Daily Update: Indian Steel Market 9 Jan'20
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Indian Steel prices marginally fluctuated by INR 100-400/MT today on average demand in major markets.
Participants mentioned that, stockiest seem cautious before making advance bookings at current price range and are focusing primarily to clear pending logs.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 30,200-33,500/MT (USD 424-471) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,800-21,400/MT (USD 278-301); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 9th January 2020 (Thursday) INR to USD exchange rate stood at INR 71.23.
-- ICEX (Indian Commodity Exchange Ltd) Feb'20 contract for STEELLONG today open at INR 32,720/MT & last traded (IST 18:18 hrs) at INR 32,920/MT.
-- BSE Sensex closed at 41,452(+634) on Thursday, as against last day (Wednesday) at 40,817(-51).
-- NSE Nifty50 index was closed today at 12,215(+190) & Nifty Metal at 2,806(+39).
Key Trades
-- Karnataka based sponge & Pellet manufacturer- BMM Ispat has sold about 10,000 MT pellets in local market at around INR 7,300/MT (ex-plant).
-- Indian mid scale mills export offers to Nepal further increased to around USD 425/MT for Billet & USD 485-490/MT for Wire rod, ex-mill at Durgapur.
-- Neo Metaliks in Durgapur has kept steel grade pig iron prices firm & deals reported at around INR 28,500/MT ex-plant.
-- TATA Metaliks has raised basic (steel) grade pig iron prices by INR 1,700/MT (USD 24) & Foundry grade by INR 1,800/MT (USD 25) for Jan'20 deliveries.
-- Rashmi Metaliks in Durgapur has kept Sponge P-DRI prices firm at INR 19,800/MT, as per sources.
-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,500/MT & Billet at INR 30,200/MT ex-plant; an official reported.
-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI at INR 20,700/MT & Billet at INR 33,000/MT ex-plant.
-- BIOP Steels in South India has offering FeM 80 & 82 C-DRI lumps at INR 20,000/MT & INR 20,500/MT ex-plant, Karnataka; an official reported.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 19,300-19,500/MT ex-Bellary & around 3,000 MT deals reported in nearby market.
-- Trade discount in Raipur wire rod up at INR 1,200-1,400/MT, however base price firm at INR 35,700/MT ex-Raipur & INR 35,000-35,500/MT ex-Durgapur.
-- ERW Pipe Manufacturers have increased offers by INR 200-300/MT to INR 36,000/MT ex-Raipur, INR 37,800/MT ex-Mandi Gobindgarh & INR 36,000/MT ex-Rourkela.
Reference prices as on 9th January 2020
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 24,300 | 24,200 | 24,400 | - 100 | 24,000 | 21,900 |
| Ex-Mumbai | HMS(80:20) | 23,100 | 23,000 | 23,200 | 0 | 22,800 | 21,300 | |
| Ex-Chennai | HMS(80:20) | 23,800 | 23,600 | 24,000 | 0 | 23,100 | 21,400 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 20,700 | 20,600 | 20,800 | 0 | 20,200 | 17,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,300 | 20,200 | 20,400 | + 300 | 19,700 | 16,550 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,400 | 21,300 | 21,500 | 0 | 20,700 | 17,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | + 100 | 19,500 | 16,700 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 19,800 | 19,700 | 19,900 | 0 | 19,300 | 16,700 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | 0 | 19,800 | 16,600 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,400 | 19,300 | 19,500 | 0 | 19,300 | 16,700 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | 0 | 19,800 | 17,200 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,100 | 33,000 | 33,200 | 0 | 32,750 | 28,600 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 30,500 | 30,400 | 30,600 | + 200 | 29,950 | 26,500 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 29,750 | 29,700 | 29,800 | + 50 | 29,200 | 25,200 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 30,600 | 30,500 | 30,700 | 0 | 30,000 | 25,750 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 32,600 | 32,500 | 32,700 | + 100 | 32,000 | 27,600 | |
| Billet | Ex-Mandi Gobindgarh | 100x100 mm, IS 2831 | 33,500 | 33,400 | 33,600 | - 50 | 33,200 | 28,900 |
| Ex-Durgapur | 100x100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | + 200 | 30,200 | 26,750 | |
| Ex-Rourkela | 100x100 mm, IS 2831 | 30,200 | 30,100 | 30,300 | - 50 | 29,800 | 25,550 | |
| Ex-Raipur | 100x100 mm, IS 2831 | 31,000 | 30,900 | 31,100 | - 100 | 30,500 | 26,100 | |
| Ex-Ahmedabad | 100x100 mm, IS 2831 | 33,200 | 33,100 | 33,300 | - 200 | 33,000 | 28,650 | |
| Ex-Mumbai | 100x100 mm, IS 2831 | 32,900 | 32,800 | 33,000 | + 100 | 32,300 | 27,850 | |
| Ex-Chennai | 100x100 mm, IS 2831 | 32,500 | 32,300 | 32,500 | 0 | 32,300 | 28,700 | |
| Ex-Hyderabad | 100x100 mm, IS 2831 | 31,800 | 31,700 | 31,900 | + 300 | 31,000 | 27,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 36,800 | 36,700 | 37,000 | + 400 | 36,100 | 31,700 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 35,100 | 34,900 | 35,300 | 0 | 34,500 | 30,800 | |
| Ex-Rourkela | 12-25 MM, IS 1786- 500 Fe | 34,700 | 34,600 | 34,800 | 0 | 34,300 | 29,700 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 34,500 | 34,300 | 34,600 | 0 | 33,800 | 29,300 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 36,700 | 36,500 | 36,900 | 0 | 36,300 | 30,900 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 36,400 | 36,200 | 36,600 | + 100 | 35,500 | 31,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 36,000 | 35,800 | 36,200 | 0 | 35,700 | 32,100 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 35,300 | 35,200 | 35,400 | + 200 | 34,700 | 31,000 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 35,200 | 35,000 | 35,500 | 0 | 34,700 | 30,500 |
| Ex-Raipur | Wire Rod(5.5 MM) | 34,800 | 34,300 | 35,700 | - 100 | 34,700 | 29,700 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
