Date: 15 May 2019 , 22:55
News ID: 4530

Daily Update: Indian Billet Prices Volatile

Indian Billet prices slightly fluctuated by INR 100-300/MT on average trade inquiries amid less clarity in market directions whether the prevailing price range will sustain or may report sharp change in coming days.
Daily Update: Indian Billet Prices Volatile

However minor fall remains in Sponge iron & Rebar market on account of rising inventories and the prices moved down by INR 100-200/MT day on day, through the mid sized mills in major markets.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 30,600-34,500/MT (USD 437-493) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,700-19,600/MT (USD 267-280); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 10th May 2019 (Friday) INR to USD exchange rate stood at INR 70.0

-- ICEX (Indian Commodity Exchange Ltd) Jun'19 contract for STEELLONG today open at INR 33,680/MT & last traded (IST 18:20) at INR 33,700/MT.

-- BSE Sensex closed at 37,462(-95) on Friday, as against last day (Thursday) at 37,558(-230).

-- NSE Nifty50 index was closed today at 11,278(-22).

Trade Updates - RAW MATERIALS

-- -- India's Chrome Ore production in FY’19 recorded at 4,282,529MT, almost similar compared with previous year (FY18). Odisha contributes almost entirely towards Chrome ore production in India.

-- Central India, Raipur based plants are trading Silicon Manganese(60-14) at around INR 65,500/MT on advance payment basis.

-- As per a integrated plant in Raipur, they have sold close to 15,000 Pellets (Fe 63%) at INR 6,400/MT ex-plant & excluding GST.

SEMI FINISHED

-- Indian Sponge iron(FeM 78-80, lumps grade) export offers to Bangladesh fell by USD 5/MT and stood at USD 300-305/MT CPT Benapole(dry port of India & Bangladesh), equivalent to USD 320/MT CNF Chittagong, Bangladesh.

-- Integrated plants in Raipur have reduced sponge P-DRI prices by INR 100/MT to INR 18,600/MT, however buying interest was noticed at around INR 18,500/MT ex-plant.

-- Rashmi Metaliks, one of the largest sponge supplier in Durgapur has maintained sponge P-DRI prices at around INR 17,600-17,700/MT.

-- Pig iron prices in domestic market unaltered today, however buying inquiries weak as per Durgapur based manufacturers and offers reported at INR 27,800-28,200/MT ex-plant.

-- Mid sized mills Billet export offers to Nepal reported at USD 445/MT ex-mill at Durgapur. Meanwhile it is being learned that couple of days ago traders sold Billet to Nepal at competitive price of USD 443-444/MT ex-mill (Durgapur), equivalent to USD 475-480/MT CNF Raxaul border, Nepal.

-- Bhaskar Steel & Ferro Alloys in Odisha has offered Billet at INR 30,500/MT & C-DRI (FeM 80, mix material) at INR 18,700/MT ex-plant.

-- BMM Ispat in Bellary, Karnataka has sold Sponge P-DRI at INR 18,500-18,600/MT ex-plant and as per officials healthy volumes booked. The plant known as price trend setter in South Indian sponge market.

WIRE ROD

-- Trade discounts in Raipur Wire rod unaltered at INR 1,000-1,100/MT along with steady basic price at INR 37,700/MT ex-plant. However in Durgapur rising stock and falling billet prices has forced mills to cut prices by around INR 200/MT to INR 36,800-37,400/MT ex-plant.

-- ERW Pipe prices in Raipur & Mandi Gobindgarh(Punjab) fell by INR 200/MT, however the Hyderabad based plants have keep prices firm against last day trades.

RE-BAR (12 mm)

-- Rathi Steels based in North region current offering at around INR 38,200/MT (ex-Delhi).

-- Raipur based - SPEED TMT is offering at INR 35,300/MT (down by INR 200/MT).

-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is offering at INR 36,800/MT FoR (down by INR 200/MT).

-- Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) is offering at INR 36,400/MT (down by INR 100/MT).

-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is offering at INR 36,500/MT (down by INR 200/MT).

-- Chennai based Ponneri Steel Ind. (Triple Power) is offering at INR 37,700/MT.

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

source: SteelMint