Daily Update: Indian Steel Market 4 March'20
...
Indian Semi finished steel prices continued down trend on the wake of limited inquiries & improved supply in spot market.
Participants reported mismatch in trade chain, where supply is higher, while demand is less than average.
As per our daily assessment, the sponge iron & billet prices corrected by INR 100-300/MT with major fall of INR 200-300/MT in eastern India.
Sources are assuming, trade activities to remain disturb owing to festive holidays in coming week.
Rupee & BSE Sensex
-- On 4th March 2020 (Wednesday) INR to USD exchange rate stood at INR 73.12.
-- ICEX (Indian Commodity Exchange Ltd) April'20 contract for STEELLONG today open at INR 31,460/MT & last traded (IST 18:41 hrs) at INR 31,120/MT.
-- BSE Sensex closed at 38,409 (-214) on Wednesday as against last day 38,624 (+480) on Tuesday.
-- NSE Nifty50 index was closed today at 11,251 (-52) & Nifty Metal at 2,304 (-16).
Trade Updates
-- Indian sponge iron export deals concluded to Bangladesh for over 10,000 MT with reduced price by USD 3/MT to USD 280/MT CPT Benapole (dry port of India & Bangladesh), this is equivalent to USD 295/MT CFR Chittagong, Bangladesh.
-- In Feb'20, bulk billet/bloom exports from India were recorded at 82,681 MT drop by 40% M-o-M as against 137,600 MT during Jan'20.
-- The billet manufacturers in Raipur reported purchase of Silicon Manganese (60-14) in the range of INR 60,000-61,000/MT ex-works.
-- As per Kolkata based sources, over 1,000 induction grade billet (100*100 mm) export deals concluded at around USD 379-380/MT ex-mill at Durgapur, equivalent to USD 405-410/MT CPT Nepal, via road delivery.
-- Rashmi Metaliks in Durgapur has further reduced sponge P-DRI offers by INR 200-300/MT to INR 18,100/MT, as per sources.
-- Sponge iron demand remains weak in Central India as limited deals reported on reduced offers of INR 18,100/MT ex-Raipur & FoR from Raigarh, for P-DRI.
-- BMM Ispat, a renowned sponge manufacturer has kept Sponge P-DRI (80 FeM) price firm at INR 18,000-18,100/MT ex-Bellary.
Wire rod & Pipe
-- Wire rod offers fall further by INR 200-300/MT to INR 31,400-31,800/MT ex-Raipur & INR 31,600-31,800/MT ex-Durgapur.
-- ERW Pipe Manufacturers have reduced prices by around INR 100/MT to INR 33,400 500/MT ex-Raipur & INR 36,300/MT ex-Mandi Gobindgarh.
Reference prices as on 4th March 2020
Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
Scrap | Ex-Alang | HMS(80:20) | 23,100 | 23,000 | 23,200 | - 200 | 23,900 | 23,500 |
Ex-Mumbai | HMS(80:20) | 23,300 | 23,100 | 23,400 | 0 | 23,600 | 22,500 | |
Ex-Chennai | HMS(80:20) | 22,000 | 21,900 | 22,200 | - 100 | 21,900 | 22,200 | |
C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,000 | 18,900 | 19,100 | - 300 | 19,500 | 20,000 |
Ex-Rourkela | Mix, FeM 80%, +/-1 | 18,350 | 18,300 | 18,400 | - 50 | 18,650 | 19,000 | |
Ex-Raipur | 0-20 mm, -1 mm (20-25%), FeM 82%, +/-1 | 20,100 | 20,000 | 20,200 | - 100 | 20,500 | 21,050 | |
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 | 18,000 | 17,900 | 18,100 | - 300 | 18,600 | 19,100 |
Ex-Raipur | Lumps, FeM 80%, +/-1 | 18,100 | 18,000 | 18,200 | - 100 | 18,600 | 19,000 | |
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 | 31,250 | 31,200 | 31,300 | - 300 | 31,950 | 31,800 |
Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 27,750 | 27,700 | 27,800 | - 250 | 28,650 | 29,500 | |
Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 27,850 | 27,800 | 27,900 | - 50 | 28,350 | 28,500 | |
Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 28,150 | 28,100 | 28,200 | - 150 | 28,950 | 28,750 | |
Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 29,950 | 29,900 | 30,000 | - 250 | 30,950 | 30,700 | |
Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 31,600 | 31,500 | 31,700 | - 200 | 32,200 | 32,200 |
Ex-Durgapur | 100x100 mm, IS 2831 | 28,300 | 28,200 | 28,400 | - 250 | 29,250 | 30,000 | |
Ex-Rourkela | 100x100 mm, IS 2831 | 28,200 | 28,100 | 28,300 | - 200 | 28,700 | 28,900 | |
Ex-Raipur | 100x100 mm, IS 2831 | 28,550 | 28,500 | 28,600 | - 150 | 29,350 | 29,450 | |
Ex-Ahmedabad | 100x100 mm, IS 2831 | 29,800 | 29,700 | 29,900 | - 100 | 31,500 | 31,000 | |
Ex-Mumbai | 100x100 mm, IS 2831 | 30,400 | 30,300 | 30,500 | - 100 | 31,500 | 31,000 | |
Ex-Chennai | 100x100 mm, IS 2831 | 30,800 | 30,800 | 31,000 | 0 | 30,600 | 30,700 | |
Ex-Hyderabad | 100x100 mm, IS 2831 | 30,000 | 29,900 | 30,100 | 0 | 30,800 | 30,800 | |
TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 34,800 | 34,600 | 35,000 | - 100 | 35,700 | 35,700 |
Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 32,500 | 32,300 | 32,700 | - 200 | 33,100 | 33,800 | |
Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 32,700 | 32,500 | 32,900 | - 100 | 33,000 | 33,200 | |
Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 32,500 | 32,400 | 32,600 | - 200 | 33,200 | 33,200 | |
Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 35,700 | 35,500 | 35,900 | - 100 | 36,200 | 35,900 | |
Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 34,700 | 34,500 | 34,900 | 0 | 35,500 | 34,900 | |
Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 34,900 | 34,700 | 35,100 | - 100 | 34,700 | 35,500 | |
Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 34,500 | 34,300 | 34,600 | 0 | 35,000 | 34,300 | |
Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 31,800 | 31,700 | 32,200 | - 300 | 32,600 | 33,600 |
Ex-Raipur | Wire Rod(5.5 MM) | 31,800 | 31,400 | 32,100 | - 100 | 32,700 | 32,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research