The standalone mill owners in major markets claimed that they are curtailing production owing to constant drop in prices which are negatively impacting their margins (conversion spread). Also they expect prices should find stability as supply is reduced in merchant market.
SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 25,800-29,200/MT (USD 374-424) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,500-17,500/MT (USD 239-254); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
-- On 25th July 2019 (Thursday) INR to USD exchange rate stood at INR 68.91.
-- ICEX (Indian Commodity Exchange Ltd) Aug'19 contract for STEELLONG today open at INR 28,650/MT & last traded (IST 18:12) at INR 28,360/MT.
-- BSE Sensex closed at 37,830(-16) on Thursday, as against last day (Wednesday) at 37,847(-135).
-- NSE Nifty50 index was closed today at 11,252(-19) & Nifty Metal at 2,686(-26).
Raw Materials
-- Raipur Power & Steel Ltd based in Central India has sold more than 5,000 MT pellets at close to INR 6,600/MT ex-plant.
-- More than 20,000 pellets(Fe 63%) sold in Bellary, Karnataka on an average price of INR 6,250-6,300/MT ex-plant, reported by renowned pellet manufacturers.
-- Domestic Prices for Ferro Chrome in India is assessed in the range of INR 62,000-62,250/MT.
-- As per WSA, India’s crude steel output moved up by 5% to 56.95 MnT in H1 CY19 which was 54.2 MnT in same time frame of previous year.
Semi Finished
-- Raipur based sponge manufacturers further lowered sponge prices by INR 100/MT to INR 16,400/MT ex-plant due to slump Ingot/Billet offers.
-- Rashmi Metaliks in Durgapur has reduced sponge P-DRI prices by INR 200/MT to INR 16,500/MT, as per trade sources.
-- Participants believe that, Indian pig iron prices to find support with the closure of NINL plant. The company known as- India's largest pig iron producer and supply material in across region.
-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,600-16,700/MT & Billet at INR 26,000/MT ex-plant.
-- Divya Jyothi Steels Ltd in Bellary (Karnataka) offered Sponge FeM 80 C-DRI lump at INR 16,400-16,500/MT ex-plant.
-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 17,200/MT & Billet at INR 28,000/MT ex-plant.
-- Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 16,200/MT ex-plant, an official reported.
-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,000-16,100/MT ex-Bellary, offers decline by INR 200-300/MT from the last trade; an official reported.
-- BIOP Steels in South India has decreased sponge prices by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 16,500/MT & INR 16,900/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
-- Trade discounts in Raipur wire rod unchanged at INR 1,700-1,900/MT due to slump base price by INR 500/MT to INR 32,600/MT ex-plant. Similarly in Durgapur wire rod trade reference price down by INR 400/MT to INR 30,200-31,200/MT ex-plant.
-- Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 35,500/MT ex-plant & excluding GST.
-- Raipur, Central India based ERW pipe manufacturers offers reported at around INR 33,300-33,500/MT ex-plant & excluding GST.
Rebar (12 mm)
-- Rathi Steels based in North region current offering around INR 35,100/MT (ex-Delhi).
-- Raipur based - SPEED TMT is offering at INR 30,300/MT(down by INR 400/MT).
-- Real Ispat (GK TMT) is offering at INR 32,700/MT(down by INR 300/MT).
-- Raigarh based N.R Ispat & Power Pvt. Ltd (N.R TMT) is offering at INR 30,000/MT(down by INR 300/MT).
-- Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 30,300/MT(down by INR 400/MT).
-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) is offering at INR 32,700(down by INR 200/MT).
-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) has unchanged their offers at INR 32,600/MT.
-- Chennai based Ponneri Steel Ind. (Triple Power) is current offering at INR 34,000/MT.
-- Chennai based ARS Steel (Trusteel - 550D) has unchanged their offers at INR 36,300/MT.
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis. Prices are subject to reconfirmation.