Daily Update: Indian Steel Market 6 Nov'19
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Indian billet & rebar prices slightly fluctuated by INR 100-300/MT today amid average spot trades. Following the trend, sponge iron prices were more ore less firm on day trade activities.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 26,000-29,100/MT (USD 366-410) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,500-18,000/MT (USD 232-254); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 6th November 2019 (Wednesday) INR to USD exchange rate stood at INR 70.95.
-- ICEX (Indian Commodity Exchange Ltd) Dec'19 contract for STEELLONG today open at INR 28,380/MT & last traded (IST 18:21 hrs) at INR 28,390/MT.
-- BSE Sensex closed at 40,469(+221) on Wednesday, as against last day (Tuesday) at 40,248(-53).
-- NSE Nifty50 index was closed today at 11,961(+43) & Nifty Metal at 2,629(+12).
Raw Materials
-- Melting scrap offers in Western India- Gujarat decline by INR 200/MT in a day trade activities.
Semi Finished
-- TATA Metaliks Limited (TML) in eastern India has kept its pig iron offers unaltered for Nov'19 deliveries, officials reported to SteelMint. The current offers for Foundry pig iron is reported at INR 29,000/MT (USD 407) & for Low Silicon (1-1.5%) pig iron is around INR 24,700/MT (USD 348), the prices are ex-plant, Kharagpur, eastern India.
-- The latest export offers of induction grade Billet is assessed at around USD 375/MT & for commercial grade Wire rod at USD 420-425/MT ex-mill at Durgapur,
-- SAIL's Rourkela Steel Plant tender held today (6th Nov'19) to sell about 2,800 MT steel grade pig iron & had received dull response. The base price for the tender was quoted by RSP at INR 24,000/MT and about 75% material remained unsold.
-- Steel Authority of India Ltd (SAIL) has raised pig iron (steel grade) offers by INR 500/MT (USD 7) to INR 24,000/MT (USD 337) from its Bhilai Steel Plant (BSP), market sources confirmed SteelMint.
-- Rashtriya Ispat Nigam Limited (RINL) has invited two export tenders of Bloom and Pig Iron 10,000 MT and 20,000 MT respectively. Interested bidders can submit their bids till 12 Nov'19.
-- Jindal Steel has offered panther shots (granulated pig iron) at INR 23,000-23,200/MT ex-plant.
-- Mesco Steels in Jajpur, Odisha has further increased steel grade pig iron price by INR 200/MT to INR 23,200/MT ex-plant.
-- Rashmi Metaliks in Durgapur has raised Sponge P-DRI prices by INR 100/MT to INR 17,000/MT, as per sources.
-- Raipur based Sponge P-DRI producers have kept offers firm amid average inquiries at around INR 16,400/MT ex-plant.
-- Neo Metaliks in Durgapur has again raised prices by INR 200/MT to INR 24,200/MT ex-plant.
-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,600/MT & Billet at INR 26,000/MT ex-plant; an official reported.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,400-16,500/MT ex-Bellary, an official reported.
-- BIOP Steels in South India has increased sponge prices by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 16,800/MT & INR 17,200/MT ex-plant, Karnataka; an official reported. And added deal of around 600 MT sponge C-DRI for Jalna & Silvasa.
Rebar (12 mm)
-- Rathi Steels based in North region has unchanged their offers at INR 34,300/MT.
-- Raipur based Real Ispat (GK TMT) has unchanged their offers at INR 32,800/MT.
-- Raigarh based Anjani Steels Ltd. (Radhe TMT) is current offering at INR 30,800/MT.
-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is current offering at INR 32,500/MT FoR.
-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is offering at INR 32,300/MT (up by INR 200/MT).
-- Wardha based Sangam TMT is current offering at INR 30,900/MT.
Wire Rod & Pipe
-- ERW Pipe Manufacturers in North & Central India have increased their offers by around INR 100-200/MT in a day trade activities. Offers reported at INR 30,700-30,900/MT ex-Raipur & INR 33,500-33,600/MT ex-Mandi Gobindgarh.
-- Trade discounts in Raipur wire rod firm at around INR 1,200/MT through the traders & INR 700-800/MT by manufacturers along with steady base price at INR 31,600/MT. However in Durgapur trade reference prices up by INR 100-200/MT to INR 30,700-31,500/MT ex-plant.
Reference prices as on 6th November 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,100 | 22,000 | 22,200 | - 200 | 21,700 | 21,600 |
| Ex-Mumbai | HMS(80:20) | 21,500 | 21,300 | 21,600 | + 100 | 21,000 | 20,400 | |
| Ex-Chennai | HMS(80:20) | 19,900 | 19,700 | 20,100 | + 100 | 19,600 | 19,000 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 18,000 | 17,900 | 18,100 | 0 | 17,200 | 16,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | 0 | 16,000 | 16,100 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,400 | 17,300 | 17,500 | + 100 | 16,750 | 16,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | 0 | 16,300 | 16,300 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 17,000 | 16,900 | 17,100 | + 100 | 16,100 | 15,500 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | + 100 | 15,750 | 15,550 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | + 50 | 16,000 | 15,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | + 200 | 16,400 | 16,300 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,900 | 28,800 | 29,000 | 0 | 28,100 | 28,250 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,700 | 26,600 | 26,800 | - 100 | 26,000 | 26,000 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,700 | 25,600 | 25,800 | - 200 | 25,100 | 25,100 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,150 | 26,100 | 26,200 | 0 | 25,600 | 25,550 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 28,250 | 28,200 | 28,300 | + 50 | 27,850 | 27,200 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 29,100 | 29,000 | 29,200 | 0 | 28,300 | 28,400 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 27,000 | 26,900 | 27,100 | - 100 | 26,400 | 26,300 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 26,000 | 25,900 | 26,100 | - 200 | 25,400 | 25,500 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 26,550 | 26,500 | 26,600 | 0 | 26,050 | 26,000 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 28,700 | 28,600 | 28,800 | - 100 | 28,600 | 27,700 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 28,500 | 28,400 | 28,600 | + 150 | 28,100 | 27,400 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 27,400 | 27,300 | 27,500 | 0 | 27,200 | 27,300 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 27,500 | 27,400 | 27,600 | 0 | 26,500 | 26,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 33,300 | 33,100 | 33,500 | 0 | 32,300 | 31,700 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 31,200 | 31,000 | 31,400 | + 100 | 30,400 | 29,800 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,700 | 30,600 | 30,900 | - 100 | 30,300 | 30,700 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,100 | 30,000 | 30,200 | 0 | 29,800 | 30,100 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 32,000 | 31,800 | 32,100 | + 100 | 31,000 | 30,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,800 | 31,600 | 32,000 | 0 | 31,500 | 30,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 31,000 | 30,800 | 31,100 | - 200 | 30,900 | 31,400 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 31,100 | 31,000 | 31,200 | - 200 | 30,000 | 30,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,900 | 30,800 | 31,500 | + 100 | 29,800 | 29,600 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,900 | 30,500 | 31,600 | 0 | 30,400 | 30,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
