Daily Update: Indian Semis Offers Fall Further

The Billet prices majorly fall by INR 400/MT following Rebar & Sponge iron by INR 100-300/MT, day on day in major markets.

The sources believe that, poor lifting in finished products amid average productions may further put pressure on price range.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 26,400-30,000/MT (USD 385-437) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,500-17,400/MT (USD 240-253); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 16th July 2019 (Tuesday) INR to USD exchange rate stood at INR 68.72.

-- ICEX (Indian Commodity Exchange Ltd) Aug'19 contract for STEELLONG today open at INR 29,410/MT & last traded (IST 19:12) at INR 29,240/MT.

-- BSE Sensex closed at 39,131(+234) on Tuesday, as against last day (Monday) at 38,896(+160).

-- NSE Nifty50 index was closed today at 11,662(+74) & Nifty Metal at 2,847(+24).

Raw Materials

-- Goan Govt to auction around 5 MnT Iron ore dumps soon, as per update received by SteelMint. The Honorable Chief Minister Pramod Sawant on Monday (15th July) said e-auction of material lying at jetties and plots will begin in about next 15-20 days.

-- India’s domestic pellet market remained slow witnessing limited trades.

-- Melting scrap offers in Indian domestic market fell by INR 100-300/MT on account of declining steel prices.

Semi Finished

-- Raipur based integrated plants holds sponge iron offers firm on account of sufficient bookings in hand and offers assessed at INR 16,600-16,700/MT, however buying interest learned at INR 16,400-16,500/MT ex-plant.

-- Rashmi Metaliks in Durgapur has further reduced Sponge P-DRI prices by INR 300/MT to INR 16,500/MT, as per market sources.

-- Raigarh based manufacturers sold billet at around INR 27,200/MT & Sponge P-DRI at INR 16,500/MT FoR Raipur, as per trade participants.

-- BMM Ispat, price trend setter in south Indian sponge iron market has roll-over sponge P-DRI prices and reported at around INR 16,300/MT ex-Bellary.

Wire Rod & Pipe

-- Trade discounts in Raipur Wire rod increased to INR 1,500-1,700/MT amid slump base price which stood at INR 33,700/MT ex-plant. Also in Durgapur the trade reference prices drop by INR 400/MT to INR 31,000-32,000/MT ex-plant.

-- East region based Wire Rod manufacturer - Adhunik Alloys & Pvt Ltd is offering Wire Rod at INR 31,500/MT.

-- ERW pipe offers in Raipur down by INR 700/MT & in Mandi Gobindgarh by INR 400-500/MT due to declined Billet prices.

Rebar (12 mm)

-- Raipur based - SPEED TMT is offering at INR 31,200/MT(down by INR 200/MT).

-- Real Ispat (GK TMT) is offering at INR 33,700/MT(down by INR 300/MT).

-- Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 31,100/MT(down by INR 200/MT).

-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) has unchanged their offers at INR 33,800/MT FoR.

-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their offers at INR 32,900/MT.

-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri) TMT has unchanged their offers at INR 32,900/MT.

-- Chennai based Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) has unchanged their offers at INR 34,500/MT.

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