,800	27,700	27,800	0	27,500	28,200
	Ex-Chennai	100x100 mm, IS 2831	27,200	27,100	27,300	- 100	27,600	28,200
	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	32,400	0	32,400	33,300
	Ex-Durgapur	12-25 MM, IS 1786- 500 Fe	30,800	30,600	31,000	0	31,600	31,100
	Ex-Rourkela	12-25 MM, IS 1786- 500 Fe	30,900	30,800	31,000	- 100	31,000	30,300
	Ex-Raipur	12-25 MM, IS 1786- 500 Fe	30,600	30,500	30,700	0	30,900	30,300
	Ex-Jalna	12-25 MM, IS 1786- 500 Fe	31,300	31,100	31,400	- 100	31,600	31,800
	Ex-Mumbai	12-25 MM, IS 1786- 500 Fe	30,600	30,600	30,800	0	30,300	31,300
	Ex-Chennai	12-25 MM, IS 1786- 500 Fe	31,600	31,500	31,900	0	31,900	32,300
	Ex-Hyderabad	12-25 MM, IS 1786- 500 Fe	30,400	30,300	30,500	- 100	31,000	31,000
Wire Rod	Ex-Durgapur	Wire Rod(5.5 MM)	30,400	30,300	30,800	+ 200	31,100	30,800
Wire Rod	Ex-Raipur	Wire Rod(5.5 MM)	30,400	30,100	31,200	+ 400	30,800	30,500