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Indian steel market update- 1 July'20

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1 Jul 2020, 18:35 IST

Indian rebar & billet prices fell further by INR 100-300/t d-o-d in major locations on account of limited spot trades. While sufficient orders among sponge producers, led to slight gain in sponge prices by INR 100/t in few locations.

Sources believe that rebar prices may remain under pressure due to seasonal slowdown along with rising stock with mills, which in turn may also put pressure on billet prices.

SteelMint's price assessment for induction furnaces billet in Indian market stood at INR 26,800-30,600/t ($354-405) EXW.

Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,400-17,000/t ($203-225); prices are EXW & excluding GST.

Rupee & BSE Sensex

-- On 1st July 2020 (Wednesday) INR to USD exchange rate stood at INR 75.54.

-- ICEX (Indian Commodity Exchange Ltd) Aug'20 contract for STEELLONG today open at INR 30,300/t & last traded (IST 17:43 hrs) at INR 30,110/t.

-- BSE Sensex closed at 35,414(+498) on Wednesday, as against last day (Tuesday) at 34,915(-45).

-- NSE Nifty50 index was closed today at 10,430(+127) & Nifty Metal at 1,997(+6).

Raw Material

-- KIOCL has floated e-tender for sale of pellets for export market for 55,000t during Jul'20. The tender will be held between 14:00 hrs on 01 Jul'20 and 14:00 hrs on 03 Jul'20 IST among empanelled customers.

Semi Finished

-- Neo Metaliks in Durgapur has kept steel grade pig iron prices firm at INR 24,300-500/t ex-plant & few deals reported in local market.

-- Raipur based sponge iron producers have kept P-DRI offers unchanged at INR 16,000-16,200/t ex-plant, while deals learned from outside suppliers at INR 16,000/t FoR Raipur.

-- SAIL pig iron auction from Bokaro Steel Plant (BSL) for 5,700t (equivalent to 2 rakes) has received bids at INR 22,500-22,550/t EXW.

-- Visa steels concluded deals of around 300t steel grade pig iron at INR 22,600-22,700/t EXW for Hyderabad.

-- Raigarh based BS Sponge offered P-DRI at INR 15,600/t & Billet at INR 27,000/t EXW.

-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,000/t & Billet at INR 26,700/t EXW.

-- BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 15,400/t & INR 15,700/t ex-plant, Karnataka.

-- BMM Ispat, a renowned sponge manufacturer increased offers by INR 200/t for FeM 80 P-DRI lumps to INR 15,300/t ex-Bellary; an official reported.

Rebar (12 mm)

-- Vizag Steel has invited sale notice for export of 10,000t MS structural and 10,000t MS rounds in ocean market for mid-Aug delivery. The bids will be valid till 15 Jul'20.

-- Rathi Stelmax TMT offers stable at INR 34,500/t EXW Delhi/NCR.

-- Swarup TMT offering at INR 33,200/t EXW Muzaffarnagar.

-- GK TMT unchanged their offers at INR 33,300/t EXW Raipur.

-- Scan Group (Shrishti TMT) is offering at INR 31,200/t EXW Raigarh.

-- BS Sponge (BS TMX TMT) is offering at INR 30,500/t EXW Raigarh.

-- Bajrangbali Steel Industries Pvt Ltd is offering rebar at INR 30,900-31,000/t EXW Rourkela.

-- Odisha based Shubhlabh TMT offers reported at INR 31,300/MT EXW.

-- Polaad TMT offers unchanged at INR 32,500/t EXW Jalna.

-- Mono TMT is offering at INR 33,600/t FoR Ahmedabad (Down by INR 200/t).

-- ARS 550 D TMT offering at INR 41,000/t, EXW Chennai.

-- Trade discount given by Raipur based heavy structure manufacturers is at INR 600-800/t and trade price of 200 Angle is at INR 34,000-34,400/t EXW.

Wire Rod & Pipe

-- Trade discount in Raipur through the traders hovering at INR 1,200/t for wire rod & around INR 400-500/t for hb wire. Base price of wire rod stood at INR 31,100/t ex-Raipur & INR 31,000-31,500/t ex-Durgapur.

-- ERW Pipe manufacturers have decreased offers by INR 100/t to INR 33,700/t ex-Raipur, INR 37,100/t ex-Mandi Gobindgarh & INR 33,800/t ex-Rourkela.

Reference prices as on 1st Jul'20

	Particular/Delivery	Size, Grade, Origin	Prices	Min	Max	Change	1W	1M
Scrap	Ex-Alang	HMS(80:20)	20,800	20,700	20,900	0	21,300	NA
	Ex-Mumbai	HMS(80:20)	20,000	19,900	20,200	0	19,500	21,200
	Ex-Chennai	HMS(80:20)	21,300	21,100	21,400	+ 100	21,300	21,200
C-DRI	Ex-Durgapur	Mix, FeM 78%, +/-1	16,600	16,500	16,700	0	16,750	16,850
	Ex-Rourkela	Mix, FeM 80%, +/-1	15,900	15,800	16,000	0	15,700	16,400
	Ex-Raipur	Mix, FeM 80%, +/-1	17,000	16,900	17,100	0	16,400	17,000
	Ex-Bellary	Lumps, FeM 80%, +/-1	15,400	15,300	15,500	0	15,400	15,900
P-DRI	Ex-Durgapur	Lumps, FeM 78%, +/-1	15,600	15,500	15,700	0	15,750	15,850
	Ex-Raipur	Lumps, FeM 80%, +/-1	16,000	15,900	16,100	0	15,500	16,100
	Ex-Bellary	Lumps, FeM 80%, +/-1	15,200	15,100	15,300	+ 100	15,200	15,750
	Ex-Hyderabad	Lumps, FeM 80%, +/-1	15,600	15,500	15,700	0	15,700	16,700
Ingot	Ex-Mandi Gobindgarh	3.5 x 4.5 Inch, IS 2830	30,500	30,400	30,600	- 250	30,400	31,150
	Ex-Durgapur	3.5 x 4.5 Inch, IS 2830	27,150	27,100	27,200	0	27,000	27,800
	Ex-Rourkela	3.5 x 4.5 Inch, IS 2830	26,600	26,500	26,700	- 100	26,500	27,900
	Ex-Raipur	3.5 x 4.5 Inch, IS 2830	27,250	27,200	27,300	- 100	27,300	28,400
	Ex-Mumbai	3.5 x 4.5 Inch, IS 2830	27,100	27,000	27,200	- 100	27,200	28,800
Billet	Ex-Mandi Gobindgarh	100x100mm, IS 2831	30,550	30,500	30,600	- 350	30,550	31,300
	Ex-Durgapur	100x100mm, IS 2831	27,450	27,400	27,500	+ 50	27,450	28,300
	Ex-Rourkela	100x100mm, IS 2831	26,850	26,800	26,900	- 50	26,850	28,500
	Ex-Raipur	100x100mm, IS 2831	27,400	27,300	27,500	- 50	27,550	28,900
	Ex-Ahmedabad	100x100mm, IS 2831	28,400	28,200	28,400	- 100	28,600	29,200
	Ex-Mumbai	100x100mm, IS 2831	27,400	27,300	27,500	0	27,500	29,300
	Ex-Chennai	100x100mm, IS 2831	29,200	29,200	29,400	- 300	29,500	30,200
	Ex-Hyderabad	100x100mm, IS 2831	28,500	28,400	28,600	0	27,700	29,500
TMT	Ex-Delhi/NCR	12-25mm, Induction Grade, IS 1786- 500 Fe	34,200	34,000	34,300	- 300	34,500	37,100
	Ex-Durgapur	12-25mm, Induction Grade, IS 1786- 500 Fe	31,400	31,200	31,600	- 200	31,800	33,800
	Ex-Rourkela	12-25mm, Induction Grade, IS 1786- 500 Fe	30,900	30,800	31,000	- 200	31,300	34,700
	Ex-Raipur	12-25mm, Induction Grade, IS 1786- 500 Fe	30,900	30,800	31,000	0	31,100	34,800
	Ex-Jalna	12-25mm, Induction Grade, IS 1786- 500 Fe	32,200	31,900	32,300	0	32,500	36,000
	Ex-Mumbai	12-25mm, Induction Grade, IS 1786- 500 Fe	31,600	31,300	31,700	0	31,600	34,100
	Ex-Chennai	12-25mm, Induction Grade, IS 1786- 500 Fe	35,300	35,300	35,600	- 100	35,700	36,100
	Ex-Hyderabad	12-25mm, Induction Grade, IS 1786- 500 Fe	32,800	32,700	33,000	+ 100	32,400	34,500
Wire Rod	Ex-Durgapur	5.5 mm, Wire Rod, Induction grade	31,200	31,000	31,500	- 200	31,300	33,000
Wire Rod	Ex-Raipur	5.5 mm, Wire Rod, Induction grade	30,500	30,000	31,100	- 500	30,500	33,000