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Indian Steel Market Update- 20 May'20

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By
BigMint Bureau
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20 May 2020, 18:12 IST
Indian Steel Market Update- 20 May'20

Spot steel prices rebounded with improved buying inquiries after a slight correction yesterday. As per daily assessment, rebar prices surge by INR 100-400/MT, billet by INR 100-500/MT & sponge iron by INR 100-300/MT in major locations.

The billet prices surged in central & eastern India by INR 300-500/MT & rebar prices in eastern India by INR 300-400/MT on good demand.

Participants believe that, finished steel prices are likely to remain supported on assumptions of active demand & limited stock among producers.

SteelMint's price assessment for induction furnaces billet in Indian market stood at INR 26,700-31,000/MT (USD 350-407) EXW.

Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,500-16,900/MT (USD 204-219); prices are EXW & excluding GST.

Rupee & BSE Sensex

-- On 20th May 2020 (Wednesday) INR to USD exchange rate stood at INR 75.63.

-- ICEX (Indian Commodity Exchange Ltd) May'20 contract for STEELLONG today open at INR 30,800/MT & last traded (IST 18:02 hrs) at INR 30,700/MT.

-- BSE Sensex closed at 30,818(+622) on Wednesday, as against last day (Tuesday) at 30,196(+167).

-- NSE Nifty50 index was closed today at 9,066(+187) & Nifty Metal at 1,711(+17).

Raw Material

-- NMDC has resumed pellet offers from its Donimalai pellet plant after a gap of almost 2.5 months. Current offers for Fe 64% pellets are at INR 6,000/MT FoT (Free on truck) basis.

Semi Finished

-- Mid scale mills billet export offers to Nepal remained strong and assessed at USD 355/MT ex-mill at Durgapur. As per participants few deals concluded last week at USD 348-350/MT ex-mill, Durgapur, equivalent to USD 380/MT CPT Nepal.

-- Durgapur based Neo Metaliks has further raised steel grade pig iron offers by INR 200/MT to INR 23,800-24,000/MT EXW. However no major deals, as per officials.

-- Raipur based major merchant sponge producer has reduced P-DRI offers by INR 100-200/MT to INR 15,200-300/MT EXW. As per participants, deals concluded at INR 15,300/MT EXW & FoR basis.

-- Rashmi Metaliks in Durgapur has raised sponge P-DRI price by INR 200/MT to INR 16,000/MT FoR Durgapur, sources reported.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,200-16,400/MT ex-Bellary.

Rebar (12 mm)

-- Rathi Stelmax Steel is current offering at INR 36,200/MT EXW (North Region).

-- Sarvottam Rolling Mills Pvt. Ltd. (Paras TMT) is offering at INR 34,600/MT EXW (Muzaffarnagar).

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

-- Raigarh based Scan Group (Shrishti TMT) is offering at INR 33,700/MT EXW.

-- Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their offers at INR 36,300/MT EXW (Jalna).

-- Mono Steel (India) Ltd. (Mono TMT) unchanged their offer at INR 35,800/MT FoR (Gujarat).

-- Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) is offering at INR 36,000/MT EXW (Chennai).

-- Trade discount by Raipur based heavy structure manufacturers have maintained at INR 500-800/MT and the trade reference prices at INR 34,400-34,700/MT (200 Angle) EXW.

Wire Rod & Pipe

-- ERW Pipe Manufacturers have increased offers by INR 100-300/MT to INR 34,700-34,800/MT ex-Raipur, INR 37,000/MT ex-Mandi Gobindgarh & INR 34,500/MT ex-Rourkela.

-- Trade discounts in Raipur wire rod drop sharply to INR 200-400/MT on rising billet prices & improved inquiries. Trade reference prices up by INR 300/MT to INR 30,900-31,100/MT ex-Raipur & by INR 200/MT to INR 31,500-700/MT ex-Durgapur.

Reference prices as on 20th May'20

Particular/Delivery Size, Grade, Origin Prices Min Max Change 1W 1M
Scrap Ex-Alang HMS(80:20) 22,400 22,300 22,500 - 200 21,800 22,600
Ex-Chennai HMS(80:20) 21,100 20,800 21,200 - 100 20,900 21,800
C-DRI Ex-Durgapur Mix, FeM 78%, +/-1 16,900 16,800 17,000 + 300 16,400 17,450
Ex-Rourkela Mix, FeM 80%, +/-1 15,500 15,400 15,600 0 15,200 16,600
Ex-Raipur Mix, FeM 80%, +/-1 16,200 16,100 16,300 + 100 15,900 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 15,900 15,800 16,000 + 300 15,400 16,550
Ex-Raipur Lumps, FeM 80%, +/-1 15,300 15,200 15,400 + 100 14,900 16,900
Ex-Bellary Lumps, FeM 80%, +/-1 16,300 16,200 16,400 0 16,200 16,100
Ex-Hyderabad Lumps, FeM 80%, +/-1 16,900 16,800 17,000 + 100 16,700 16,800
Ingot Ex-Mandi Gobindgarh 3.5 x 4.5 Inch, IS 2830 30,650 30,600 30,700 + 250 29,350 29,650
Ex-Durgapur 3.5 x 4.5 Inch, IS 2830 26,800 26,700 26,900 + 500 25,900 26,150
Ex-Rourkela 3.5 x 4.5 Inch, IS 2830 26,200 26,100 26,300 + 200 25,300 25,750
Ex-Raipur 3.5 x 4.5 Inch, IS 2830 27,100 27,000 27,200 + 600 25,600 26,150
Billet Ex-Mandi Gobindgarh 100x100mm, IS 2831 30,800 30,700 30,900 + 300 29,400 29,800
Ex-Durgapur 100x100mm, IS 2831 27,300 27,200 27,400 + 500 26,400 26,600
Ex-Rourkela 100x100mm, IS 2831 26,700 26,600 26,800 + 200 25,800 26,100
Ex-Raipur 100x100mm, IS 2831 27,500 27,400 27,600 + 500 26,100 26,500
Ex-Ahmedabad 100x100mm, IS 2831 29,000 28,900 29,100 - 100 NA 28,400
Ex-Chennai 100x100mm, IS 2831 31,000 31,000 31,300 + 200 30,200 30,000
Ex-Hyderabad 100x100mm, IS 2831 28,700 28,500 29,000 + 200 27,500 28,000
TMT Ex-Mandi Gobindgarh 12-25mm, Induction Grade, IS 1786- 500 Fe 35,800 35,600 35,900 + 100 NA 34,300
Ex-Durgapur 12-25mm, Induction Grade, IS 1786- 500 Fe 33,000 32,800 33,200 + 300 31,700 30,600
Ex-Rourkela 12-25mm, Induction Grade, IS 1786- 500 Fe 33,300 33,100 33,400 + 300 32,300 30,900
Ex-Raipur 12-25mm, Induction Grade, IS 1786- 500 Fe 34,000 33,800 34,100 + 100 32,500 30,800
Ex-Jalna 12-25mm, Induction Grade, IS 1786- 500 Fe 36,000 35,800 36,200 + 300 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 36,300 36,600 0 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 31,600 31,500 32,000 + 200 30,700 29,700
Ex-Raipur 5.5 mm, Wire Rod, Induction grade 31,100 30,900 31,300 + 300 29,300 29,300

Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research

20 May 2020, 18:12 IST

 

 

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