Daily Update: Indian Steel Market 9 Sep'19
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Indian steel prices surge further on account of improved spot trades, as per trade sources in central & eastern regions. The prices moved up by INR 100-500/MT on day trade activities.
The Billet prices majorly increased in central, east & southern regions by INR 400-500/MT. In line rebar & sponge iron gain by INR 100-300/MT, day on day.
As per sources in eastern region - Odisha, there is shortage of billet in spot market as about 2-3 major merchant suppliers hold sales since couple of weeks due to expansion plans and advance bookings in hand amid curtailed productions by 50%.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 27,000-30,500/MT (USD 377-425) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,900-18,700/MT (USD 235-260); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 9th September 2019 (Monday) INR to USD exchange rate stood at INR 71.66.
-- ICEX (Indian Commodity Exchange Ltd) Oct'19 contract for STEELLONG today open at INR 28,990/MT & last traded (IST 18:26 hrs) at INR 29,040/MT.
-- BSE Sensex closed at 37,145(+163) on Monday, as against last day (Friday) at 36,981(+337).
-- NSE Nifty50 index was closed today at 11,003(+56) & Nifty Metal at 2,360(+2).
Key Trades
-- Participants reported, quite good response on increased price range and healthy deals concluded specially in Raipur, Durgapur & Odisha for sponge iron, billet & rebars.
-- Eastern India based price trend setter in sponge market - Rashmi Metaliks has raised Sponge P-DRI prices by INR 200-300/MT to INR 17,600-17,700/MT, as per sources report.
-- BMM Ispat in Bellary, southern India, has closed sales for sponge P-DRI after deals of more than 3,000 MT at INR 16,600-16,700/MT ex-plant.
-- As per officials in Raipur based major sponge producers, more than 10,000 MT Sponge P-DRI sold at price range of INR 16,200-16,400/MT ex-plant.
-- Trade discounts in Raipur wire rod unchanged at INR 800-1,000/MT as base prices surged by INR 500/MT to INR 32,500/MT ex-plant. Similarly trade reference prices of 5.5 mm wire rod hike in Durgapur by INR 600/MT to INR 31,500-32,000/MT ex-plant.
-- Mid sized mills export offers to Nepal surged and reported at around USD 440-445/MT for Wire rod(5.5mm) & USD 385/MT for Billet(100*100mm), ex-mill at Durgapur, eastern India.
-- Rathi Steels based in North region is current offering 12mm rebar at around INR 34,300/MT(Up by INR 200/MT).
-- Raigarh based Scan Group branding (Shrishti TMT) is offering 12mm rebar at INR 31,700/MT ex-plant (Up by INR 400/MT).
-- Jalna based Polaad TMT & Rajuri TMT have kept 12mm rebar offers firm at around INR 31,700-31,800/MT ex-plant.
-- Gujarat based Diamond TMT is current offering 12mm rebar at INR 32,100/MT (Down by INR 100/MT).
