Daily Update: Indian Semis Offers Decline

The price corrections have noticed by INR 100-500/MT in Billet & Rebar and majorly in Gujarat & Maharashtra by INR 400-500/MT (USD 5-7). Meanwhile Sponge iron prices dropped by INR 100-300/MT (day on day) in major markets.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 30,400-34,200/MT (USD 438-494) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,700-19,800/MT (USD 269-286); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 28th March 2019 (Thursday) INR to USD exchange rate stood at INR 69.29.

-- ICEX (Indian Commodity Exchange Ltd) Apr'19 contract for STEELLONG today open at INR 33,620/MT & last traded (IST 18:10) at INR 33,400/MT.

-- BSE Sensex closed at 38,545(+412) on Thursday, as against last day (Wednesday) at 38,132(-100).

-- NSE Nifty50 index was closed today at 11,570(+124).

Raw Materials

-- Odisha (Jharsuguda) based pellet maker - Shyam Metaliks & Energy is all set to commence operations at its new pellet plant in Jharsuguda with 0.6 MnT pa capacity by end of April 2019.

-- Imported scrap offers to India for HMS 1&2 (80:20) Dubai origin containers stood at around USD 325/MT, CFR Nhava Sheva, Offers incline by USD 5/MT W-o-W.

-- Melting scrap offers in Western India- Gujarat & Maharashtra incline by INR 200-300/MT in a day trade activities

-- Local manufacturers in Central India are offering 60-14 Silico Manganese at around INR 66,500-67,000/MT ex- Raipur & INR 67,500/MT ex-Raigarh.

Semi Finished

-- Jindal Steel is offering Pig iron (steel grade) at INR 27,500/MT ex-Raigarh & Panther shots (Granulated Pig iron) at INR 25,500/MT ex-Angul, Odisha.

-- Bokaro, Jharkhand based a mill is offering Blast furnace grade wire rod at INR 42,000/MT & Pig iron at INR 27,500/MT ex-plant.

-- As per sources, Mesco Steels in Jajpur, Odisha has further cuts pig iron prices and offered steel grade at around INR 26,300/MT ex-plant.

-- Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 18,300-18,500/MT & Sponge DR CLO grade at INR 20,600-20,800/MT ex-plant.

-- Raigarh based Singhal Steel offered P-DRI at INR 17,700/MT ex-Raigarh & Billet at INR 31,100/MT FoR Raipur, officials reported.

-- Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 18,700-19,000/MT ex-plant & excluding GST.

-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered Billet at INR 30,400/MT ex-plant. However as per officials no major deals at this prices.

-- BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 19,200/MT & 19,600/MT ex-plant, Karnataka; an official reported.

-- South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI & Billet at INR 19,000/MT & INR 32,500/MT. Also offering 12 mm Rebar at INR 36,000/MT. All prices are ex-plant & excluding GST.

Wire Rod & Pipe

-- Trade discounts in Raipur wire rod unaltered and hovering at INR 1,000-1,100/MT. Basic offers for 5.5 wire rod stood at INR 38,000/MT ex-Raipur and close to INR 36,500/MT ex-Durgapur.

-- Raipur, Central India based ERW pipe manufacturers decreased prices by INR 200/MT & offers reported at around INR 36,800/MT ex-plant & excluding GST.

-- Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 40,200/MT ex-plant & excluding GST.

-- Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 39,000/MT ex-plant. (basic & excluding GST). Offers decline by INR 300/MT D-o-D.

Rebar (12 mm)

-- Rathi Steels based in North region has unchanged their offers at INR 39,200/MT (ex-Delhi).

-- Raipur based - SPEED TMT has offered at INR 35,800/MT (down by INR 300/MT).

-- Raigarh based Anjani Steels Ltd. (Radhe TMT) has offered at INR 35,800/MT (down by INR 200/MT).

-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) has offered at INR 37,500/MT (down by INR 400/MT).

-- Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) has offered at INR 37,500/MT (down by INR 400/MT).

-- Chennai based ARS Steel (ARS 500 D) has unchanged their offering at INR 40,400/MT.

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