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Indian Steel Market Update- 19 May'20

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Semi Finished

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19 May 2020, 18:12 IST

Indian sponge iron, billet & rebar prices fluctuated by INR 100-300/MT D-o-D in major locations. However inquiries were better today than yesterday, as stated by market participants.

Also it is learned that, supply tightness of rebar in central & eastern India continues. However, sponge iron manufacturers remained under selling pressure due to low demand as consumption is limited with majority of furnaces still remaining on shutdown in India.

SteelMint's price assessment for induction furnaces billet in Indian market stood at INR 26,500-30,800/MT (USD 350-407) EXW.

Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,500-16,600/MT (USD 204-219); prices are EXW & excluding GST.

Rupee & BSE Sensex

-- On 19th May 2020 (Tuesday) INR to USD exchange rate stood at INR 75.67.

-- ICEX (Indian Commodity Exchange Ltd) May'20 contract for STEELLONG today open at INR 30,430/MT & last traded (IST 18:12 hrs) at INR 30,450/MT.

-- BSE Sensex closed at 30,196(+167) on Tuesday, as against last day (Monday) at 30,028(-1,068).

-- NSE Nifty50 index was closed today at 8,879(+55) & Nifty Metal at 1,693(+20).

Raw Material

-- Serajuddin- Odisha's major merchant iron ore mine has decreased iron ore lump offers by INR 500/MT (USD 7) effective from today (19 May'20).

-- BMM Ispat located in Bellary, Karnataka sold around 10,000 MT pellets in nearby market at INR 6,100-6,200/MT EXW in last two days.

Semi Finished

-- Durgapur based Neo Metaliks has raised steel grade pig iron offers at INR 23,600-700/MT EXW.

-- Electrosteels from Bokaro has offered steel grade pig iron at INR 23,300-23,500/MT EXW.

-- Sponge manufacturers in Raipur maintained P-DRI offers firm at INR 15,300-400/MT EXW. However few deals by participants reported at INR 15,100-200/MT EXW & FoR basis from Raigarh.

-- Billet deals reported at INR 27,000-27,100/MT FoR Raipur from Raigarh based manufacturers.

-- As per Mumbai based market sources, couple of transaction observed in Ingot and Billet at INR 28,200/MT & INR 28,500/MT respectively.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,300-16,400/MT ex-Bellary & around 2,000 MT deals reported in nearby region.

Rebar (12 mm)

-- Real Ispat (GK TMT) has unchanged their offer at INR 36,000/MT EXW (Raipur).

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

-- Sarvottam Rollig Mills (Paras TMT) has increased the offer at INR 34500/MT EXW (Muzaffarnagar)

-- Rajuri Steel Pvt. Ltd. (Rajuri TMT) is offering at INR 36,000/MT EXW (Jalna).

-- Vinayak TMT Bars Pvt. Ltd is offering at INR 35,900/MT FoR (Gujarat).

-- Chennai based ARS Steel (ARS 550 D) is offering at INR 39,500/MT EXW.

-- Central region, Raipur based heavy structure manufacturers have maintained trade discount by INR 500-900/MT and trade reference prices at INR 34,200-34,500/MT (200 Angle) EXW.

Wire Rod & Pipe

-- Trade discounts in Raipur wire rod hovering at INR 800-1,000/MT through the traders & trade reference price drop by INR 300/MT to INR 30,300-30,800/MT ex-Raipur. However in Durgapur prices up by INR 100/MT to INR 31,300-500/MT EXW.

-- ERW Pipe Manufacturers have kept offers at firm level to INR 34,300-34,500/MT ex-Raipur, INR 36,800/MT ex-Mandi Gobindgarh & INR 34,400/MT ex-Rourkela.

Reference prices as on 19th May'20

	Particular/Delivery	Size, Grade, Origin	Prices	Min	Max	Change	1W	1M
Scrap	Ex-Alang	HMS(80:20)	22,600	22,500	22,700	- 300	21,500	22,600
Scrap	Ex-Chennai	HMS(80:20)	21,200	21,000	21,300	+ 100	21,000	21,800
C-DRI	Ex-Durgapur	Mix, FeM 78%, +/-1	16,600	16,500	16,700	- 200	16,500	17,450
	Ex-Rourkela	Mix, FeM 80%, +/-1	15,500	15,400	15,600	- 100	15,050	16,600
	Ex-Raipur	Mix, FeM 80%, +/-1	16,100	16,000	16,200	- 100	16,000	17,700
	Ex-Bellary	Lumps, FeM 80%, +/-1	16,200	16,100	16,300	0	16,100	16,500
P-DRI	Ex-Durgapur	Lumps, FeM 78%, +/-1	15,600	15,500	15,700	- 200	15,450	16,550
	Ex-Raipur	Lumps, FeM 80%, +/-1	15,200	15,100	15,300	- 100	15,000	16,900
	Ex-Bellary	Lumps, FeM 80%, +/-1	16,300	16,200	16,400	- 100	16,200	16,100
	Ex-Hyderabad	Lumps, FeM 80%, +/-1	16,800	16,700	16,900	0	16,700	16,800
Ingot	Ex-Mandi Gobindgarh	3.5 x 4.5 Inch, IS 2830	30,400	30,300	30,500	0	29,300	29,650
	Ex-Durgapur	3.5 x 4.5 Inch, IS 2830	26,300	26,200	26,400	- 200	25,900	26,150
	Ex-Rourkela	3.5 x 4.5 Inch, IS 2830	26,000	25,900	26,100	0	25,200	25,750
	Ex-Raipur	3.5 x 4.5 Inch, IS 2830	26,500	26,400	26,600	+ 50	25,500	26,150
Billet	Ex-Mandi Gobindgarh	100x100mm, IS 2831	30,500	30,400	30,600	0	29,400	29,800
	Ex-Durgapur	100x100mm, IS 2831	26,800	26,700	26,900	- 200	26,400	26,600
	Ex-Rourkela	100x100mm, IS 2831	26,500	26,400	26,600	0	25,800	26,100
	Ex-Raipur	100x100mm, IS 2831	27,000	26,900	27,100	+ 150	26,000	26,500
	Ex-Ahmedabad	100x100mm, IS 2831	29,100	29,000	29,200	- 300	NA	28,400
	Ex-Chennai	100x100mm, IS 2831	30,800	30,800	31,000	+ 300	30,400	30,000
	Ex-Hyderabad	100x100mm, IS 2831	28,500	28,400	28,600	0	28,000	28,000
TMT	Ex-Mandi Gobindgarh	12-25mm, Induction Grade, IS 1786- 500 Fe	35,700	35,600	35,900	NA	NA	34,300
	Ex-Durgapur	12-25mm, Induction Grade, IS 1786- 500 Fe	32,700	32,500	32,900	+ 200	31,500	30,600
	Ex-Rourkela	12-25mm, Induction Grade, IS 1786- 500 Fe	33,000	32,800	33,200	0	32,200	30,900
	Ex-Raipur	12-25mm, Induction Grade, IS 1786- 500 Fe	33,900	33,800	34,000	+ 100	32,500	30,800
	Ex-Jalna	12-25mm, Induction Grade, IS 1786- 500 Fe	35,700	35,500	35,900	NA	NA	35,100
	Ex-Mumbai	12-25mm, Induction Grade, IS 1786- 500 Fe	34,200	34,000	34,300	0	NA	33,400
	Ex-Chennai	12-25mm, Induction Grade, IS 1786- 500 Fe	36,500	36,400	36,700	+ 200	36,000	34,800
	Ex-Hyderabad	12-25mm, Induction Grade, IS 1786- 500 Fe	34,500	34,400	34,600	0	34,500	32,500
Wire Rod	Ex-Durgapur	5.5 mm, Wire Rod, Induction grade	31,400	31,300	31,800	+ 100	30,600	29,700
Wire Rod	Ex-Raipur	5.5 mm, Wire Rod, Induction grade	30,800	30,300	31,300	- 300	29,200	29,300