Daily Update: Indian Steel Market 8 Nov'19
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Indian steel prices marginally changed by INR 100/MT today on average domestic trade activities.
Further, the Central India based trade participants reported that offers remained at firm level & regular bookings are active.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 25,900-29,300/MT (USD 363-411) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,400-18,000/MT (USD 230-252); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 8th November 2019 (Friday) INR to USD exchange rate stood at INR 71.30.
-- ICEX (Indian Commodity Exchange Ltd) Dec'19 contract for STEELLONG today open at INR 28,360/MT & last traded (IST 18:18 hrs) at INR 28,400/MT.
-- BSE Sensex closed at 40,323(-330) on Friday, as against last day (Thursday) at 40,653(+183).
-- NSE Nifty50 index was closed today at 11,908(-103) & Nifty Metal at 2,612(-46).
Raw Materials
-- Imported scrap offers to India for HMS (80:20) Europe origin containers stood at USD 260-265/MT, CFR Nhava Sheva.
-- Silicon Manganese (60-14) prices stable in Raipur & few deals learned at INR 56,000-56,500/MT ex-plant.
-- As per sources, Central India (Raigarh) based sponge manufacturer has booked about 10,000 MT pellets from local market at INR 5,400/MT ex-plant.
Semi Finished
-- Mid sized mills export offers to Nepal remained firm & hovering at USD 395-400/MT for Billet & USD 450/MT for Wire rod, CPT Raxaul border.
-- Mescosteels in Jajpur, Odisha has slightly lowered pig iron prices & reported steel grade at INR 23,000/MT ex-plant.
-- SAIL has schedule a auction to sale of about 4,100 MT basic grade Pig iron on 11rd Nov'19 from its Rourkela Steel Plant (RSP).
-- Rashmi Metaliks in Durgapur has offered Sponge P-DRI at INR 16,900-17,000/MT, as per sources. The prices more or less firm against last day.
-- Raipur based Sponge P-DRI producers have raised P-DRI offers by INR 100/MT to INR 16,500/MT ex-plant. However there was no major inquiries as stated by participants due to low cost Raigarh P-DRI at INR 16,500/MT on FoR basis.
-- Central India, Raigarh based mill owners reported, 12 hours power cut continues by Jindal for Punjipatra region.
-- BIOP Steels in South India has offered sponge C-DRI FeM 80 & 82 C-DRI lumps at INR 16,700/MT & INR 17,100/MT ex-plant, Karnataka; an official reported. And added a deal of around 600 MT sponge C-DRI for Hyderabad.
-- Sources reported Chandrapur (Maharashtra) based manufacturers offered Sponge P-DRI (FeM 80) at around INR 16,500/MT, ex-plant & excluding GST.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,400-16,500/MT ex-Bellary, an official reported. And added a deal of around 800 MT P-DRI concluded for Hyderabad.
Rebar (12 mm)
-- Rathi Steels based in North region is current offering at INR 34,000/MT.
-- Raipur based Real Ispat (GK TMT) has unchanged their offers at INR 32,800/MT.
-- Raigarh based Scan Group branding(Shrishti TMT) has unchanged their offer at INR 30,800/MT.
-- Jalna based Rajuri Steel Pvt. Ltd.(Rajuri TMT) has unchanged their offers at INR 32,100/MT.
-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is current offering at INR 32,200/MT.
-- Gujarat based, Mono Steel (India) Ltd.(Mono TMT) has unchanged their offers at INR 32,400/MT FoR.
Wire Rod
-- Trade discounts in Raipur wire rod unchanged at INR 1,300-1,400/MT through the traders & INR 800-900/MT by manufacturers. Also base prices steady at INR 31,600/MT ex-Raipur. However in Durgapur trade reference wire rod prices up by INR 100/MT to INR 30,800-31,500/MT ex-plant.
Reference prices as on 8th 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 | 0 | 22,100 | 21,700 |
| Ex-Mumbai | HMS(80:20) | 21,700 | 21,600 | 21,800 | 0 | 21,300 | 20,300 | |
| Ex-Chennai | HMS(80:20) | 20,000 | 19,800 | 20,200 | 0 | 19,700 | 19,000 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 17,950 | 17,900 | 18,000 | 0 | 17,500 | 16,800 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 16,450 | 16,400 | 16,500 | - 50 | 16,300 | 16,150 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 17,400 | 17,300 | 17,500 | 0 | 17,000 | 16,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,700 | 16,600 | 16,800 | 0 | 16,450 | 16,200 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 16,900 | 16,800 | 17,000 | 0 | 16,500 | 15,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 16,500 | 16,400 | 16,600 | + 100 | 16,000 | 15,700 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | 0 | 16,200 | 15,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,800 | 16,700 | 16,900 | 0 | 16,500 | 16,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 28,900 | 28,800 | 29,000 | - 50 | 28,700 | 28,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 26,650 | 26,600 | 26,700 | - 50 | 26,350 | 26,100 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 25,600 | 25,500 | 25,700 | 0 | 25,350 | 25,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 26,100 | 26,000 | 26,200 | - 50 | 26,000 | 25,700 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 28,100 | 28,000 | 28,200 | - 100 | 28,250 | 27,200 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 29,300 | 29,200 | 29,400 | 0 | 28,900 | 28,600 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 26,950 | 26,900 | 27,000 | - 100 | 26,650 | 26,400 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 25,900 | 25,800 | 26,000 | + 50 | 25,700 | 25,650 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 26,450 | 26,400 | 26,500 | - 50 | 26,500 | 26,200 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 28,450 | 28,400 | 28,500 | - 150 | 28,700 | 27,900 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 28,300 | 28,200 | 28,400 | - 100 | 28,500 | 27,400 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 27,600 | 27,500 | 27,700 | + 300 | 27,150 | 27,250 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 27,500 | 27,400 | 27,600 | 0 | 27,000 | 26,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 33,200 | 33,000 | 33,400 | 0 | 32,700 | 31,800 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 31,100 | 30,900 | 31,300 | 0 | 30,600 | 29,900 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 30,400 | 30,300 | 30,500 | - 100 | 30,500 | 30,800 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 30,000 | 29,900 | 30,100 | - 100 | 29,900 | 29,900 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 31,900 | 31,700 | 32,000 | 0 | 31,300 | 30,600 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 31,800 | 31,600 | 32,000 | 0 | 31,800 | 30,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 31,100 | 31,000 | 31,300 | + 100 | 30,800 | 31,400 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 31,000 | 30,800 | 31,100 | 0 | 30,500 | 29,900 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 30,900 | 30,800 | 31,500 | + 100 | 30,300 | 29,800 |
| Ex-Raipur | Wire Rod(5.5 MM) | 30,800 | 30,200 | 31,600 | 0 | 30,800 | 30,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
