Daily Update: Indian Billet Prices Drop on Limited Inquiries

The major drop in Billet prices registered in Western India - Gujarat by INR 600/MT (USD 8.5), while in remaining markets it decline by INR 100-300/MT.

In line Sponge iron, prices down by INR 100-200/MT in Central & Eastern region, meanwhile in Southern India, the producers have keep prices unchanged for the day.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 31,000-34,600/MT (USD 447-499) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,800-19,900/MT (USD 271-286); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 7th May 2019 (Friday) INR to USD exchange rate stood at INR 69.41

-- ICEX (Indian Commodity Exchange Ltd) Jun'19 contract for STEELLONG today open at INR 33,920/MT & last traded (IST 18:29) at INR 33,870/MT.

-- BSE Sensex closed at 38,276(-323) on Tuesday, as against last day (Monday) at 38,600(-362).

-- NSE Nifty50 index was closed today at 11,497(-100).

Trade Wise - Raw Material

-- NMDC - India's largest iron ore mine, production in Apr'19 recorded at 2.9 MnT, up 20% as against 2.41 MnT in Apr'18. However, on monthly basis production fell as against 4.04 MnT in Mar'19.

-- Central India, Raipur pellet offers inch up for this week is at INR 6,400/MT against last week offers of at INR 6,300/MT.

-- Southern India based Janki Corp is offering Fe 63% grade pellets at INR 7,000/MT (ex-plant) in Bellary.

Semi-finished

-- BMM Ispat in Southern India - Bellary is offering sponge P-DRI at INR 18,800-18,900/MT and as per officials deals are taking place at this offers.

-- Rashmi Metaliks in Kharagpur(Durgapur) has reduced sponge P-DRI prices by INR 100/MT to INR 17,900/MT.

-- Raipur based mid sized & integrated plants have offered sponge P-DRI at INR 18,800-19,000/MT ex-plant, however offers from outside markets reported at INR 18,700-18,800/MT FOR & excluding GST.

-- Odisha based 100-300 TPD Sponge manufactuers have cuts sponge prices by INR 100/MT to INR 18,800-18,900/MT ex-plant & FeM 80 mix material.

-- Neo Metaliks in Durgapur has maintained pig iron prices despite limited inquiries and reported steel grade material at INR 28,400-28,500/MT ex-plant.

-- Electrosteels Ltd has also maintained prices and reported steel grade pig iron at INR 27,800-28,000/MT ex-plant, Bokaro, Jharkhand.

-- SAIL has scheduled a auction on 8th May to sale about 12,600 MT steel grade pig iron from its Rourkela Steel Plant(RSP) based in Eastern India.

Wire rod & Pipe

-- Trade discounts in Raipur Wire rod has reduced today following drop in base prices by INR 400/MT and trade discount learned at INR 1,000-1,200/MT. Basic prices for 5.5mm is hovering at INR 37,900/MT ex-Raipur & INR 37,000-37,800/MT ex-Durgapur.

-- Hyderabad (South India) based Mahalakshmi Profiles Pvt Ltd (MPL) has roll-over ERW Pipe prices at INR 40,100/MT ex-plant. (basic & excluding GST).

Rebar (12mm)

-- Rathi Steels based in North region current offering around INR 38,700/MT (ex-Delhi).

-- Raipur based - SPEED TMT is offering at INR 35,500/MT (down by INR 400/MT).

-- Real Ispat (GK TMT) is current offering at INR 38,000/MT (down by INR 200/MT).

-- Raigarh based Anjani Steels Ltd (Radhe TMT) has unchanged their offers at INR 35,700/MT.

-- Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 36,000/MT.

-- Gujarat based Shreeyam Power & Steel Industries Ltd (National TMT) is offering at INR 37,600/MT FoR.

-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is offering at INR 36,800/MT (down by INR 100/MT).

-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri) TMT has unchanged their offers at INR 36,900/MT.

-- West region based Bhagwati Ferro Metal (P) Ltd is offering at INR 36,900/MT.

-- Chennai based Ponneri Steel Ind. (Triple Power) has offers at INR 37,800/MT.

-- Chennai based J.R. Metal Chennai Ltd. (JR TMT) is offering at INR 37,500/MT.

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