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Daily Update: Indian Steel Market 6 Sep'19

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BigMint Bureau
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6 Sep 2019, 19:01 IST
Daily Update: Indian Steel Market 6 Sep'19

Indian steel prices rally following improved spot trades and the prices gain by INR 100-400/MT as per SteelMint's daily price assessment.

The Semis manufacturers in central & eastern India have reported strong deals in last couple of days, hence they are not under selling pressure presently.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 26,600-29,900/MT (USD 371-417) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,500-18,300/MT (USD 230-255); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 6th September 2019 (Friday) INR to USD exchange rate stood at INR 71.65.

-- ICEX (Indian Commodity Exchange Ltd) Oct'19 contract for STEELLONG today open at INR 28,840/MT & last traded (IST 18:26 hrs) at INR 28,780/MT.

-- BSE Sensex closed at 36,981(+337) on Friday, as against last day (Thursday) at 36,644(-80).

-- NSE Nifty50 index was closed today at 10,946(+98) & Nifty Metal at 2,357(+44).

Key Trades

-- Participants reported none selling pressure with the mills in central & eastern region amidst healthy bookings on rising prices.

-- Southern India based price trend setter in sponge market - BMM Ispat has raised Sponge P-DRI prices by INR 100-200/MT to INR 16,500-16,600/MT (ex-plant) on account of improved demand.

-- Trade discounts in Raipur wire rod drop further by INR 300-400/MT and assessed by INR 800/MT through the mills & INR 1,000-1,200/MT by resellers. Trade reference prices of 5.5 mm wire rod stood at INR 30,600-31,000/MT ex-Raipur & INR 30,800-31,300/MT ex-Durgapur.

-- Mid sized mills export offers to Nepal surged and reported at around USD 420-425/MT for Wire rod(5.5mm) & USD 370-375/MT for Billet(100*100mm), ex-mill at Durgapur, eastern India.

-- As per market sources report, India's large mill export tender to Nepal received highest bid for Billet at around USD 345-350/MT & for Wire rod at near to USD 420-425/MT ex-mill. However tender under negotiation mode, as stated by participants.

Reference prices as on 6th 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 21,300 21,200
Ex-Mumbai HMS(80:20) 21,400 21,300 21,600 0 21,700 20,600
Ex-Chennai HMS(80:20) 20,300 20,200 20,500 0 20,400 20,300
C-DRI Ex-Durgapur Mix, FeM 78%, +/-1 18,300 18,200 18,400 200 17,800 15,600
Ex-Rourkela Mix, FeM 80%, +/-1 16,600 16,500 16,700 100 16,300 15,700
Ex-Raipur Mix, FeM 80%, +/-1 17,300 17,200 17,400 100 17,200 16,400
Ex-Bellary Lumps, FeM 80%, +/-1 16,700 16,600 16,800 100 16,800 16,300
P-DRI Ex-Durgapur Lumps, FeM 78%, +/-1 17,300 17,200 17,400 200 16,800 14,700
Ex-Raipur Lumps, FeM 80%, +/-1 16,100 16,000 16,200 150 15,900 15,450
Ex-Bellary Lumps, FeM 80%, +/-1 16,500 16,400 16,600 100 16,400 15,700
Ex-Hyderabad Lumps, FeM 80%, +/-1 16,900 16,800 17,000 100 16,800 16,200
Ingot Ex-Mandi Gobindgarh 3.5 x 4.5 Inch, IS 2830 29,700 29,600 29,800 100 29,400 27,700
Ex-Durgapur 3.5 x 4.5 Inch, IS 2830 27,100 27,000 27,200 400 26,400 25,050
Ex-Rourkela 3.5 x 4.5 Inch, IS 2830 26,150 26,100 26,200 150 25,850 24,400
Ex-Raipur 3.5 x 4.5 Inch, IS 2830 26,600 26,500 26,700 100 26,400 25,050
Ex-Mumbai 3.5 x 4.5 Inch, IS 2830 27,450 27,400 27,500 100 27,700 26,800
Billet Ex-Mandi Gobindgarh 100x100 mm, IS 2831 29,850 29,800 29,900 150 29,500 27,800
Ex-Durgapur 100x100 mm, IS 2831 27,400 27,300 27,500 300 26,800 25,500
Ex-Rourkela 100x100 mm, IS 2831 26,600 26,500 26,700 200 26,250 24,700
Ex-Raipur 100x100 mm, IS 2831 27,100 27,000 27,200 100 26,900 25,450
Ex-Ahmedabad 100x100 mm, IS 2831 28,150 28,000 28,200 350 27,800 27,600
Ex-Mumbai 100x100 mm, IS 2831 27,650 27,600 27,700 100 27,950 27,200
Ex-Chennai 100x100 mm, IS 2831 27,800 27,700 27,900 -200 28,200 28,400
Ex-Hyderabad 100x100 mm, IS 2831 26,500 26,500 26,800 -200 27,000 26,500
TMT Ex-Delhi/NCR 12-25 MM, IS 1786- 500 Fe 32,900 32,700 33,100 200 33,200 32,500
Ex-Durgapur 12-25 MM, IS 1786- 500 Fe 31,500 31,300 31,700 200 31,100 29,000
Ex-Rourkela 12-25 MM, IS 1786- 500 Fe 30,700 30,600 30,800 300 30,300 29,200
Ex-Raipur 12-25 MM, IS 1786- 500 Fe 30,400 30,300 30,600 0 30,200 28,500
Ex-Jalna 12-25 MM, IS 1786- 500 Fe 31,500 31,300 31,700 0 31,800 30,200
Ex-Mumbai 12-25 MM, IS 1786- 500 Fe 30,600 30,400 30,800 100 31,100 29,800
Ex-Chennai 12-25 MM, IS 1786- 500 Fe 31,900 31,800 32,200 -100 32,200 33,000
Ex-Hyderabad 12-25 MM, IS 1786- 500 Fe 30,600 30,500 30,900 -200 31,000 30,500
Wire Rod Ex-Durgapur Wire Rod(5.5 MM) 31,000 30,800 31,300 200 30,600 29,400
Ex-Raipur Wire Rod(5.5 MM) 30,900 30,600 31,800 100 30,100 29,000

Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research

6 Sep 2019, 19:01 IST

 

 

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