Date: 10 March 2019 , 08:13
News ID: 3931

Daily Update: Indian Semis Offers Decline Further

Indian Semis prices further drop owing to lack of demand and strengthening supply, as per participants. The prices fall by INR 100-500/MT (upto USD 7), day on day.
Daily Update: Indian Semis Offers Decline Further

The major fall in Billet & Sponge iron prices seen in Durgapur by INR 400-500/MT as selling pressure mount with the producers. Meanwhile in remaining markets the prices plunged by INR 100-200/MT on day trade activities.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 32,200-36,100/MT (USD 452-508) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,200-21,400/MT (USD 284-301); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 21st February 2019 (Thursday) INR to USD exchange rate stood at INR 71.10.

-- ICEX (Indian Commodity Exchange Ltd) Mar'19 contract for STEELLONG today open at INR 34,870/MT & last traded (IST 18:23) at INR 34,850/MT.

-- BSE Sensex closed at 35,898(+142) on Thursday, as against last day (Wednesday) at 35,756(+403).

-- NSE Nifty50 index was closed today at 10,789(+54).

Raw Materials

-- Iron ore dispatches from Odisha in Jan'19 witnessed at 5.62 MnT, down by 14% as against Dec’18 dispatches at 6.54 MnT.

-- In Jan’19, Indian iron ore imports dropped 87% M-o-M & recorded 19 month low at 0.19 MnT as against 1.46 MnT in Dec'18.

-- The Indian pellet export price assessment is at around USD 115-120/MT, CFR China levels for regular grade pellet with 3% alumina.

-- Durgapur (Eastern India) pellet offers have come down this week by INR 400-500/MT and the current assessment is around INR 7,000/MT against last week’s assessment of INR 7,500/MT.

-- According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 208.50/MT FoB Australia & USD 219.90/MT CNF India.

-- Indian HC Silico Manganese exports fall slightly (0.46%) from 794,754 MT in CY17 to 791,099 MT in CY18.

-- South Africa remained the largest exporter of manganese Ore for India in Jan’19 with total exports of 70,111 MT.

Semi Finished

-- SAIL has floated the export tender for 16,200 MT billets from its Durgapur Steel Plant.The due date for bid submission was on 19 Feb’19.

-- MMTC- India’s largest and state owned trading house, has floated export tender of 30,000 MT non-alloy Pig Iron on behalf of Neelachal Ispat Nigam Limited (NINL). The due date for submission of bids is 14:30 hrs on 07 Mar’19.

-- In West Bengal - Durgapur, big manufacturers have decreased sponge prices by INR 300-400/MT D-o-D; offering P-DRI at INR 18,800-19,000/MT.

-- Raipur, Central India based Integrated plants offers decreased by INR 100/MT, offering Sponge P-DRI at INR 20,400-20,500/MT & Sponge DR CLO grade at INR 22,400-22,500/MT ex-plant.

-- Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 20,500-20,600/MT ex-plant & excluding GST.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 20,100-20,200/MT ex-Bellary, an official reported.

-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 21,600/MT & Billet at INR 34,800/MT ex-plant.

-- BIOP Steels in South India has decreased sponge prices by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 20,900/MT & INR 21,200/MT ex-plant, Karnataka; an official reported.

Wire Rod & Pipe

-- A large mill is offering wire rod (5.5-6 mm) at around INR 42,000/MT ex-Indore - Sources

-- Raipur based wire rod manufacturers kept offers unchanged and trade discount through the manufacturers/suppliers is around INR 1,000-1,200/MT. The offers for 5.5 mm wire rod is hovering at around INR 40,000/MT ex-Raipur & INR 37,300-37,500/MT ex-Durgapur.

-- Rashmi Metaliks reduces wire rod offers & reported at INR 37,200/MT (5.5 mm) ex-Kharagpur, East India. Offers decline by INR 200/MT.

-- Raipur (Central India) based pipe manufacturers kept offers at firm level, offering ERW pipe at around INR 39,000/MT; prices are ex-plant & excluding GST.

-- Mandi Gobindgarh, North India based ERW pipe manufacturers decreased prices by INR 300/MT & offers reported at around INR 41,800/MT ex-plant & excluding GST.

Rebar (12 mm)

-- Raipur based - SPEED TMT unchanged their offering at INR 36,900/MT.

-- Gujarat based Akshar Ispat Ltd. (Akshat TMT) unchanged their offering at INR 39,700/MT FoR.

-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) offering at INR 39,200/MT (Up by INR 400/MT).

-- Chennai based Ponneri Steel Ind. (Triple Power) current offering at INR 40,000/MT.

Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis.

source: SteelMint