Daily Update: Indian Semis Offers Rise Further

Further, the industry participants are assuming prices to remain strong due to rising raw materials and better demand in major parts of the country.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 31,000-34,900/MT (USD 444-501) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,000-19,900/MT (USD 272-286); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 21st May 2019 (Tuesday) INR to USD exchange rate stood at INR 69.68.

-- ICEX (Indian Commodity Exchange Ltd) Jun'19 contract for STEELLONG today open at INR 34,090/MT & last traded (IST 18:23) at INR 34,100/MT.

-- BSE Sensex closed at 38,969(-382) on Tuesday, as against last day (Monday) at 39,352(+1421).

-- NSE Nifty50 index was closed today at 11,709(-119).

Raw Materials

-- NMDC Donimalai has kept base price unaltered for pellets at INR 7,030/MT. Current offers are on FoT basis for Fe 64% pellets for a quantity of 12,000 MT on advance payment basis. The price validity is till 31 May'19.

-- Odisha's 2nd largest merchant miner - Serajuddin Mines has increased prices for 5-18 mm (Fe 63%) iron ore lump by INR 300/MT (USD 4) to INR 4,000/MT (ex-mines, including Royalty, DMF, & NMET).

-- Raipur pellet prices hit 3-Month high. SteelMint’s assessment stands at INR 6,900-7,000/MT (ex-Raipur, GST extra) against last week’s assessment of INR 6,600/MT.

-- Melting scrap offers in Western India- Gujarat incline by INR 400/MT in a day trade activities.

Semi Finished

-- Indian Sponge iron (FeM 78-80, lumps) export offers slightly gain by USD 5/MT to USD 305/MT CPT Benapole(dry port of India & Bangladesh), eqivalent to USD 320-325/MT CNF Chittagong, Bangladesh. The prices surge on account of rising domestic prices, although export demand weak.

-- Raipur, Central India based Integrated plants offers increased by INR 100/MT, offering Sponge P-DRI at INR 18,900-19,000/MT & Sponge DR CLO grade at INR 20,800-21,000/MT ex-plant.

-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 18,900/MT & Billet at INR 30,900-31,000/MT ex-plant.

-- Raigarh based Singhal Steel offered P-DRI at INR 18,400/MT ex-Raigarh & Billet at INR 31,700/MT FoR Raipur, officials reported.

-- Odisha based manufacturer, KJS Ahluwalia offered billet at INR 31,000/MT ex-plant. And also offering FeM 80 Sponge mix material at INR 19,000/MT ex-plant.

-- Shri Hari Sponge, an Odisha based plant offered FeM 80 sponge mix material at INR 19,000/MT ex-plant.

-- Odisha based Jay Jagannath Steel & Power Ltd offered FeM 80 sponge mix material at INR 19,000/MT ex-plant.

-- Sources reported Chandrapur (Maharashtra) based manufacturers offered Sponge C-DRI (70:30) & P-DRI (FeM 80) at INR 20,200-20,300/MT & INR 19,000/MT, ex-plant & excluding GST.

-- BMM Ispat a price trend setter in South Indian sponge market has kept offers unaltered today and offered FeM 80 P-DRI lumps at INR 18,600-18,700/MT ex-Bellary, Karnataka.

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

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

Wire Rod & Pipe

-- Trade discounts in Raipur Wire rod slightly increased by INR 100/MT to INR 800/MT with surge in basic prices by INR 200/MT to INR 37,700/MT ex-plant. However in Durgapur basic offers unchanged and evaluated at INR 37,200-38,000/MT ex-plant.

-- Raipur, Central India based ERW pipe manufacturers offers reported at around INR 37,800-37,900/MT ex-plant & excluding GST.

-- Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 40,500/MT ex-plant & excluding GST.

Rebar (12 mm)

-- Rathi Steels based in North region current offering at around INR 39,100/MT (ex-Delhi).

-- Raipur based - SPEED TMT is offering at INR 35,600/MT (up by INR 200/MT).

-- Real Ispat (GK TMT) is offering at INR 37,700/MT (up by INR 100/MT).

-- East region based – Shakambhari Ispat & Power Ltd. is offering at INR 37,600/MT.

-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is offering at INR 37,500/MT FoR.

-- Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) is offering at INR 37,100/MT.

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