Daily Update: Indian Steel Market 7 Nov'19
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Indian Steel prices slightly change by INR 100-200/MT today on average demand in major markets.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 25,800-29,300/MT (USD 363-413) 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 7th November 2019 (Thursday) INR to USD exchange rate stood at INR 70.93.
-- ICEX (Indian Commodity Exchange Ltd) Dec'19 contract for STEELLONG today open at INR 28,480/MT & last traded (IST 18:04 hrs) at INR 28,460/MT.
-- BSE Sensex closed at 40,653(+183) on Thursday, as against last day (Wednesday) at 40,469(+221).
-- NSE Nifty50 index was closed today at 12,016(+50) & Nifty Metal at 2,662(+28).
Key Trades
-- Mid sized mills export offers to Nepal is hovering at USD 395-400/MT for Billet & USD 450/MT for Wire rod, CPT Raxaul border.
-- Vizag steel has recently concluded 30,000 MT bloom export tender for size 150*150 mm at around USD 370-375/MT, FoB India-sources.
-- Private producers in eastern India have maintained pig iron prices firm and reported steel grade at INR 23,200/MT ex-Jajpur, Odisha by Mesco Steels & INR 24,200/MT ex-Durgapur by Neo Metaliks.
-- As per market sources, Electrosteels Ltd based in Bokaro, Jharkhand has raised Finished steel prices by INR 1,000/MT (USD 15) for Nov'19 deliveries.
-- Rashmi Metaliks in Durgapur has kept Sponge P-DRI prices firm at INR 17,000/MT, as per sources.
-- Raipur based Sponge P-DRI producers have rolled-over offers amid average deals at around INR 16,400/MT ex-plant.
-- Odisha based sponge manufacturer sold FeM 80 C-DRI lumps to Jalna (Maharashtra) at INR 19,000/MT FoR Jalna.
-- BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,800/MT & INR 17,200/MT ex-plant, Karnataka
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,400-16,500/MT ex-Bellary, an official reported.
-- ERW Pipe Manufacturers have kept their offers at firm level, however trades remain limited in a day trade activities. Offers reported at INR 30,700-30,800/MT ex-Raipur, INR 33,500-33,600/MT ex-Mandi Gobindgarh & INR 30,600-30,800/MT ex-Rourkela.
-- Trade discounts in Raipur wire rod up by INR 100-200/MT to around INR 1,300-1,400/MT through the traders & INR 800-900/MT by manufacturers. However base prices steady at INR 31,600/MT ex-plant. Also in Durgapur trade reference prices drop by INR 100/MT to INR 30,700-31,500/MT ex-plant.
Reference prices as on 7th November 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 22,200 | 22,100 | 22,300 | + 100 | 21,800 | 21,500 |
| Ex-Mumbai | HMS(80:20) | 21,700 | 21,600 | 21,800 | + 200 | 21,200 | 20,300 | |
| Ex-Chennai | HMS(80:20) | 20,000 | 19,800 | 20,200 | + 100 | 19,600 | 19,000 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,950 | 17,900 | 18,000 | - 50 | 17,300 | 16,500 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | 0 | 16,100 | 16,000 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,400 | 17,300 | 17,500 | 0 | 16,700 | 16,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | 0 | 16,300 | 16,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,900 | 16,800 | 17,000 | - 100 | 16,200 | 15,300 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | 0 | 15,750 | 15,450 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | - 100 | 16,000 | 15,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | 0 | 16,400 | 16,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,950 | 28,900 | 29,000 | + 50 | 28,650 | 28,100 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,700 | 26,600 | 26,800 | 0 | 26,200 | 25,750 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,600 | 25,500 | 25,700 | - 100 | 25,350 | 25,150 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,150 | 26,100 | 26,200 | 0 | 25,800 | 25,500 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 28,200 | 28,100 | 28,200 | - 50 | 28,100 | 27,000 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 29,300 | 29,200 | 29,400 | + 200 | 28,900 | 28,200 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 27,050 | 27,000 | 27,100 | + 50 | 26,500 | 26,000 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 25,850 | 25,800 | 25,900 | - 150 | 25,700 | 25,450 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 26,500 | 26,400 | 26,600 | - 50 | 26,300 | 25,850 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 28,600 | 28,500 | 28,700 | - 100 | 28,650 | 27,650 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 28,400 | 28,300 | 28,500 | - 100 | 28,350 | 27,300 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 27,300 | 27,200 | 27,400 | - 100 | 27,200 | 27,200 | |
| 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 | 33,200 | 33,000 | 33,400 | - 100 | 32,300 | 31,700 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 31,100 | 30,900 | 31,300 | - 100 | 30,400 | 29,600 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,500 | 30,400 | 30,600 | - 200 | 30,400 | 30,700 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,100 | 30,000 | 30,200 | 0 | 29,800 | 29,700 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 31,900 | 31,700 | 32,000 | - 100 | 31,200 | 30,400 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,800 | 31,600 | 32,000 | 0 | 31,700 | 30,300 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 31,000 | 30,800 | 31,100 | 0 | 30,900 | 31,400 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 31,000 | 30,800 | 31,100 | - 100 | 30,000 | 29,900 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,800 | 30,700 | 31,500 | - 100 | 29,900 | 29,500 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,800 | 30,300 | 31,600 | - 100 | 30,500 | 29,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
