Date: 09 May 2019 , 12:16
News ID: 4464

Daily Update: Indian Semis Offers Decline

Indian steel prices slightly fell on limited trade inquiries with less clarity in market directions whether the current price range will sustain or see major change in coming days.
Daily Update: Indian Semis Offers Decline

The prices of Billet were volatile since couple of days, however it fell by INR 100-500/MT today in major markets. Similarly slight price reduction being noticed in Rebar & Sponge iron market by INR 100-200/MT

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 31,000-34,400/MT (USD 445-494) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,800-19,800/MT (USD 270-285); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 30th April 2019 (Tuesday) INR to USD exchange rate stood at INR 69.56.

-- ICEX (Indian Commodity Exchange Ltd) May'19 contract for STEELLONG today open at INR 33,660/MT & last traded (IST 18:20) at INR 33,400/MT.

-- BSE Sensex closed at 39,031(-35) on Tuesday, as against last day (Friday) at 39,067(+336).

-- NSE Nifty50 index was closed today at 11,748(-6).

Raw Materials

-- Odisha Mining Corporation (OMC) is to conduct next e-auction for 430,000 MT iron ore fines on 07th May'19. And the base price for material from Gandhamardan, Koira, and Daitari has remained unchanged.

-- Central India based Bajrang Power & Ispat concludes two pellet export deals of 50,000 MT each at USD 117/MT, CFR China for June shipments

-- India’s crude steel output remained largely stable at 27.33 MnT in the current quarter which was 27.4 MnT in similar quarter of previous year- WSA.

-- Silico Manganese prices for 60-14 grade are assessed at INR 66,500/MT Ex-Raipur and INR 66,500 - 67,000/MT Ex-Durgapur.

-- Melting scrap offers in Western India- Gujarat decline by INR 300/MT in a day trade activities.

Semi Finished

-- Jharkhand based producers are offering steel grade pig iron at around INR 28,800/MT landed Durgapur.

-- As per Neo Metaliks in Durgapur small deals are taking place for steel grade pig iron at INR 28,700-28,800/MT.

-- Indian Sponge iron export offers slightly fell to USD 325-330/MT as against last week at USD 330/MT; CNF Chittagong, Bangladesh.

-- Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 18,700-18,800/MT & Sponge DR CLO grade at INR 20,600-20,800/MT ex-plant.

-- Govindam Sponge, an Odisha based plant offered FeM 80 sponge mix material at INR 18,900/MT & fines at INR 19,200/MT ex-plant.

-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 19,000/MT & Billet at INR 31,000-31,100/MT ex-plant.

-- East India, Odisha based manufacturer, Mahavir Ferro Alloys offered Billet at INR 31,000-31,200/MT ex-plant as per officials.

-- Sources reported Chandrapur (Maharashtra) based manufacturers offered Sponge P-DRI (FeM 80) at INR 18,800/MT, ex-plant & excluding GST.

-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 20,000-20,200/MT & Billet at INR 32,000/MT ex-plant.

-- BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 19,100/MT &  INR 19,500/MT ex-plant, Karnataka; an official reported.

Wire Rod & Pipe

-- As per participants, shortage of HB Wire with the integrated plants in Raipur. Hence trade discounts on the same is less by INR 200-300/MT than prevailing in Wire rod at INR 1,000-1,100/MT. Basic prices for 5.5 mm Wire rod stood at INR 38,200/MT ex-Raipur & INR 36,700-37,500/MT ex-Durgapur.

-- 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 39,700/MT ex-plant. (basic & excluding GST).

-- Raipur, Central India based ERW pipe manufacturers offers reported at around INR 37,700-37,800/MT ex-plant & excluding GST.

Rebar (12 mm)

-- Rathi Steels based in North region is offering around INR 38,400/MT (ex-Delhi).

-- Raipur based - SPEED TMT has unchanged their offers at INR 35,500/MT.

-- Real Ispat (GK TMT) has unchanged their offers at INR 37,900/MT.

-- Raigarh based Anjani Steels Ltd. (Radhe TMT) is offering at INR 35,700/MT (down by INR 100/MT).

-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) has unaltered their offers at INR 38,500/MT FoR.

-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their offers at INR 37,500/MT.

-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) has unchanged their offers at INR 37,200/MT.

-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) is offering at INR 37,100/MT.

-- Goa based Kamdhenu TMT is offering at INR 39,000/MT.

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

source: SteelMint