BigMint is a Market Intelligence and Price Reporting firm that caters to the data and analytics requirements of businesses in the commodities sector. It publishes real time prices and information, which is impartial, independent and reliable, sourced from all industry interfaces – sellers, buyers, agents and traders. This data is filtered and passed through very stringent, calculative assessments before final prices are derived, thereby giving our clients accurate pricing.

Go to List

Indian Steel Market Update- 11 May'20

...

Semi Finished

BigMint Bureau

892 Reads

11 May 2020, 18:44 IST

Indian steel prices drop significantly due to limited spot trades and as per daily assessment it fell by INR 100-800 (upto USD 11)/MT in major markets.

However in Gujarat the Rebar manufacturers have raised offers by around INR 600/MT due to shortage in sizes on lack of labors and active demand from the rural areas.

SteelMint's price assessment for induction furnaces billet in Indian market stood at INR 25,700-29,400/MT (USD 338-387) EXW.

Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,100-16,700/MT (USD 198-220); prices are EXW & excluding GST.

Rupee & BSE Sensex

-- On 11th May 2020 (Monday) INR to USD exchange rate stood at INR 75.88.

-- ICEX (Indian Commodity Exchange Ltd) May'20 contract for STEELLONG today open at INR 29,200/MT & last traded (IST 18:09 hrs) at INR 29,210/MT.

-- BSE Sensex closed at 31,561(-81) on Monday, as against last day (Friday) at 31,642(+199).

-- NSE Nifty50 index was closed today at 9,239(-12) & Nifty Metal at 1,697(+21).

Raw Material

-- BMM Ispat located in Bellary, Karnataka sold around 10,000 MT pellets in nearby market at INR 6,200/MT EXW in last two days.

Semi Finished

-- Rashmi Metaliks has reduced sponge P-DRI price by INR 100-200/MT to INR 15,700/MT FoR Durgapur, as per sources.

-- Sponge manufacturers in Raipur have reduced P-DRI offers by INR 200/MT to INR 15,400-600/MT ex-plant, however no major deals due to competitive offers from Raigarh & Odisha at INR 15,400/MT FoR Raipur.

-- Raipur based manufacturers sold around 1,000 MT Billet at INR 27,700-800/MT FoR Jalna.

-- Billet deals reported at INR 26,300-26,400/MT FoR Raipur from Raigarh based manufacturers.

-- Durgapur based Neo Metaliks has maintained steel grade pig iron price firm at INR 23,500/MT ex-plant, due to limited availability of material, as per officials.

-- Bhaskar Steel and Ferro Alloy Ltd is offering Billet at INR 26,200/MT ex-plant.

-- Electrosteels has reported deals of steel grade pig iron at INR 22,800-23,000/MT ex-plant, Bokaro.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,200-16,300/MT ex-Bellary & around 5,000 MT deals reported in nearby region.

Rebar (12 mm)

-- Bajrangbali Steel Industries Pvt Ltd in Odisha is offering at INR 32,200/MT EXW.

-- Raipur, Real Ispat (GK TMT) is offering at INR 35,000/MT EXW (down by INR 300/MT).

-- Mumbai, Guardian Castings Pvt. Ltd (Guardian TMT) has unchanged their offer at INR 34,300/MT EXW.

-- Jalna, Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) is offering at INR 37,000/MT EXW.

-- Gujarat Mono Steel India Ltd. (Mono TMT) is offering at INR 34,200/ MT FoR.

-- Gujarat Vinayak TMT Bars Pvt. Ltd. offers at INR 34,500/MT FoR.

-- Chennai based ARS Steel (ARS 550 D) is offering at INR 39,000/MT EXW.

-- J.R. Metal Chennai Ltd. (JR TMT) is offering at INR 36,500/MT EXW.

Wire Rod & Pipe

-- Jharkhand (Bokaro) based a primary mill reduces price and reported Wire rod (5.5mm, SAE 1008) at INR 34,000-35,000/MT & Rebar (12mm, Fe 500D) at around INR 35,000-35,500/MT ex-plant.

-- Trade discounts in Raipur wire rod assessed at INR 600-800/MT and trade reference price drop by INR 400/MT to INR 29,400-600/MT ex-Raipur & by INR 200/MT to INR 30,600-800/MT ex-Durgapur.

-- ERW Pipe Manufacturers have decreased offers by INR 100-200/MT to INR 33,000/MT ex-Raipur, INR 35,800-35,900/MT ex-Mandi Gobindgarh & INR 33,400-33,500/MT ex-Rourkela.