Daily Update: Indian Steel Market 3 March'20
...
Indian secondary steel manufacturers further cuts rebar & billet prices by INR 100-400/MT today due to weak demand from the local buyers.
Also Sponge iron prices moved down by INR 100-200/MT, day on day in major markets.
Sources are assuming prices to remain under pressure owing to rising inventories along with improved supply in spot market.
Rupee & BSE Sensex
-- On 3rd March 2020 (Tuesday) INR to USD exchange rate stood at INR 73.32.
-- ICEX (Indian Commodity Exchange Ltd) April'20 contract for STEELLONG today open at INR 31,460/MT & last traded (IST 19:02 hrs) at INR 31,450/MT.
-- BSE Sensex closed at 38,624 (+480) on Tuesday, as against last day (Monday) 38,144 (-153).
-- NSE Nifty50 index was closed today at 11,303 (+170) & Nifty Metal at 2,321 (-123).
Semi finished
-- TATA Metaliks, India's one of the largest foundry grade pig iron manufacturers reduced price by INR 700/MT to INR 31,300/MT ex-Kharagpur, eastern India.
-- Silicon Manganese offers drop further & trades learned at around INR 60,500-61,000/MT ex-works, Raipur.
-- Indian mid scale mills export offers to Nepal drop to USD 380-385/MT for Billet (100*100 mm) & USD 435/MT for Wire rod ex-mill at Durgapur.
-- Rashmi Metaliks in Durgapur has reduced sponge P-DRI offers by INR 100-200/MT to INR 18,400/MT, as per sources.
-- Sponge manufacturers in Central India reported poor demand despite reduced P-DRI price by INR 200/MT to INR 18,200-300/MT ex-Raipur.
-- BMM Ispat, a renowned sponge manufacturer has kept Sponge P-DRI (80 FeM) price firm at INR 18,000-18,100/MT ex-Bellary.
Rebar (12 mm)
-- Rathi Steels based in North region is offering at INR 36,000/MT (down by INR 300/MT).
-- Muzaffarnagar based Swarup Rolling Mills Limited (Swarup TMT) is offering at INR 33,700/MT.
-- Raipur based Real Ispat (GK TMT) is offering at INR 35,100/MT (down by INR 500/MT).
-- Gujarat based, Mono Steel (India) Ltd.(Mono TMT) has unchanged their offers at INR 35,500/MT FoR.
-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) is offering at INR 36,000/MT.
Wire rod & Pipe
-- Wire rod offers in Raipur down by INR 300/MT to INR 31,600-31,700/MT by traders & INR 31,900-32,000/MT through the manufacturers, ex-works. Also in Durgapur offers declined by INR 300/MT to INR 32,000-32,500/MT ex-plant.
-- ERW Pipe Manufacturers have reduced prices by INR 300/MT to INR 33,500/MT ex-Raipur & INR 36,500/MT ex-Mandi Gobindgarh.
Reference prices as on 3rd March 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 23,300 | 23,200 | 23,400 | - 200 | 23,900 | 23,400 |
| Ex-Mumbai | HMS(80:20) | 23,300 | 23,200 | 23,500 | 0 | 23,600 | 22,700 | |
| Ex-Chennai | HMS(80:20) | 22,100 | 22,000 | 22,300 | - 100 | 21,700 | 22,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,300 | 19,200 | 19,400 | - 100 | 19,450 | 20,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,400 | 18,300 | 18,600 | - 100 | 18,700 | 18,900 | |
| Ex-Raipur | 0-20 mm, -1 mm (20-25%), FeM 82%, +/-1 | 20,200 | 20,100 | 20,300 | - 100 | 20,600 | 20,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,200 | 18,200 | 18,300 | 0 | 18,400 | 18,500 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,300 | 18,200 | 18,400 | - 150 | 18,550 | 19,000 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,200 | 18,100 | 18,300 | - 200 | 18,650 | 18,750 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 18,000 | 17,900 | 18,100 | 0 | 18,200 | 18,500 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 18,550 | 18,500 | 18,600 | 0 | 18,800 | 19,000 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 31,550 | 31,500 | 31,600 | - 100 | 31,750 | 31,400 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 28,000 | 27,900 | 28,100 | - 400 | 28,600 | 29,300 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 27,900 | 27,800 | 28,000 | - 250 | 28,300 | 28,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 28,300 | 28,200 | 28,400 | - 250 | 28,900 | 28,400 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 30,200 | 30,100 | 30,300 | + 300 | 31,100 | 30,500 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 31,800 | 31,700 | 31,900 | - 200 | 32,100 | 31,900 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 28,550 | 28,500 | 28,600 | - 450 | 29,250 | 29,700 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 28,400 | 28,300 | 28,500 | - 150 | 28,700 | 28,600 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 28,700 | 28,600 | 28,800 | - 250 | 29,300 | 29,050 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 29,900 | 29,800 | 30,000 | - 100 | 31,300 | 30,900 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 30,500 | 30,400 | 30,600 | + 250 | 31,500 | 30,900 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 30,800 | 30,700 | 30,900 | - 100 | 30,600 | 31,000 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 30,000 | 29,900 | 30,100 | 0 | 30,800 | 30,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 34,900 | 34,700 | 35,100 | - 300 | 35,700 | 35,700 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 32,700 | 32,500 | 32,900 | - 300 | 33,100 | 33,700 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 32,800 | 32,700 | 32,900 | - 200 | 33,000 | 33,000 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 32,700 | 32,600 | 32,900 | - 100 | 33,200 | 33,000 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 35,800 | 35,500 | 35,900 | 0 | 36,200 | 35,800 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 34,700 | 34,500 | 34,900 | - 200 | 35,500 | 35,100 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 35,000 | 34,900 | 35,300 | - 100 | 34,900 | 35,500 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 34,500 | 34,300 | 34,600 | 0 | 35,000 | 34,200 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 32,100 | 32,000 | 32,500 | - 300 | 32,400 | 33,500 |
| Ex-Raipur | Wire Rod(5.5 MM) | 31,900 | 31,600 | 32,300 | - 300 | 32,600 | 32,400 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
